A Barrett-Jackson auction is like a circus for those bitten by the automotive bug. And while their Scottsdale auction is the most known, they’ve also been successful with events in Palm Beach, Las Vegas, and most recently, Orange County, California.
Since the O.C. event is in our backyard, we thought it would be a good idea to pop on over to check out the Camaro action.
One thing you quickly discover about a Barrett-Jackson auction is that it’s like a car show with a catch: you can have any car for your very own provided you have a bidder card and enough cash. The real drama of the event is on the seller’s side because Barrett-Jackson is a “no reserve” auction. Well, technically they do offer sellers the option of having a reserve price set, but this is pretty rare and only available to the uber high-priced rides. The rest of the sellers are really rolling the dice because there’s no minimum that a car can sell for. Your $50,000 Camaro could bring in $70,000, or it could net $20,000. The good news for sellers is that Barrett-Jackson is typically thick with genuine buyers. And these aren’t just wishers and dreamers; each one has to pay hundreds of dollars for the chance to bid. Whether a car brings in the “big green” simply depends on if a car catches a buyer’s attention. Actually, a ride needs to be wanted by at least two bidders for the price to ratchet up.
Over 300 vehicles were auctioned off at this year’s event for a total sales number of around $14,000,000. It was also crowded with nearly 60,000 people milling about over the course of three days. That’s just a fraction of the number that attends the Scottsdale auction, but this venue has been growing and the SoCal area is heavy with hot cars looking for new homes.
In terms of pricing, the numbers we use here are the final sales prices after adding in the buyer’s premium. For example, if a car had a gavel price of $100,000, then the buyer gives Barrett-Jackson $110,000 (10% fee) and the seller gets a check for $92,000 (8% fee). You can bid on the Internet for a few bucks more, and there are few other costs that are explained on their site. Also, you can get more information (and pictures) of each car by clicking over to the Barrett-Jackson website and entering the lot number.