Some may think of Barrett-Jackson events as just a place to buy and sell cars, but each and every Barrett-Jackson auction offers competition as real as what’s found in a sports arena. CEO and Chairman Craig Jackson, who regularly competes in vintage racing and concours, likens the action to that seen in the Super Bowl, Stanley Cup or World Series. Consignors, bidders and spectators are part of the energy-charged, adrenaline-pumping seconds as bidders pursue a vehicle on the block with the same kind of steely-eyed determination of athletes focused on a scoreboard, finish line or goal post. Finally, after other bidders concede, the winner will hear one sweet word of victory, “Sold!” ‒ accompanied by the pounding of the auctioneer’s gavel. And at the end of the finish line: a garage-sized trophy in shining chrome and gleaming paint.

But all competitions have to begin somewhere, and Barrett-Jackson does as much as it can to assure that the “road to sold” is a smooth one for buyers and sellers alike.

Craig Jackson and Steve Davis

THE ROAD MAP FOR CONSIGNORS

The road begins and ends with a collector car. As with any important sporting event, the preparation to sell a car at one of the World’s Greatest Collector Car Auctions is the key, and the consignment process does take time. Barrett-Jackson’s president and docket expert Steve Davis advises sellers to begin as early as possible ‒ even four to five months prior to an auction isn’t too soon.

The first step is completing the preliminary consignment request form, available online at Barrett-Jackson.com.  Along with the form, the consignor submits the required documentation, a copy of the title, five photos, and short and long descriptions. (For pro tips on taking great images of your car, see “How to Photograph a Car.”)

Then a consignment specialist works with the seller to present the car realistically, both in its description and value. Through multiple points of contact, consignment specialists help sellers refine vehicle descriptions so buyers will have an accurate portrait of the cars as they cross the block.

“If it isn’t said, it isn’t said,” Gary Bennett, vice president of consignment and all-around “car guy,” notes. “We don’t want to leave an impression or imply that the car is something that it’s not.” It is a consignor’s responsibility to describe the car completely, accurately and realistically. Another consignor responsibility is to ensure the title and the vehicle’s VIN match to avoid discrepancy, because Barrett-Jackson will cross-check this information when the car arrives at the auction site.

The vehicle is then assigned a Lot number, which determines when the vehicle will cross the block. Lot numbers are assigned based on a car’s value and the current vehicle lineup for a specific auction day. Each day begins with entry-level vehicles and proceeds to higher-priced cars during “prime time.”

Finally, when the owner and consignment specialist have agreed on the car’s description and Lot number, it’s time to seal the deal. The consignor signs the contract agreeing to pay a seller’s commission of 8 percent of the hammer price on No Reserve vehicles and 10 percent on Reserve vehicles, pays the entry fee (based on the day and time of the Lot number), and submits the actual vehicle title.

Also, consignors are required to sign off on the vehicle description, signifying that it is their depiction of the vehicle and not Barrett-Jackson’s. Barrett-Jackson won’t embellish, change or deviate from the owner’s vehicle description. It is the owner’s representation of the car. This description will appear on the “car card” while the vehicle is on display and will be read on the block.

Now the vehicle is well on the road to sold.

Prior to the auction, the vehicle and its description will be seen on Barrett-Jackson’s website, and certain consignments are featured in the print and digital versions of the Barrett-Jackson Experience magazine. The company’s extensive website and additional marketing efforts can offer plenty of pre-sale exposure.

Once vehicles arrive at the auction site, they are displayed for preview.  Jackson, Davis and Bennett agree that the sale often “happens” here, and say that consignors’ participation at an event is paramount. Potential buyers almost always inspect the vehicles ahead of time. “Well-represented cars almost always do better,” said Jackson. Sellers or representatives are encouraged to be on hand near their vehicles, ready to answer questions and engage with potential buyers.

A consignor may elect to drive his car across the block or use a driver provided by Barrett-Jackson. When the hammer falls and “Sold!” rings out, ownership changes hands. Sale proceeds are mailed to consignors 21 banking days later.

TOP FIVE SELLING STRATEGIES SIMPLIFIED

One of the most important things you can do as a seller is get your consignment information submitted early. Barrett-Jackson is now accepting consignments for the Palm Beach and Northeast venues.  Visit the consignment section of Barrett-Jackson.com to start the process. Barrett-Jackson also offers additional advice for consignors preparing to sell their cars:

1   Contact Barrett-Jackson, even four to five months before an event, to allow adequate time for the consignment process. Consigning early maximizes a vehicle’s exposure to potential buyers on Barrett-Jackson’s website.

Being available at the auction site to discuss your car with potential buyers is key; storyboards displayed with your vehicle also help.

2   Be realistic about a car’s value. Do your research and know your car. There is free and immediate access to previous sale results on Barrett-Jackson.com so you can search earlier sales of similar vehicles. But keep in mind that there are many factors that determine price. Condition, options, color, mileage and documentation can all impact the value of a vehicle.

3    Make sure a car’s title is transferable and correct, which is a critical detail sometimes overlooked. Barrett-Jackson reviews titles and VIN numbers for potential discrepancies, but it is up to the owner to be sure the title and the actual VIN on the vehicle match.

4   Describe the car in complete and accurate terms. Biased expressions like “finest in the world” aren’t helpful to potential buyers. Also avoid slang and car jargon that the average buyer wouldn’t understand. The consignor will be required to physically approve and accept the car’s description as his/her own, by way of signature, and this description will be displayed on the car card and read on the auction block.

5   Be available. The seller’s participation in the display of the car is important. Barrett-Jackson encourages sellers or representatives to be available by their cars, ready to answer questions and engage in a conversation. Storyboards are also helpful sales tools.