How is BAT these days?

If you are the winning bidder, you've agreed to buy the car. BaT takes its commission immediately from the credit card you have on file, and you're left to finalize the rest with the seller. Any inspection or other due diligence must happen prior to bidding, there is no recourse after the auction ends and you can't retract a bid before the auction ends either.

BaT, like any other auction house, only puts the buyer and seller together. If there's an issue with the car or it has been misrepresented, that's between you and the seller to work out. BaT likely won't refund your buyer's fee or offer any other assistance, again, like any other auction house. Read the fine print on the bidder's contract.

What is your tolerance for risk?

 

ALWAYS get a professional PPI before bidding.

 

I think the problem with that is timing. Let's say you live in Utah and the car is someplace in Florida. You're new to the Ferrari world and you know a PPI is a great idea.

How do you get a PPI in seven days?

That is the essence of the problem.

Then there's the cost. You find a car you want to bid on, and pay $500 or more for a PPI, then some lunkhead comes along and puts a bid in for $20k over your max. You've just eaten $500 for nothing. That's a real risk with an auction.

I think remote auction buyers of exotic cars should know what they're looking at and be ready to accept a lot of risk with a remote purchase.

An experienced buyer can get by without a PPI because they know what questions to ask and by seeing pictures and video of the car, can lower their risk to an acceptable level. Newcomers to the exotic world are babes in the woods for the sellers. Auctions might not be the best way to pick up your first exotic car.

The maximum risk for Bat is $5k, so if you fall into a bad deal, you lose that $5k but at least aren't stuck with a turkey.

If I were to buy an exotic on Bat, I would fly out to see the car in person after the auction is over and get the PPI and all that. If it turns out to be a lemon, I walk and lose the costs involved.

 

Correct, and what if 4 guys want to schedule a PPI in those 7 days

I think bidding on online auctions is crazy unless you bid low enough to cover yourself….but then some naive moron is determined to “win”.

 

personally I wouldn't bid unless the car and seller are local to me and easily vetted either by me or an agent. there are less risky ways to buy Ferraris. but, bat is good to get a feel for the market and pricing.

 

This is why sellers who provide as much information up front as possible and offer cars with issues addressed and or disclosed often bring more money.

Disclosure brings confident bidders.

Don't just buy the car... Buy the seller.

 

We bought two cars off BaT last year (360 and Vanquish S) - financial piece of transactions themselves went smooth. As far as the cars - the 360 was even better than presented, but the Vanquish had issues with the door handles and a gasleak that were obscured. The seller + consignor basically told us to pound sand. Now when I try to figure out a max bid, I'll back out a contingency for surprises unless it's really one of a kind.

I've bought three other cars off there and those transactions were all great (but they were all <$50k and not Ferrari/exotic). A friend bought a 360 and the seller tried to hide that it was in an accident, but my friend was sharp and guessed what happened and how in the comments and the seller admitted to it with a day to go, so it sold for what it should.

Part of the fun is the risk. Part of what makes it safe is the threat of sellers losing access to the marketplace. At the end of the day, even with some over-market sales, the process and experience is as good or better than any of the big auction houses to me. With big fees, hoops to jump through, and a fraction of the information being available on Mecum, Barrett, etc., BaT is just more enjoyable and safe to me personally (you're not getting a PPI, let alone records or driving videos at most of these real auctions)

 

5% with a maximum of $7,500 now. Was raised 2/1/2024.

 

They’ll be out of business soon as I’ve said before. It’ll be a ‘remember that thing, bring a trailer? That was funny’


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LOL. They only had 1.4 billion in sales last year and sold over 30k cars, an increase of 19% from the year before. I’d be willing to place a nice wager with you that they aren’t going anywhere for a while.

 

You know I enjoy saying f’ed up, senseless things right? [emoji23]


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Many years ago, I worked with a guy that was possibly the cheapest son of a ***** on the planet. He knew I had a buddy that ran a used car lot, and went to the auctions a couple of times a week, and asked if my buddy could buy a car for him at (of course) a steep discount over retail. I was reluctant to ask, but I did.

My buddy said OK, what is he looking for. I only knew the make and model he wanted, nothing else, so my buddy said to make sure he knows that unless he specifies any no-go criteria, like no black cars, must have leather, whatever, I’ll just grab the first one I see.

So I passed that on, and my co-worker had an absolute fit. He was incensed that he wouldn’t be able to inspect the car himself, have his mechanic look it over, take it for a test drive and otherwise take his time deliberating as to whether it was the right car for him. I just told him that’s how auctions work, and that’s why sometimes you can get a great deal. You’re looking for a retail buying process at a wholesale price. Clearly, auctions are not for you.

Somehow, he decided I was the bad guy in the whole exchange. No great loss. The guy was a total (bleep)hole to begin with.

 

Exactly

 

I bought an 87 Testarossa last August on BAT. Notoriously risky car in terms of money pit possibility. Went great, was as represented. Loved but driven, not a Pebble car but did the 700 miles from SF to LV without skipping a beat (or overheating).

• 21 years ownership with prior owner (a retired executive)
• Patrick Ottis of Berkeley maintained
• Ad had several years of service records as images
• Over 100 images
• Disclosed that major was due based on time

Made me comfortable enough to bid. It’s in for the major and there have been a few extra things needed like new cats and radiator rebuild, but that type of wear is commensurate with age and mileage. I still consider it a very successful transition.

 

I plan on buying my Ferrari either on here, or BaT.

If you don't know what you're looking for don't bother with an auction house. If you need a PPI to buy a car, just use the classifieds. Way easier.

The less you have to ask (for), the more confidence you should have in the seller. If a BaT ad lacks detail, no matter how perfect the car looks...don't bid.

Or, bid only to what you feel it is worth with respect to what it may need. Have a hard line. Again, this requires knowing what to look for.

But either way, it's a risky way to buy an Italian any way you cut it. Only you can determine how much risk you're willing to take.

If done right, I think it can be a fun process and I look forward to it.

 

Just to follow on this old thread, I have sold a couple of cars on BAT and found it to be pretty stressful for the seller. The whole idea is that it is basically open season on the seller, particularly a Ferrari seller and the comments and analysis come from everyone who has from no to extensive expertise as you try and defend your offering. Lots of trolls come out from under the bridge that never buy but have a dozen reasons why your car shouldn’t bring this price or that. So I basically strongly disagree with the comments that it’s a good opportunity to get fleeced or that it is populated with bad cars or cars that someone is sneaking something by on. This open discussion is actually biased toward the buyer as every wart and or scratch is poured over by the gallery. And God forbid that CarFax noticed a broken headlight back in 2017 that becomes a major issue after amplification from the gallery. In fact, it seems to be an excellent place to buy a good car that a dealer low-balled the long time owner on or someone that basically hates the Ferrari dealers on general principles….As far as buyers backing out, that is always possible just as it is at any dealership. BAT does charge their credit card 5% almost instantaneously and that is a $4-5000 inducement to pay up , But it can happen. I see 3 Ferraris at my local dealership that purchasers have forfeited $20,000 each or more and not picked up their cars. If you are new to BAT, follow 3-4 auctions and see the comments on each car.Like it or not, you will know 5 times as much provenance and ownership history and service history on an offering than you will ever get from your friendly neidhborhood Ferrari dealer.

 

Yeah, check out the bullcrap they put this 328 seller through, only for it to not even hit reserve: https://bringatrailer.com/listing/1986-ferrari-328-gts-60/

 

They should get rid of the open comment section in lieu of private conversations between buyers and sellers…that way, the stupid crap from those who don’t have 2 nickels to rub together can be ignored. They are just looking for attention.

 

The stupid crap is kinda what makes it fun IMHO.

And I say that as someone with north of 100 completed auctions on BaT.

In fact, during the epic Louis Vuitton F355 Spider auction of 2024...they sent me a swag pack at the end for how I dealt with all of the stupid comments I endured, and how I responded (250 comments in that auction! Polarizing? I think so....lol)

 

Still better than Facebook Marketplace I reckon