The most outrageous auctions I've seen.......
- Thread starter 65Val
- Start date
-
Oklacarcollecto
Life is an experiment
http://cgi.ebay.com/ebaymotors/ws/e...60698660&ssPageName=ADME:B:EOIBSA:MOTORS:1123
$504.99 for a NOS 1968 Barracuda tail light. I couldn't believe someone would pay that for it.
There is another part of this story I will post later.
$504.99 for a NOS 1968 Barracuda tail light. I couldn't believe someone would pay that for it.
There is another part of this story I will post later.
comoxian
Well-Known Member
Ya think that $500 for a fan blade is bad, how about this..................
http://cgi.ebay.com/ebaymotors/ws/e...0226009060&viewitem=&sspagename=STRK:MEWAX:IT
http://cgi.ebay.com/ebaymotors/ws/e...0226009060&viewitem=&sspagename=STRK:MEWAX:IT
805moparkid
Slant and AFX Guy
i think this mite take the cake!
http://cgi.ebay.com/ebaymotors/MOPA...r_Truck_Parts_Accessories?hash=item2ea9e5feda
http://cgi.ebay.com/ebaymotors/MOPA...r_Truck_Parts_Accessories?hash=item2ea9e5feda
Bill Crowell
Well-Known Member
Paying high prices like that is a very common way of laundering drug money.
slantsixdan
=..=
Take a look at this bit of funny humour. Look closely, kids; it's not every day you see a five hundred dollar fuel filter. And gosh, lookit there, it's another one from Mitchell! Just imagine my shock and surprise. Seeing as how nobody has been dumb enough to buy Mitchell Motor Parts any of the dozen times he's put the whole business for sale on eBay, I wonder if he's got plans to burn down another insured warehouse full of parts, or if he's saving that for the next time he gets in trouble with the IRS. :roll:
Well... theflr is at it again
Hemi dip stick tube $500.00 and that's without the dip stick
Ebay item number... 200418831963
Hemi dip stick tube $500.00 and that's without the dip stick
Ebay item number... 200418831963
Oklacarcollecto
Life is an experiment
How about a set of USED Mopar convertible top latches for a mere $995.00!
http://cgi.ebay.com/ebaymotors/1965...9927615QQptZMotorcyclesQ5fPartsQ5fAccessories
fmmpar states "This beautiful pair of convertible top latches to replace MoPar #2520610 and 2520611 are show ready."
Now doesn't this say REPLACES? I wonder if these might be a used set of these? http://cgi.ebay.com/ebaymotors/Mopa...ptZMotorsQ5fCarQ5fTruckQ5fPartsQ5fAccessories
http://cgi.ebay.com/ebaymotors/1965...9927615QQptZMotorcyclesQ5fPartsQ5fAccessories
fmmpar states "This beautiful pair of convertible top latches to replace MoPar #2520610 and 2520611 are show ready."
Now doesn't this say REPLACES? I wonder if these might be a used set of these? http://cgi.ebay.com/ebaymotors/Mopa...ptZMotorsQ5fCarQ5fTruckQ5fPartsQ5fAccessories
67GTConvert
Well-Known Member
Get a load of this tool,I could go on about a bunch of things about his ad but I don't want to spoil the surprise for you.
http://cgi.ebay.com/ebaymotors/440-...ewItemQQptZUS_Cars_Trucks?hash=item27ade1b068
http://cgi.ebay.com/ebaymotors/440-...ewItemQQptZUS_Cars_Trucks?hash=item27ade1b068
2 Darts
A-body Addicted
LMAO! It looks like the reservoir was used to collect urine.
waggin
moving on ain't easy if you drive a Ford :p
well I can say this,some people see this stuff sell for those prices and think all parts similar to them are worth those prices, the lions share of us car enthusiasts will suffer from this mentality, I have seen dozens of ad's here on f.a.b.o. with outrageous pricing that makes me sick. There goes the hobby to the wolves, the rest of us dawg's will have to settle for scrap's
slantsixdan
=..=
Often in a case like that, you're seeing a bidding syndicate. A friend of mine who's far more knowledgeable than I am about Mopar production numbers, finances and that sort of thing, explains it this way:
The amateur version goes like this: "Hey Fred, you and Bob bid on my car to drive the price up for me and I'll do the same for you". They are waiting for a sucker to bid and hit the reserve.
On a grander scale, it's similar to the old stock trading syndicates of old. Several wealthy traders (the syndicate) would buy as much of a particular stock as possible, then sell it back and forth to each other at ever-increasing prices to run the price up. The sheep (less sophisticated traders) smell easy money, the syndicate feeds the stock to the market until they perceive it is near the top, then they dump the remainder and count their profits. The sheep are left holding the bag. J.P. Morgan was a master at it. He would sometimes let his opinions slip out to the press to generate interest in the stock.
This practice was outlawed in the Securities Exchange Act of 1933 (ahem). So the big money guys have applied the practice legally to all manner of tangible assets, including art, real estate and collectible cars. For example, let's say there is a low production car that is pretty desirable. Let's say it's a '62 Hemi Lancer convertible, one of 5 built. For a fee, some 'expert' can tell me where all 5 are and that one is for sale for $100,000. I buy it and tell Dan where another is. Dan contacts that owner and says he'll pay a premium for the car, say $110,000. Three of our friends contact the owners of the other cars and make offers. Maybe they sell, maybe they don't. If they don't, then all three friends contact all three owners at different times, making higher and higher offers. All of a sudden, the cars that Dan and I own are "worth" more. So I take mine to an auction in Florida where our friends bid by proxy against each other, reaching $150,000 and $155,000 respectively,and the car goes to our third friend. Now the public knows about these cars, and more important, they know that at least two people are willing to pay good money for them. "It takes two horses to make a race."
So Dan puts his car on eBay, where our friends bid it up to $200,000 because it is a 1 of 1 with the optional Turbo Jiffy-Jet. But it doesn't meet reserve. Now the public knows beyond doubt that these cars are out of reach for the average collector. Wanna one-up your rich buddy? Here's a car that would do it. By now interest in clone Hemi Lancers increases, driving up the prices of real ones. Meanwhile, our friends continue to make higher offers on the remaining 3 cars. The temptation is too great for one owner, and he sells his to our fourth friend for a whopping $300,000. Somehow, the price leaks out and is published in High Performance Lancer and Lancer Collector's Guide. Time for Dan's car to go to an auction in California. Our friends, through proxy bidders, run the price up and our fifth friend buys it at $400,000.
So far, we have purchased three $100,000 cars for a total of $510,000. We resold one (to ourselves) for $155,000 and another (to ourselves) for $400,000. The one on eBay didn't meet reserve. But the two that sold didn't really cost us anything other than the 16% auction fees (8% from the buyer, 8% from the seller). So our total cost to sell/buy the cars at auction is $24,800 and $64,000, plus minor expenses and 20% short-term capital gains on $345,000 (another $69,000, which can probably be creatively eschewed...). But we now have three cars "worth" roughly $400,000 each at auction. Perception is reality. We have $667,800 on the debit side, $1,200,000 on the credit side and we're not done yet.
This whole thing goes through a few more iterations over the course of several years. Three cars are bought and sold several times by the same five people, anonymously or through businesses. "Why, Hemi Lancers are better than money in the bank! They've been doubling in price for years!"* At some point, the auction bidding will show signs of resistance, meaning the market has borne about as much as it will bear. For a fee, some 'expert' can put me in touch with two or three interested parties who might want a Hemi Lancer for their collections. Maybe two of the cars are quietly sold off at very high prices. Maybe the last, the best example, is hyped at a high-profile auction. Hopefully it breaks a record. If not, that's OK. We made a small fortune. The prices may continue to rise and that's OK too because when the bottom falls out, for whatever reason, we don't want to own one.
Most of the above came to me through three people who have been indirectly involved in these types of transactions, mostly at auctions (not Mopars, BTW). Back in the early- or mid-'90s one target was the '59 Cadillac El Dorado Biarritz convertible. You couldn't touch a condition 3 example for less than $100,000 and buyers were lining up. Today you can find nice condition 2 cars for way less.
The above example would work even if the syndicate owned only one of the cars, so long as the syndicate makes sure that the owners of the remaining four cars know that they will beat any offer made. Even if they never sell, the owners will be more than happy to watch the "value" of their cars go to the moon, ensuring that they remain off the clearance rack for now. But the more cars the syndicate owns, the greater number of transactions they can make to drive the price up. In fact, the syndicate doesn't even need to corner the market for a particular model. This can be done with a single car of higher production.
I haven't seen this first-hand, but I'm told that some cars show up on eBay multiple times, always selling at higher prices, usually with buyers and sellers who have zero or very low feedback ratings, and almost always in the same state or general area. Every time the car "sells", the market benchmark for those cars goes up in the eyes of other owners and people who watch eBay.
When you get right down to it, a car, not unlike a paper stock certificate, has almost no intrinsic value. It's only worth what someone thinks it's worth. If carbon-based fuels were outlawed tomorrow, I bet you could get a screamin' deal on a Ferrari.
* A friend once commented about how the prices of Hemi cars had doubled every year for the past 5 years. I commented that it could not possibly continue at that pace. He was a bit indignant and said it could do so indefinitely. I asked if it could keep up that pace for another 25 years. He said yes. So to illustrate my point, I told him I'd like to make a financial proposition: I would give him $10,000 cash if he would pay me back in installments over 30 days. The first day's payment is 1 cent. Day two, 2 cents. Day three, 4 cents. And so on, doubling the payment every day for a month. It sounded like a good deal until I showed him how his last payment would be over $5 million and the total payments equaled over $10 mil. I know, it's an old gag and that story doesn't mean much about anything, I just thought it was funny.
The amateur version goes like this: "Hey Fred, you and Bob bid on my car to drive the price up for me and I'll do the same for you". They are waiting for a sucker to bid and hit the reserve.
On a grander scale, it's similar to the old stock trading syndicates of old. Several wealthy traders (the syndicate) would buy as much of a particular stock as possible, then sell it back and forth to each other at ever-increasing prices to run the price up. The sheep (less sophisticated traders) smell easy money, the syndicate feeds the stock to the market until they perceive it is near the top, then they dump the remainder and count their profits. The sheep are left holding the bag. J.P. Morgan was a master at it. He would sometimes let his opinions slip out to the press to generate interest in the stock.
This practice was outlawed in the Securities Exchange Act of 1933 (ahem). So the big money guys have applied the practice legally to all manner of tangible assets, including art, real estate and collectible cars. For example, let's say there is a low production car that is pretty desirable. Let's say it's a '62 Hemi Lancer convertible, one of 5 built. For a fee, some 'expert' can tell me where all 5 are and that one is for sale for $100,000. I buy it and tell Dan where another is. Dan contacts that owner and says he'll pay a premium for the car, say $110,000. Three of our friends contact the owners of the other cars and make offers. Maybe they sell, maybe they don't. If they don't, then all three friends contact all three owners at different times, making higher and higher offers. All of a sudden, the cars that Dan and I own are "worth" more. So I take mine to an auction in Florida where our friends bid by proxy against each other, reaching $150,000 and $155,000 respectively,and the car goes to our third friend. Now the public knows about these cars, and more important, they know that at least two people are willing to pay good money for them. "It takes two horses to make a race."
So Dan puts his car on eBay, where our friends bid it up to $200,000 because it is a 1 of 1 with the optional Turbo Jiffy-Jet. But it doesn't meet reserve. Now the public knows beyond doubt that these cars are out of reach for the average collector. Wanna one-up your rich buddy? Here's a car that would do it. By now interest in clone Hemi Lancers increases, driving up the prices of real ones. Meanwhile, our friends continue to make higher offers on the remaining 3 cars. The temptation is too great for one owner, and he sells his to our fourth friend for a whopping $300,000. Somehow, the price leaks out and is published in High Performance Lancer and Lancer Collector's Guide. Time for Dan's car to go to an auction in California. Our friends, through proxy bidders, run the price up and our fifth friend buys it at $400,000.
So far, we have purchased three $100,000 cars for a total of $510,000. We resold one (to ourselves) for $155,000 and another (to ourselves) for $400,000. The one on eBay didn't meet reserve. But the two that sold didn't really cost us anything other than the 16% auction fees (8% from the buyer, 8% from the seller). So our total cost to sell/buy the cars at auction is $24,800 and $64,000, plus minor expenses and 20% short-term capital gains on $345,000 (another $69,000, which can probably be creatively eschewed...). But we now have three cars "worth" roughly $400,000 each at auction. Perception is reality. We have $667,800 on the debit side, $1,200,000 on the credit side and we're not done yet.
This whole thing goes through a few more iterations over the course of several years. Three cars are bought and sold several times by the same five people, anonymously or through businesses. "Why, Hemi Lancers are better than money in the bank! They've been doubling in price for years!"* At some point, the auction bidding will show signs of resistance, meaning the market has borne about as much as it will bear. For a fee, some 'expert' can put me in touch with two or three interested parties who might want a Hemi Lancer for their collections. Maybe two of the cars are quietly sold off at very high prices. Maybe the last, the best example, is hyped at a high-profile auction. Hopefully it breaks a record. If not, that's OK. We made a small fortune. The prices may continue to rise and that's OK too because when the bottom falls out, for whatever reason, we don't want to own one.
Most of the above came to me through three people who have been indirectly involved in these types of transactions, mostly at auctions (not Mopars, BTW). Back in the early- or mid-'90s one target was the '59 Cadillac El Dorado Biarritz convertible. You couldn't touch a condition 3 example for less than $100,000 and buyers were lining up. Today you can find nice condition 2 cars for way less.
The above example would work even if the syndicate owned only one of the cars, so long as the syndicate makes sure that the owners of the remaining four cars know that they will beat any offer made. Even if they never sell, the owners will be more than happy to watch the "value" of their cars go to the moon, ensuring that they remain off the clearance rack for now. But the more cars the syndicate owns, the greater number of transactions they can make to drive the price up. In fact, the syndicate doesn't even need to corner the market for a particular model. This can be done with a single car of higher production.
I haven't seen this first-hand, but I'm told that some cars show up on eBay multiple times, always selling at higher prices, usually with buyers and sellers who have zero or very low feedback ratings, and almost always in the same state or general area. Every time the car "sells", the market benchmark for those cars goes up in the eyes of other owners and people who watch eBay.
When you get right down to it, a car, not unlike a paper stock certificate, has almost no intrinsic value. It's only worth what someone thinks it's worth. If carbon-based fuels were outlawed tomorrow, I bet you could get a screamin' deal on a Ferrari.
* A friend once commented about how the prices of Hemi cars had doubled every year for the past 5 years. I commented that it could not possibly continue at that pace. He was a bit indignant and said it could do so indefinitely. I asked if it could keep up that pace for another 25 years. He said yes. So to illustrate my point, I told him I'd like to make a financial proposition: I would give him $10,000 cash if he would pay me back in installments over 30 days. The first day's payment is 1 cent. Day two, 2 cents. Day three, 4 cents. And so on, doubling the payment every day for a month. It sounded like a good deal until I showed him how his last payment would be over $5 million and the total payments equaled over $10 mil. I know, it's an old gag and that story doesn't mean much about anything, I just thought it was funny.
grassy
Well-Known Member
Slantsixdan..I have wondered about this..
67gt..bunch of things about his ad
Would you mind..I would like to learn more and i suspect that others would like to as well..
ian.
67gt..bunch of things about his ad
Would you mind..I would like to learn more and i suspect that others would like to as well..
ian.
dartman6
Member
This one's pretty good too. theflr is back!!!!
http://cgi.ebay.com/ebaymotors/MOPA...r_Truck_Parts_Accessories?hash=item2eaa1643a1
http://cgi.ebay.com/ebaymotors/MOPA...r_Truck_Parts_Accessories?hash=item2eaa1643a1
65Val
Average Length Member
Well, Greg, as you can see, it didnt get even one bid, so, this guys on crack like all these other asshats that want 10 times market for their stuff!
slantsixdan said:
Someone did buy Mitchell's, cause its now called "Obsolete Motor Parts" or sumpin like that. The new owner must have been schooled by Frank good, cause his prices and business style are just the same.
slantsixdan... good lesson on the "Syndicate", but they wont get any of my money ,as I decide how much something is worth to me, and I dont pay or bid any more than that.
I think "theflr" is the dipstick here!!!
-
