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The sale, to a private buyer, was for 135 million euros ($142,769,250). It handily outstripped the previous record-setting $48.4-million sale of a 1962 Ferrari 250 GTO at a 2018 auction to become the most expensive car ever sold at auction. Both of these high-dollar sales were brokered by RM Sotheby's. [1]
Most car dealerships do not pay cash for the vehicles they buy at auto auctions. [23] They rely on inventory financing, a line of credit extended by a bank or other institution to acquire vehicles. [24] This is known in industry parlance as floorplanning (floor planning) or simply "flooring" vehicle inventory. [25]
Arriving home late, he found a crowd of eager buyers, and so auctioned the car off for £420. [1] Wickins then rented a farmer's field at Frimley Bridges, now under junction 4 of the M3 motorway on the A331 by Hawley Road in Frimley, Surrey, and set up his first public auction. [1] The 14 cars sold for a total of £8,250.
By 1966, Manheim Auto Auction established itself as the world's volume leader, selling off 45 vehicles per hour or 700 cars/trucks on a given Friday night at the 16-laned auction. Adding closed-circuit television, the dealers and wholesalers watched the auction from the new cafeteria in its expanded building.
Buying a car at auction requires a whole new set of rules and things to watch out for, whether it's a government or law-enforcement auction or one with vintage and high-end cars meant for collectors.
Mecum Auctions, Inc. is an American auction company specializing in collector cars and motorcycles. It was founded by Dana Mecum in 1988, and was originally based in Marengo, Illinois . Since 2011, it has been headquartered in Walworth, Wisconsin .
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