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A dealer auto auction is a specialized form of auction. Millions of vehicles are sold at such dealer auto auctions every year. These auctions are restricted to the general public and only licensed dealers can participate. Prices of vehicles sold at dealer auctions tend to be lower than those advertised on any dealer's lot.
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.
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]
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 was founded in 1988 by Dana Mecum, [1] a car enthusiast whose father operated a dealership in Marengo, Illinois. [2] [3] Dana Mecum initially bought 40 semi-trailer trucks in the 1980s, and traded 10 of them for four houses which he rented out. According to him, "The tenants started calling me in the middle of the night to fix ...
Dealer or retail price is the price expected to pay if buying from a licensed new-car or used-car dealer. Dealer trade-in price or wholesale price is the price a shopper should expect to receive from a dealer if trading in a car. This is also the price that a dealer will typically pay for a car at a dealer wholesale auction.
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