5 Reasons to Attend a Barrett-Jackson Auction for a Classic Car - OpenRoad Lending

5 Reasons to Attend a Barrett-Jackson Auction for a Classic Car

In the collector car world, there are only so many ways to acquire your dream vehicle. You’re mostly limited to scouring classified ads, auto sites and car lots, or hiring people to search for you.

But an enjoyable (and easy) way to get the exact car you’ve been pining for is to attend a collector car auction. One of the largest auto auction houses in the U.S. is Barrett-Jackson, which brings together hundreds of classic and rare vehicles annually in Arizona, California, Florida and Nevada.

How big are Barrett-Jackson auctions? The first year that Las Vegas was added to the company’s schedule, more than 50,000 people checked out more than 500 vehicles. That year’s event raised $30 million, and the following year, more than 51,000 people helped bring in $28 million.

Since the company’s first auction in 1971, Barrett-Jackson has developed a reputation among collectors for quality and integrity. It includes special touches that collectors get excited about:

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Photo by Flickr user dodge challenger1

Planning around existing events

If Barrett-Jackson just offered collector car auctions only, it would still do just fine. But it tries to coincide its auctions around established community auto events, such as Hot August Nights in Reno. The company also awards the Barrett-Jackson Cup at some of the car events it sponsors, which brings some of the same cars to the different events and gets fans even more excited. Auction visitors will know that Barrett-Jackson focuses on creating a quality auction but also wants collectors to enjoy themselves.

Knowing the value of social networking

Not every collector car buyer or seller is going to know the ins and outs of Facebook, Twitter or other online social networks. But those who enjoy online communications services will appreciate that Barrett-Jackson makes it easy to share information about upcoming events or specific items.

Showcasing an impressive inventory

Barrett-Jackson auctions have been created for everyone to enjoy, not just a handful of higher-end collectors going after the premium items only. There are literally thousands of automobiles up for grabs at the various shows, so deals abound. The 2013 Scottsdale, Ariz., auction, for instance, sold 1,343 vehicles over eight days for a wide range of prices generating a total of nearly $109 million in sales.

Offering insurance options

Every car owner worries greatly about something happening to their vehicle, but collector car owners are even more concerned. That’s why some insurance companies offer special auto insurance just for collectors. State Farm, for instance, offers classic car insurance, provided a car is used infrequently, mostly to shows, cruises and parades versus daily use. It also must fit the bill of a classic car: at least 10 years old and have special historical interest, or be an antique, considered at least 25 years old.

Encouraging fun competition

Part of the fun of the auction experience is trying to win the top bid, especially in live bidding with an auctioneer. Barrett-Jackson also innovated the “no reserve” system where every vehicle must be sold to the top bidder — previously, sellers could take back their item if it didn’t hit a certain price.

Financing Options

If the classic car is not of interest, consider a new model where you can get low rate car loans online. You can apply in the comfort of your own home and usually get a loan decision back in a matter of minutes. There is no obligation to apply for an online car loan and it is typically a great way to see what type of rates/pricing you should expect.

 

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