Classic car auctions usually are set up so that there is a car show at the same time. This gives people the chance to look at all of the cars, plus see trophy-winning cars. It also gives them the chance to visit with the owner of the car and ask any pertinent questions about the history of the classic car.
Classic car auctions are set up so that they run over a course of a weekend. Sometimes they last longer depending on the venue and the season. Once the car show is completed, cars will go through the auction. Sometimes cars are just lined up and the auctioneer will read off the number assigned to the car, year, make, model and a blurb about the car. It is up to the buyer to remember which car was assigned which number, if he is interested in buying that particular car.
Other auctions have an auction house, and the owners drive or push the cars through a set of doors. They then wait while the car before them is auctioned off. The auctioneer will talk about the car a bit, look for bidders, then will talk about the car again in an attempt to drive up bids. He has quite a bit of information about the car and can use it at will to drive the price of the car up. Once that car is done, it is driven out and the next car takes its place.
If a car is bought, the buyer usually has to have a certified bank check or cash. He then pays the auction house, which then pays the buyer. The auction house keeps its fees out of the proceeds of the sale.
Bidding is usually open bidding where the auctioneer starts off with a price, then takes bids. People bid against each other. If they want the car bad enough, and have the funds, they will keep going up in their bids.
The classic cars may or may not have a reserve price on them, but most do. A reserve is the least amount of money a buyer will accept through the auction. Bidding starts below the reserve, and will continue until there are no bidders. If the last bidder meets or exceeds the reserve, he wins the auction. If he does not meet the reserve, the car is not sold, but the buyer has a chance to agree to at least the reserve price. He is not obligated to meet the reserve price, but he will not be going home with that car if he cannot meet the reserve price.
If you plan to purchase a classic car through an auction, be sure to visit prior to the auction date to look the car over. Meet with the owner if you have any questions about the car or its history. You may even get lucky to get the owner to give you a test drive.
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