Team Chevelle banner
Cancel
Create thread New Garage Forums

BJ Auction fees - shazam!

Jump to Latest
1 - 18 of 18 Posts
M

markfromark

· Premium Member
Joined
·
318 Posts
Discussion starter · #1 ·
Okay, did I hear right tonight that the buyer pays a 10% auction fee and the seller also pays 8%? So on a $50,000 sale BJ would make at least $9,000 - is that right?

I'll admit I'm green on this topic... are most auctions that way? The only auctions I've been to are small, local auctions that dealt mostly in woodworking tools. At those the seller is the only one who pays fees.

Now I realize the folks at these auctions likely have the funds to pay the fee without a hitch... just surprised me to hear that the seller pays a fee - especially more than the buyer!
 
#2 ·
You heard right Mark. BJ is a money racket but the auction has to make money. Even local estate auctions have buyer fees and the seller has a % fee.
 
Discussion starter · #6 ·
Yeah, I realized that the auction company has to make money. I'm just ignorant about the buyer paying fees - and more than the seller.

Like I said, I have very limited experience with auctions except on a very small scale.

Live and learn... and learn... and learn... :)
 
#9 ·
Well around here there are always farm or estate auctions to go to.

I have attended several over the years and have never had to pay a buyers fee.

If they start that they wouldn't have many buyers attend.
 
Save
Reply Quote Like Like
#10 ·
that's not the whole story, there are premiums if you want slot times, such as say 8:00-9:00 on friday night, or god forbid you want to be onstage during the prime time saturday night frenzy. i think i heard it can run as much as another 1,200.00 maybe more, i don't remember the exact #'s...

that's why it makes me sick when craig jumps up and screams the car isn't going for enough, or that people don't realize what a bargain the car is....
 
#12 ·
most auctioneers charge 20%. Sometimes the seller pays it all, sometimes they split it between the seller and buyer.

Seems like the BJ sellers are getting a bargain.
 
Save
Reply Quote Like Like
#13 ·
who was that auction company that ran a sale in Tucson but didn't seem to see a need to send the sellers their money in a timely fashion? Did those guys ever get their money?
 
Save
Reply Quote Like Like
#15 ·
DO you know if the sellers ever got their money?
 
Save
Reply Quote Like Like
Discussion starter · #17 ·
Somewhat related...back several years ago my father-in-law sold several head of cattle at a livestock auction and he never got a dime out of it. The guy filed bankrupty right after my FIL sold and the guy managed to get out of paying back any of the money he owed. It was a devestating financial loss to my in-law's at the time...that guy had all kinds of land and farming/trucking equipment, so I'm not sure how he managed to get out of it. Makes me :mad: just telling the story again. To me it was outright stealing.
 
#18 ·
I have never been to an estate auction that charges a buyers fee. Around here the seller pays all fees to the auctioneer.
 
1 - 18 of 18 Posts
About this Discussion
17 Replies
11 Participants
Last post:
oktunes
Team Chevelle
posts
5.3M
members
131K
Since
1998
A forum community dedicated to Chevrolet Chevelle owners and enthusiasts. Come join the discussion about restorations, builds, performance, modifications, classifieds, troubleshooting, maintenance, and more!
Full Forum Listing
Explore Our Forums
Bench Racing Performance Engine Chevelle Tech Body Shop