Hey there fellow auto enthusiast! I‘m Lillie, expert renovator and car auction aficionado. If you‘re thinking about bidding at a Mecum auction event, I‘m here to provide the full low-down on what it will cost you. I‘ve been to my fair share of these high-octane auctions, so let me walk you through everything you need to know to bid like a pro!
A Quick Intro to Mecum Auctions
Founded in 1988, Mecum Auctions is headquartered in Walworth, Wisconsin and hosts over 20 collector car auction events annually across the United States.
Some of their most popular annual events include:
Kissimmee, Florida – Held every January, this is the world‘s largest collector car auction with over 3,500 vehicles up for bid.
Monterey, California – A world-class auction event held every August coinciding with the prestigious Pebble Beach Concours d‘Elegance.
Dana Point, California – Home to the original Mecum auction, attracting West Coast collectors every September.
I‘ve attended auctions at all these locations, and let me tell you – they never disappoint! You‘ll see everything from vintage 1920s classics to modern supercars crossing the block.
To Bid or Not to Bid: General Admission vs Registering
General admission to enjoy the auction action is complimentary. But if you want to actually bid and buy vehicles, you‘ll need a bidder registration.
Bidder registration gets you:
A bidder badge and number
The ability to bid on any car by holding up your card
Access to bid online if you can‘t attend in person
Without registering, you‘re just an observer in the stands. Trust me, you want to get down on the auction floor for the real experience!
The Need-to-Know on Bidder Registration Fees
Ready to register? Here‘s the fee breakdown:
First Vehicle Fee: $100 flat rate for your first vehicle registration
Additional Vehicles: $100 for each extra vehicle registration
Elite Bidder Program: $500 annual fee provides unlimited registrations and VIP perks
Mecum hosted 3,548 vehicle auctions in 2021. Over 50 cars sold for over $1 million!
| Year | Total Vehicles Sold | Total Sales Volume |
|---|---|---|
| 2021 | 17,903 | >$384 million |
| 2020 | 15,732 | >$291 million |
| 2019 | 18,036 | >$355 million |
With so many amazing vehicles up for grabs, you‘ll probably want those extra registrations!
Vehicle Deposits: You‘ve Gotta Pay (Temporarily) to Play
Before bidding on any vehicle, you‘ll need to put down a $100 deposit per car. Don‘t stress – you‘ll get it back if you don‘t win!
This refundable deposit ensures only serious bidders participate. You wouldn‘t want the auction bogged down by joyriders, would you?
Hammer Time: Buyer‘s Premium Fees
Once you‘ve won a bid, there‘s one more cost – the buyer‘s premium. This extra fee is calculated as a percentage of your winning bid amount:
- 5% for vehicles under $100k
- 10% for vehicles $100k to $249k
- 12% for vehicles $250k+
For example, if you won with a $75k bid, your buyer‘s premium would be $3,750 on top of that sale price.
These premiums help Mecum recoup the costs of running their world-class auctions. Considering the prime vehicle inventory and top-notch facilities, it‘s a small price to pay as the winning bidder!
Don‘t Forget the Extras! Title, Transport & Taxes
On top of the hammer price and buyer‘s premium, you‘ll need to cover additional costs:
$30 title transfer fee – Processing fee for the new title
Transport fees – If you need the vehicle shipped post-auction
Sales tax – Applicable state/local taxes on the purchase
Mecum has an on-site license office for handy title transfers. Just account for these incidental fees in your total budget.
Payment and Pickup: Act Fast!
Mecum requires prompt payment within 3 business days. Only cash, cashier‘s check, money order, or bank wire accepted – no personal/company checks!
You must also pick up your new ride within a specific transport window after auction‘s end. Don‘t snooze on pickup or you‘ll accrue storage fees!
I‘d recommend having payment ready and transport arranged even before bidding. Trust me, you need to act fast when that winning bid comes down!
Bidding on Multiple Vehicles? Plan Ahead for Savings!
Got your eye on a few different dream cars? Let Mecum know upfront if you intend to bid on multiple vehicles.
They can often bundle bids and offer discounts or perks for multi-car buyers. It saves time, money, and paperwork hassles for everyone.
Maybe they‘ll waive some fees, give a loyalty discount, or throw in free delivery for your fleet of new vehicles. Doesn‘t hurt to ask!
How Mecum‘s Fees Size Up Against Other Auctions
To put Mecum‘s costs in context, let‘s see how they compare to other major collector car auction houses:
Barrett-Jackson
Higher 12-14% buyer‘s premium
Lower $150-$300 bidder registration fees
RM Sotheby‘s
Similar 10-12% buyer‘s premium
Higher $200+ bidder registration
Gooding & Company
Highest 15%+ buyer‘s premium
$200 bidder registration
Mecum offers a nice middle-ground with fair fees compared to competitors. And their unmatched selection of thousands of collector vehicles can‘t be beat!
Breaking Down the Bidder Budget
Let‘s look at two bidding scenarios to demonstrate the full costs:
1967 Ford Mustang Fastback (Hammer Price $55k)
- Bidder Registration: $100
- Refundable Deposit: $100
- Hammer Price: $55,000
- Buyer‘s Premium (5%): $2,750
- Title Fee: $30
Total Bid Cost = $57,980
Not bad to score a vintage Mustang!
1979 Porsche 930 Turbo (Hammer Price $145k)
- Elite Bidder Fee: $500
- Refundable Deposit: $100
- Hammer Price: $145,000
- Buyer‘s Premium (10%): $14,500
- Title Fee: $30
Total Bid Cost = $160,130
A pretty penny…but it‘s a Porsche!
Top Bidding Tips
Here are my pro tips for scoring deals and getting the most bidding bang for your buck:
Inspect thoroughly – Check vehicles closely before auction. Know what you‘re bidding on!
Set firm limits – Stick to your budget based on market value research.
Join Elite Bidder – Take advantage of perks and discounts for $500 annually.
Bundle bids – Contact Mecum to bundle multiple vehicle bids and save.
Have payment ready – Act fast once the bid is won to avoid hassles.
Review price trends – Check post-auction reports to refine strategy.
Follow these tips and you‘ll secure the car of your dreams for a price you can afford!
Rev Up and Start Bidding!
Well, that revs up the full rundown on what it costs to bid at the legendary Mecum auctions!
In summary, you‘ll need to factor in bidder registration fees, vehicle deposits, buyer‘s premiums, title/documentation costs, and any transport or storage expenses.
It pays to understand the fee structure fully, do your market research, and use bidding strategies to get the best deal possible. But the excitement of bringing home your dream car makes it all worthwhile!
Let me know if you have any other questions. I‘m always happy to chat cars and auctions anytime. Now get out there and start bidding!
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