What is the difference between Barrett-Jackson and Mecum Auctions?
Barrett-jackson differs from mecum’s in that it places reserves on only very few high value cars and as a result barrett-jackson’s sell through is in the 98% range. So looking at the number of cars sold the nod goes to mecum’s with 1,811 cars sold, 35% more than their scottsdale rival barrett-jackson who sold 1,343. mecum auctions: largest collector car auction with a focus on volume and variety. Barrett-jackson: known for its vibrant atmosphere, charity auctions, and extensive range of vehicles.Barrett-Jackson differs from Mecum’s in that it places reserves on only very few high value cars and as a result Barrett-Jackson’s sell through is in the 98% range.
Who owns Mecum Auctions?
The company is still owned by founder and president Dana Mecum, who ran the business with his wife and four sons for decades. Dana is the president and founder of Mecum Auctions, launching the company from his kitchen table with the help of his wife Patti and a few close friends back in 1988. Through perseverance and with a deep passion for the industry, he has since grown the company into a thriving enterprise.The company is still owned by founder and president Dana Mecum, who ran the business with his wife and four sons for decades.
What are the three types of auctions?
Usually, the highest amount, or bid, wins. There are a variety of auction types, such as open auctions where all bids are visible, closed auctions where bids are kept private, and government auctions of seized property, In an auction, a buyer may find rare items. Auctions can be classified into various genres and kinds depending on their unique rules. In this essay, I focused mainly on the four basic kinds of auctions: First-Price sealed-bid auction, Second-Price sealed-bid auction, Ascending-bid auction and descending-bid auction.
What type of auction is best?
Absolute Auctions In this setup, there’s no reserve price or minimum amount the seller must reach—whatever the top bid is at the end is guaranteed to win. For buyers, this creates a real sense of excitement and opportunity since they know the property or item will be sold, no matter how high or low the final bid is. This rule goes into effect 10 minutes before the auction closes to ensure that every bidder has 10 minutes to place a new bid if they are outbid on a lot. This simulates what may happen in a floor auction in which the auctioneer does not bring the final hammer down as long as there is active bidding.If a bid is placed within 5 minutes of the closing time of a lot the closing time will be extended with 5 minutes. This process will repeat itself with any bid within the last 5 minutes of the new closing time. It does not matter when the bid is placed within those 5 minutes.