Barrett-Jackson to Offer Reserve Lots for Palm Beach 2011

Honoring its past and looking to the future, Barrett-Jackson Auction Co. LLC will offer the option for both Reserve and No Reserve consignment applications exclusively at the company’s 9th annual Palm Beach auction to be held April 7-9 at the Americraft Expo Center at the South Florida Fairgrounds.

Vehicles with an agreed estimated value above $50,000 will be considered for Reserve placement, creating a hybrid environment that appeals to consignors and buyers within all price ranges.

From the first Barrett-Jackson auction in Scottsdale in 1971 until today, the company has offered a combination of Reserve and No Reserve style sales. In recent years, Barrett-Jackson has become well known for being the only collector car auction house to produce auction events that accept exclusively No Reserve consignments, a format that was market-driven and customer-supported. With this auction format—and by offering a true No Reserve platform with real buyers and sellers—the company has continually provided an accurate snapshot of the collector car market at any given time.

Since January 2005, Barrett-Jackson has offered this all No Reserve format, which is unique in the auction industry. This was introduced in Scottsdale in 2005 and has continued since that time at all Barrett-Jackson auction venues, which now include Palm Beach, Orange County and Las Vegas.

In the past 6 years alone, Barrett-Jackson has sold nearly $1 billion of collector vehicles at No Reserve. This represents approximately 13,000 cars across the Barrett-Jackson auction block.

Barrett-Jackson just completed the Scottsdale 2011 auction which was the company’s largest single auction event in its 40-year history: more than 1,200 collector cars, all offered at No Reserve, with total auction sales greater than $70 million. In fact, this was the largest single No Reserve collector car auction in the history of the industry.

Even though its auction sales have been exclusively No Reserve in recent years, Barrett-Jackson has maintained its commitment to carefully screening all consignment applications and assessing estimated values. This will continue in the careful consideration of both Reserve and No Reserve applications for Palm Beach.

“Throughout Barrett-Jackson’s history, we have always remained committed to having an open dialogue with our customers about their wants and needs,” said Steve Davis, President of Barrett-Jackson. “In the course of this dialogue, we have heard from some of our customers that they are committed to the Barrett-Jackson auction model and the Barrett-Jackson No Reserve format that offers a fair platform for buying and selling collector cars to the largest pool of qualified bidders anywhere in the world. On the other hand, we heard from others who would like to participate in a Barrett-Jackson auction but have cars they aren’t comfortable selling at No Reserve. These same customers have asked us to consider re-introducing a Reserve element into our auction format so they can participate in Barrett-Jackson auctions.”

Over four decades, Barrett-Jackson has continually refined its business plan to ensure that it stays one step ahead of the marketplace and welcomes new people to the Barrett-Jackson auction tradition. For additional details, or to submit a consignment or bidder application for Palm Beach, please visit www.barrett-jackson.com.

0 comments

Leave a Reply

Your email address will not be published. Required fields are marked *