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Old 04-09-2020, 09:37 PM   #20
Brad in Germany
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Join Date: May 2010
Location: Potomac, Maryland
Posts: 647
Default Re: Sedan delivery auction

Quote:
Originally Posted by BRENT in 10-uh-C View Post
Gee whiz, ...am I seeing that right where there is a 23% Buyer's premium on that Delivery auction??
Brennt: According to the auction house web site, that 23% is their Buyer's "Internet Premium" if you bid online via Proxibid. They break that down as follows: 15% Auction House, 5% Proxibid, 3% Credit Card Fee = 23%

If you pick up the vehicle in Illinois or are an Illinois resident, then you will need to pay a 7% Illinois tax as well.

If you bid by phone, absentee or in person, then the Buyer's Premium is 15% for cash payment or 18% if payment by credit card.

For the seller, the auction house web site states the following about the Seller's Premium:
"It can be based on a negotiated flat rate or on a sliding scale
$1-$100 35%
$101-$1000 25%
$1001-$2000 20%
$2001-$3500 15%
$3500-Up 10%"


So, for example, if the car would sell for say $5000 via an online bid and the buyer drove there in person to pick it up, then (if I did the numbers right):

The auction house would get $1250 ($500 from the seller, $750 from the buyer)
Proxibid would get $250
The credit card company would get $150
The State of Illinois would get $350
The seller of the car would get $4500
and
The buyer would have to pay $6500 to take the car home.

OUCH!

Brad in Maryland
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