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Old 08-14-2018, 09:24 AM   #21
Jeff/Illinois
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Default Re: Lloyd Young Car Auction Today

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Originally Posted by divcoone View Post
The auctioneer is working for the seller, not the buyer.
Divcoone your right most of the time, BUT there are times the auctioneer is working for his 'buddy' in the crowd (often a guy buying stuff for the auctioneer himself or just a close friend or relative of the auctioneer). I've seen it on numerous occasions.
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Old 08-15-2018, 05:22 PM   #22
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Default Re: Lloyd Young Car Auction Today

I went to the bank and got things squared away, with a block of more than enough money on my checking acct, and got the letter I needed....

I wanted the 27 REO Flying Cloud 5-person sedan. It was Lloyd's touring car, and he had repainted it from "Old Blue" to a two-tone tan in recent years. He freshened up the car overall. I thought perhaps if I could get that car it would be worthy of an entry in The Great Race 2020. 2019 is already sold out. I stopped at $25,000 which was a little more than double the "book" value. I did a lot of value research in addition to value guides. The old guy kept bidding, and he just looked like he wasn't even going to so much as flinch until he said $30,000, which would have left me at $31,000 and that was way more than I wanted to pay. I never try to run up the bid on someone, I think it's dirty, and you never know when your opponent will stop and leave you stranded. I really wanted that car, but I felt like $25,000 with the 8% fee on top of that was a plenty. I told my wife a week before I wanted the car, but I didn't wanna pay more than about $20,000, or $25,000.

I wonder what that old guy thinks he is going to do with it. I mean I look at my collector cars as me just being the caretaker of them. I retired WAY EARLY, but collector cars will live beyond me, and I can still get around quite good. I hate to say it, but that guy is plainly in his late 70s, and can hardly walk. How in the heck is he even going to change the oil, and perform the annual lubrication on that car? The first time the car has a flat tire, the carburetor needs cleaned out, or some other minor maintenance repair the car will simply sit and deteriorate. The only two shops that perhaps work on something of that vintage are not even around here: Hills Restorations in Racine, OH, and perhaps the Studebaker specialty shop over in Duncan Falls, OH.
It sound like sour-grapes, but it's really not. Sure I would have liked to have it though, but I have enough collector cars to keep me plenty busy (both
driving and repairs).

Lets face it, the car is likely in as good a shape right now as it ever will be. I expect never to see it again. Someone said to me, you never know Gene, maybe he will die, and you can buy it from his estate cheaper. Sounds unfriendly to me, but perhaps there is some truth to it. It's more likely that (I kinda hate to even go down this road) by the time the car ever would become available again, it will have deteriorated again to where I would not even wanna fool with it. Lets face it, it's not like my Model-A where parts and resources are plentiful.

Actually, I think the auctioneering team did a nice job. Sometimes I go to auctions (including with my stuff up for sale) and feel like the auction team just don't know what to do. I was at one 12 months ago in Marietta, and it was terrible. The Aires' really
took a beating, and they likely didn't even know it.

Things they did before auction at Lloyd's:
Starting every car before the festivities
leaving the cars unlocked
starting them before each car was offered, went a long way.

I could go on, but your get the idea. You can tell when pre-planning is done.


So bottom line, I hope the old guy enjoys the 27 Flying Cloud. Sure he paid for it fair-and-square, but he also has a little bit of responsibility to the car, and the hobby we all love so much.
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Old 08-15-2018, 06:05 PM   #23
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Default Re: Lloyd Young Car Auction Today

Mecum seems to have struck the right balance as far as collector car auctions go. Even if we don't buy anything, we always have fun just because of the spectacle of it all!
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Old 08-15-2018, 10:44 PM   #24
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Default Re: Lloyd Young Car Auction Today

Part of what drives auction prices high is the owner.
Lloyd Young was a very well known, very well respected and very well liked collector. He was truly a car guy's car collector. Him and Shirley were regular attendees at virtually every Glidden Tour, Reliability Tour, etc etc. When someone on the tour broke down, Lloyd was always the first person on the scene and HE KNEW how to fix cars. Not the typical guy that stands around a spews BS and misinformation. Lloyd knew cars and was glad to help fix them-especially if it meant that someone would complete the tour.
As a rebuilder and installer of his famous overdrives, he would go out of his way to make sure the job was done right and often fixed other non-related issues he encountered without charging the person-just so they would not have problems on the road.
He was a knowledgable and gracious gentleman in all regards.
I knew several people that went to this auction and wanted to own a particular car or cars just because they were Lloyds. To a certain extent, they wanted something from Lloyd more than they wanted a particular car. Had someone less known and less respected owned this collection, I am sure the prices would have been lower. Hopefully we will see these cars continue their touring traditions.
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Old 08-16-2018, 08:38 AM   #25
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Default Re: Lloyd Young Car Auction Today

Quote:
Originally Posted by Gene F View Post
I went to the bank and got things squared away, with a block of more than enough money on my checking acct, and got the letter I needed....

I wanted the 27 REO Flying Cloud 5-person sedan. It was Lloyd's touring car, and he had repainted it from "Old Blue" to a two-tone tan in recent years. He freshened up the car overall. I thought perhaps if I could get that car it would be worthy of an entry in The Great Race 2020. 2019 is already sold out. I stopped at $25,000 which was a little more than double the "book" value. I did a lot of value research in addition to value guides. The old guy kept bidding, and he just looked like he wasn't even going to so much as flinch until he said $30,000, which would have left me at $31,000 and that was way more than I wanted to pay. I never try to run up the bid on someone, I think it's dirty, and you never know when your opponent will stop and leave you stranded. I really wanted that car, but I felt like $25,000 with the 8% fee on top of that was a plenty. I told my wife a week before I wanted the car, but I didn't wanna pay more than about $20,000, or $25,000.

I wonder what that old guy thinks he is going to do with it. I mean I look at my collector cars as me just being the caretaker of them. I retired WAY EARLY, but collector cars will live beyond me, and I can still get around quite good. I hate to say it, but that guy is plainly in his late 70s, and can hardly walk. How in the heck is he even going to change the oil, and perform the annual lubrication on that car? The first time the car has a flat tire, the carburetor needs cleaned out, or some other minor maintenance repair the car will simply sit and deteriorate. The only two shops that perhaps work on something of that vintage are not even around here: Hills Restorations in Racine, OH, and perhaps the Studebaker specialty shop over in Duncan Falls, OH.
It sound like sour-grapes, but it's really not. Sure I would have liked to have it though, but I have enough collector cars to keep me plenty busy (both
driving and repairs).

Lets face it, the car is likely in as good a shape right now as it ever will be. I expect never to see it again. Someone said to me, you never know Gene, maybe he will die, and you can buy it from his estate cheaper. Sounds unfriendly to me, but perhaps there is some truth to it. It's more likely that (I kinda hate to even go down this road) by the time the car ever would become available again, it will have deteriorated again to where I would not even wanna fool with it. Lets face it, it's not like my Model-A where parts and resources are plentiful.

Actually, I think the auctioneering team did a nice job. Sometimes I go to auctions (including with my stuff up for sale) and feel like the auction team just don't know what to do. I was at one 12 months ago in Marietta, and it was terrible. The Aires' really
took a beating, and they likely didn't even know it.

Things they did before auction at Lloyd's:
Starting every car before the festivities
leaving the cars unlocked
starting them before each car was offered, went a long way.

I could go on, but your get the idea. You can tell when pre-planning is done.


So bottom line, I hope the old guy enjoys the 27 Flying Cloud. Sure he paid for it fair-and-square, but he also has a little bit of responsibility to the car, and the hobby we all love so much.

one thing the auctioneer did that I appreciated was that he did not do that chanting, confusing singsong that most of them do....kinda like that old ad for American Tobacco. I've been to other auctions where there are assistants watching the bidders and they let out some kind of annoying squeal.
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Old 08-16-2018, 10:16 AM   #26
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Default Re: Lloyd Young Car Auction Today

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Originally Posted by ericr View Post
one thing the auctioneer did that I appreciated was that he did not do that chanting, confusing singsong that most of them do....kinda like that old ad for American Tobacco. I've been to other auctions where there are assistants watching the bidders and they let out some kind of annoying squeal.
That's funny an 'annoying squeal'!!

The English have it down right, they call out for bids in a mannerable, polite kind of way. Easy to understand. The American Tobacco method is taught to our auctioneers to create excitement and move the bidder to the next level, to get your heart pumping, so I'm told. At American Auctioneer's school they teach you to develop your own style of chanting and all of that. It becomes your trademark. 'Habbba da habbba da habbada yow yow yow whadda I'm bid yow yow you're out' sometimes it's hard to understand and you are bidding against yourself, an honest auctioneer will point that out to you.

I'd think if we had more English auctioneers things would be go more smoothly At least on large items like cars.
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Old 08-16-2018, 04:17 PM   #27
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Default Re: Lloyd Young Car Auction Today

GZ, your are right.
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Old 08-16-2018, 04:19 PM   #28
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Default Re: Lloyd Young Car Auction Today

Lloyd was a terrific guy for sure!
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