We have all seen the numerous ads for cars being offered from these guys, and yesterday I was in LA and thought I’d stop by to check them out. It’s actually a pretty interesting place, with 250-300 classic cars, spread out in a series of buildings. They don’t seem to do anything to them mechanically or body.
There are no consignment cars here. All are owned by them. They buy, give them a wash, and sell them. I counted almost about 25 E-types, most of them a bit rough, but not all. No pressure, you are free to roam around and explore on your own. Each car is priced, so no need to ask.
Brian it’s hard to say. I think they depend on volume, vs trying to make a killing on any one car. So they have to be realistic in their pricing. The guy I talked to explained that you can look at the inventory number and get a sense of how long the car has been there. If it’s been there more than a month or six weeks, they want to move it.
They get some interesting cars… that ratty looking yellow OTS is a flat floor, outside latch car
You can go on line and see prices and cars they are featuring at this moment. For example the ratty yellow flat floor asking price is $198,500.00. It is an amazing place. We were there two years ago after the devastating wildfires - they had many burned out cars for sale - enough to bring a tear to the eye!
Thanks for that. A while back someone told me they didn’t really have a physical location, but that they simply listed cars owed by others all over the country. Nice to see that myth put to rest.
The thing that amazes me about that place, and other places like it, is that there are still enough private sellers out there willing to take whatever they’re likely paying.
If they’re trying to turn their cars over in a matter of weeks, they have to keep their asking prices in line with the market, which means they’re generally paying below market for the cars. And if they’ve got 20+ E-types in at any one time, where are all these cars coming from?!
I’m guessing from estates. The old Jag people are dying off and their heirs are not interested in keeping the cars left behind. The executors like to “rap it up” ASAP.
Phillip
That could be a big piece of it, but it seems hard to believe that’s even a majority of their inventory, so that still leaves a lot of sellers open to low-balls.
On a similar note, I have a friend who owns about 40 cars in the Los Angeles area, and when I asked him how he can afford to store them all, he said he’s found that retirement homes tend to have empty, covered parking garages under them, and he’s managed to sweet talk most of his cars into a few.
I’ve talked to the owner (Alex), very nice guy. Called the web phone number on a Saturday and I was surprised that he answered the phone (expected a recording). Discussed a car that I was looking at locally and he made what I felt was a very good offer sight unseen. Next time I’m in LA, Im going to stop by, again, seems like a honest guy. JS
Sort of reminds me of when I bought my E. I’d ridden my motorbike 200 miles for a pre arranged viewing of the stock at the E-Type Centre. I had almost 50 cars to look at, and I chose the one closest to my requirements and budget. 50 cars was their normal stock. Until the bottom fell out of the budget end of the market.
I posted about this before, but this E-type was at a farm auction south of Erie Pa in the middle of nowhere. My brother in law was there to buy farm equipment when he saw this. he called me laughing his ass off over its condition. He said it was in really bad condition and thought it was funny because all the people there were other farmers in pickups and carhartts.
But when the bidding came up for this car a telephone bidder won it for $52,000.
The buyer was Bev Hills car club. Somehow they got wind it was going to be there. but they certainly didnt get it for a low price.
Ultimately these guys can’t sell a fair number of cars significantly above market values. Of course occasionally they will find someone who’s willing to pay more than they should. But you can’t manage the overhead these guys must have without selling some cars. And to do that you’ve got to sell at market prices.
For anyone who enjoys classic cars, I suggest it’s time well spent. Think of it as a free museum of unrestored cars. I even saw a black MK lX like what I drove in college. And a nice P1800 Volvo which I had after college.
That’s a flashback to my college time as well, except it was a friend’s MK IX which was a total beater. It was missing the front seats so he took a couple folding aluminum lawn chairs and u-bolted them to the floor. Once the steering wheel broke so he drove it for months using a pair of vice grips clamped onto the steering column. Ah, fond memories!
In economic terms, willing and able, both conditions have to be met. The collector car market is about as pure an example of textbook supply and demand as one can find.
