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philip
03-16-2007, 03:38 PM
"SCOTTSDALE, ARIZ. MARCH 16, 2007 - Late yesterday Barrett-Jackson Auction Co. LLC filed suit in U.S. District Court in relation to a situation that occurred at the company's January 2007 Scottsdale event.

A consignor, apparently unhappy with the $300,000 sale price of his vehicle, placed chains and locks on the vehicle after it crossed the auction block and was sold, while it sat in the area where featured auction cars were displayed. He posted multiple notices on the vehicle claiming that the sale was void due to claimed "auction irregularities," and published other false and defamatory statements about Barrett-Jackson in view of the company's customers and the thousands of patrons attending the event. Barrett-Jackson's internal legal and security teams, and the Scottsdale Police Department, responded to the incident and documented the damage.

An ongoing internet smear campaign has stemmed from this seller dispute, with numerous defamatory rumors and untrue statements being published to websites and online chat rooms viewed by the company's core customer base. In particular, an untrue, derogatory and defamatory "article" referring to the above incident has made its way onto more than 20 automotive-related online "blogs" and discussion boards frequented by thousands of classic car enthusiasts around the world.

Barrett-Jackson filed its lawsuit in order to protect its 36-year reputation and business interests by seeking to correct the untrue information that has been published, and by filing suit against the responsible party on six separate counts, including defamation and breach of contract.

Barrett-Jackson constantly strives to maintain the utmost ethical standards in all the company's operations and activities. The company recognizes that not every customer will be happy with the result of every auction sale, and the Barrett-Jackson team values thoughtful, well-informed feedback.

However, Barrett-Jackson takes the company's business reputation very seriously, and will do whatever is necessary to defend against unfounded claims. Copies of the lawsuit can be obtained by contacting the clerk of the U.S. District Court in Phoenix or at www.azd.uscourts.gov."

Barrett-Jackson is America's largest classic car auction, this is where you can spend $600,000 on an old Corvette. I don't know yet what car it was that only sold for $300,000. All the cars are sold no reserve, so apparently this guy did not have some straw bidders in the audience.

nthfinity
03-16-2007, 04:18 PM
barret jackson have long had 'irregularities' in thier auction block. They have very little credibility IMO... and are signle handedly responsible for the stupid over-inflated prices that muscle cars are having today... a bubble which is bound to pop...

ViperASR
03-16-2007, 04:59 PM
barret jackson have long had 'irregularities' in thier auction block. They have very little credibility IMO... and are signle handedly responsible for the stupid over-inflated prices that muscle cars are having today... a bubble which is bound to pop...

IMO the bubble will pop when all the "baby boomers" die off. Basically these cars are so popular becuase they could not afford them when they were kids, so now that they have the money to buy these cars, they are willing to pay more then the "other guy" to get it.

In 30 or so years the collector car market will be full of cars that are available in showrooms today. I see stock and unmolested Z06s being worth some money down the road.

novass
03-16-2007, 05:21 PM
and are signle handedly responsible for the stupid over-inflated prices that muscle cars are having today... a bubble which is bound to pop...

I should sell my Nova before that happens then. :hmm:

philip
03-16-2007, 11:26 PM
That new Audi seems a candidate for a collector car of the future. For sure the ZO6's, the GT3RS, Enzo and the Bugatti.

philip
03-16-2007, 11:47 PM
I found out a little more. It was for a Hemi Cuda. Now I can see why the seller is pissed. He claims its worth $700,000 to a million. I would put it about $500,000. He claims it is the last "ramcharger" so maybe he's right.

The seller is a judge so, if I was Barrett-Jackson, I might be a little nervous as this tactic may backfire. When you are sued you get to respond, and that is usually when it is very easy to reply with a countersuit.

Here more info.

http://www.azcentral.com/news/articles/0316sr-bjsuit0316-ON.html

79TA
03-17-2007, 02:59 AM
barret jackson have long had 'irregularities' in thier auction block. They have very little credibility IMO... and are signle handedly responsible for the stupid over-inflated prices that muscle cars are having today... a bubble which is bound to pop...

I think the economy in general will slow down along with muscle car prices. They will not, however, drop any radical amount. If they did, I'd buy all sorts of cars that I wish I had bought about 3.5 years ago. Barret jackson was certainly a big part in inflating muscle car value but I think once people decided the time had come to get a car, they also realized that there weren't as many around as they thought. Even 2nd generation Camaros and Firebirds can't be found in my local salvage yards.

Another thing to consider is how many cars were either restored or bought with the intention of restoration. Most of the cheap sellers already sold.