Re: KBB and Edmunds

Posted by wisbaker on March 30, 2014 at 15:11:34 from (173.30.33.15):

In Reply to: KBB and Edmunds posted by Skybow on March 30, 2014 at 09:04:47:

Part of my job duties when I was with the county was to set auction reserve values on surplus motor pool vehicles. I usually used three services (KBB, Edmund's and NADA) and took an average, when one was particularly high or low I threw that value out. We usually asked wholesale +10% to cover the auction commission. There were politics involved as if I wholesaled the cars to dealers the perception was we were giving dealers sweet heart deals at the expense of the taxpayers. When I sold cars at auction I'd info all the local dealers and enough would show up to make sure there wasn't any exceptional deals (below wholesale) happening. As for the real value...one year I sold the vehicles by sealed bid. Received a bid from and individual that also included an essay of why it wasn't worth more than $2,200. A dealer bought it for $4,100 and had it less than a week. Some of it is what they are/where you are and when. One auction I had the reserves set, we started with our newer vehicles, some 4 year old Malibus and we couldn't get reserve out of them, called no sale and ran some 5 year old Taurus(es)? Taurusi(?) through, reserve was $3,900 and $4,200, both went for $7,000 or more. I ran the Malibus back through the ring, one made dead reserve, with the surplus from the Tauruses I rolled one of the Malibus for about $300 under reserve. For the day I had $77,000 in vehicle sales and was within $1,500 of budgeted salvage value. You need to be objective about condition, which is hard for a vehicle owner, as time goes buy things happen to your car to age it, you fix it or you accept it. If you accept it you tend to forget about it or trivialize the value effect of the damage. You say it's perfect except for the dent in the trunk lid so I want clean retail for it because it's a really good car. The fact is I can go to a dealer and buy one without the $500 dent in the trunk for the same money, and since it's from a dealer there are more legal ramifications for the seller if it's not as described or fraudulently represented.

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