Serious Enthusiasts, Serious Cars, Serious Money
Each August, serious car collectors and luxury auto enthusiasts flock to Monterey Car Week, a world-renowned celebration of classic, exotic, and vintage vehicles. Since 1950, Pebble Beach and its surrounding areas have hosted this week-long series of races, concours events, forums, and—most notably—auctions. In 2018, Monterey Week features six major car auctions, offering everything from rare motorcycles to multi-million-dollar Ferraris.
While many participants are seasoned buyers and sellers, newcomers to the collector car auction world often feel overwhelmed by the fast pace and unspoken rules. If you’re planning to bid, understanding the basics of exotic and vintage car auction etiquette can make all the difference.
Expert Tips for Navigating Exotic Car Auctions
Premier Financial Services Founder & CEO Mitch Katz, a Monterey auction veteran of over 20 years, says, “You don’t have to be a millionaire to bid—just knowledgeable and prepared.” Auctions like those hosted by Bring a Trailer, RM Sotheby’s, and Bonhams attract a range of bidders, and there are often opportunities to land a great value—if you’ve done your homework.
We also asked other seasoned experts, including Wayne Carini (of Chasing Classic Cars), to weigh in on auction best practices.
Their Top Advice:
1. Observe First, Bid Later
Attend an auction or two as a spectator. Study how experienced bidders behave and develop a feel for how the bidding flows.
2. Get Pre-Approved for Financing or Leasing
Apply for auction credentials in advance and get pre-approved with a trusted exotic car leasing partner like Premier. This ensures your bids are backed and sellers take you seriously.
3. Buy What You Love, Not What’s Trending
Don’t chase hype. Choose vehicles you truly want to own and drive—not just what others are bidding on.
4. Do the Research and Inspect Thoroughly
Preview the vehicle ahead of the auction. Bring in a trusted third-party expert for inspections and vehicle appraisals to avoid surprises like flood damage or title issues that may not appear on a CARFAX report.
5. Know Your Budget and Stick to It
Set your maximum bid ahead of time—and don’t exceed it. Remember to factor in auction fees, transportation, taxes, and registration.
6. Work with Auction Floor Staff
Auction staff can be incredibly helpful in navigating the process. Let them know you plan to bid so they can alert the auctioneer.
7. Stay Objective by Bidding Remotely
Avoid emotional bidding wars by placing phone or online bids. It helps maintain discipline and avoids overpaying.
8. Respect the Auction Environment
If you’re not bidding, stay quiet and avoid distractions. Auctions are serious business so treat them that way.
9. Save the Celebration for Later
Avoid alcohol and distractions until your business is complete. A clear head is essential when dealing with high-value transactions.
Need Auction Financing? Premier Can Help.
Planning to attend Pebble Beach or any other major collector car auction? Get pre-approved with Premier, the industry’s leading provider of lease financing for exotic, vintage, and collector vehicles. Our experienced team including Southwest Manager Michelle Yancey and Midwest Manager Ross Dressel will be on the ground in Monterey and ready to assist with any financing needs.
Call us at (877) 973-7700, or reach out to Michelle (214) 385-6670 or Ross (248) 229-9924 to schedule a meeting during Monterey Week.
