Goodbye, 2020!

This year has been exhausting.  Many started the year thinking we’d get everything we wanted in 2020;  instead, it’s turned out that 2020 is the year we deeply appreciate what we have.  Collectively we’re having our perspectives recalibrated. 

Happy New Year, all - may 2021 bring you happiness, joy and success!

#newyear #cars #autos 

The Great Pause

The treadmill we’ve been on has suddenly stopped. The feeling most of us have right now is the same as if we’d been thrown off of our bicycle and onto the ground: What in the hell just happened?

What happened is inexplicably incredible - it’s the greatest gift ever in some regards.  I’m not referring to the virus, the loss of precious life, or the skyrocketing unemployment.  I'm referring to “The Great Pause.”

It is profound.  At least in my opinion.

This crisis has given us is a once-in-a-lifetime chance to see ourselves and our country in the plainest of views.  At no other time have we had the opportunity to see what would happen if the world simply STOPPED.

Well, here it is.

Stores are closed, restaurants are empty, and highways barren. And because the occurrence is rarer than rare, it has brought to light all of the beautiful (and painful) truths of how we live. And it feels weird - really weird. Twilight Zone-ish.

If we want to create a better country and a better world for our kids, and ensure we are even sustainable as a nation, I believe we have to pay attention to how we feel right now.  I suspect you feel similarly to myself:  devastated and heartbroken.  Living in a surreal, altered reality. I’m also somewhat terrified that my survival is linked to the common sense of others, but I digress...

I anxiously await the day our world returns to some semblance of normalcy, whatever that new norm may be.  In the interim, hang on - this is going to be a really bumpy ride, but I’m trying to remain optimistic that we’ll all come out stronger as a result.

Care for one another, and take care of yourselves.

Forecasting a Collector Car's Value at Auction

    Forecasting emotion-based transactions in an auction setting can be extremely challenging.  For example, based upon comps, my team and I analyzed and estimated a vehicles’ base value at $140,000 (auction setting).  The vehicle was concours-restored and in excellent condition, and was to be auctioned off without a reserve.  However, given it was serial #1 of 484 built, it is near impossible to place an additional value on this aspect of its pedigree; as such, we remained steadfast with the base value estimate.  Two bidders entered a bidding war, and the car hammered at $325,000, setting a world record for the marque.

   Obviously it doesn't always go this well. As a seasoned veteran of flipping cars, I have made and lost money at auction: at times within a matter of hours. The collector car market is ever-changing, tastes can vary, and - at times - the market can be fickle.

   In addition, significant time is spent carefully managing expectations of a seller; irrespective of whether the car is being offered with a reserve, or selling "no reserve” at auction.  Just because an owner witnessed a vehicle sell for $XXX,XXX doesn’t necessarily mean that their vehicle will come close to this range and that history will repeat itself in the same – or similar setting.  Condition, originality, color, and especially pedigree can make a significant impact on value, just as it did in the aforementioned example. 

   If you’re considering consignment to auction and would like advice in regards to its value, feel free to reach out;  I’m happy to provide some industry insight at no cost.  Please ensure you provide photos of the interior, exterior, and engine bay, as well as a description, and email to me at:  muffy@muffybennett.com

By Releasing Grudges I Discovered My Potential

Muffy Bennett, Record Setting 1957 Ford F-Code Retractible

. . . I was a tiny, sickly, homely kid for a considerable period of time growing up....my goofy appearance was character building, however.  Maxed out on character, God finally cut me a break when I reached my junior year in high school.  Not only did I grow what seemed like a foot in a month, but also woke up one morning with boobs.

It startled me.

I was bullied relentlessly for years. Of the many active participants, several were quite noteworthy....one stands out in particular, whom I will call "Dennis."

Dennis was a mean kid and a physical bully. He sat behind me in a couple of classes; on one occasion he rammed a desk into my back so hard that it bruised my shoulder blades - both of which protruded like wings because I was so skinny.

(Sidebar: I am eternally grateful to my teacher, who actually HELD DENNIS STILL so my tiny tear-filled self could punch him after witnessing the incident. Nowadays this incident would be caught on video and the teacher surely out of a job.)

On another occasion, Dennis put a puddle of acid on my chair in chemistry, which obviously burned a hole in my pants....and burned me.  He was also one of two people who put a lit cigarette out on the bridge of my glasses while his friends held me down....(only I think Dennis purposely missed the bridge of my glasses, burning my nose).

The kid was a bona fide jerk.

I could handle the physical, but it was the verbal remarks from him - and many others - which scarred me the most.  I was called the typical insults: ugly, four-eyes, brace-face....I was asked if I was male or female....I was picked on for wearing the same clothes all the time due to my family's poverty....the list was long and encompassing (Nothing was sacred. These are just the incidents and insults that are "G-rated").

Insomnia hit me one night, and I decided to Google people who tormented me as a child; Dennis was one of the beneficiaries.

I discovered he has been in and out of prison since highschool.  Upon digging deeper, I discovered I wasn't his only victim over the years.

Oddly enough, the pain of verbal remarks from the perpetual teasing haunted me all these years, despite having forgiven him (and his predecessors and successors). Passing of time hadn't exactly helped let go of the hurt as I had hoped. . .

. . . until I looked him up online.  My pain has turned to sympathy; it appears poor Dennis grew up to lead a disturbing life.  I now realize how fortunate I am.

Lord, I thank you for the extra helping of character;  I finally learned how to wield it.  I found sympathy for someone who is far more damaged than I am. . . God only knows what happened to this poor soul as a child to turn him so mean.

As the adage goes: better late than never.  I am free of yet another encumbrance.

Muffy Bennett, CEO - Bennett Automotive Specialists, Inc.

www.muffybennett.com

Lady, You're CRAZY! Why Would You Sell Your Cars with "No Reserve" at Auction?!

Selling a collector car at auction with “no reserve” isn’t for everyone.

I vividly remember being a bundle of nerves behind the auction block moments before my first car was to cross. . . the butterflies in my stomach were so intense that I lost my cookies in a nearby trash can. 

I’ve sold millions of dollars of collector cars since. For the cars that I consign to auction, I am regularly asked why I always sell “no reserve.”

Having been in the auction industry for years, I know a few things the general public isn’t aware of. 

I’ll let you in on a few industry secrets, and then perhaps you’ll understand why I am such an advocate of selling my cars at “no reserve,” and not just some batshit crazy chick.

On a “reserve” car, the auction house has the right (stated in their terms and conditions) to bid on behalf of a seller close to the reserve amount, with the hope that “live money” (a real bidder) will raise their hand during the process. Yes, that’s right - what appears to be bidding in the auction arena might not actually be real bidding; the auction team is doing what the industry calls “working up to the reserve.” And YES, this practice is perfectly legal!

Once “live money” (a real bidder) is in the arena, one of the auction team members will turn to the seller and ask if they want to drop their reserve and sell it.

Oftentimes reserve cars won’t sell because the owner has unrealistic expectations of its value, and have too lofty a reserve. Like many owners, I too have overspent and lost sight that a car is restored for the passion and love of them, and not because an owner should expect to see every dollar back when they sell it.  Owners don’t always realize that just because it took years and tens of thousands of dollars to restore a car doesn’t mean the car is actually worth what they put into it. 

As a result of a car crossing the auction block and not selling with a reserve, many sellers (who haven’t read the terms and conditions) will believe they “turned away $X” for their car -- when in reality there may not have been an actual bidder in the room. This practice establishes a false ceiling for the value of a marque (figuratively speaking).

When a “no reserve” car crosses the auction block, a bidder knows the car will go home with the last bidder standing. As a result, natural competition takes over, and a bidding war ensues. A great auction team will keep the momentum up, so bidders are more apt to get caught up in the excitement of the auction. Add alcohol, a TV camera, and peer pressure to the excitement level in the auction ring, and voilà! The collector car on the auction block will sell for its true market value. A quality no-reserve auction environment will typically outsell a private sale.

Having held a key role in a large auction firm, I know that this is the only real way to determine a car’s worth: the price a vehicle brings in a “no reserve” setting, where the market dictates the value. It is worth what someone is willing to pay in this scenario.

Especially if it is a passion-driven environment.

I only consign my personal collector cars to the most noteworthy of auction houses: auctions which have the most pre-qualified bidders who are ready to buy. However if a client asks me to represent their car at another auction house with a reserve, I will happily oblige – like I said: selling “no reserve” isn’t for everyone!

(And yes - I still have the butterflies in my stomach immediately before one of my cars crosses the block – but fortunately they now fly in formation!)

If you are considering consigning a collector car to auction, or have any additional questions about the auction process, feel free to reach out: muffy@muffybennett.com.

Muffy Bennett, CEO – Bennett Automotive Specialists, Inc. www.muffybennett.com

Photo: Muffy prior to setting a world-record auction price with her F-code 1957 Ford Skyliner Retractable – sold with “no-reserve” for $330,000.

"Junk in the Trunk:" Thanks for the Support!

We had dinner with NASCAR driver Kurt Busch while he was in town last week. During the meal, he casually mentioned he had something in the trunk to show us after dinner.

As he unlocked and opened the giant case, my jaw dropped. Nestled in foam was his Harley J. Earl Daytona 500 trophy he won a few weeks ago. 

Since winning it, Kurt has brought this extremely special trophy all around the country to share with his sponsors, friends, mentors and past employers who have supported him throughout his entire racing career as a “thank you.” He opined that those who believed in him won it, too.

One of those mentors along the way was my husband, Gary.

Remember as your career progresses to reflect back upon those who gave you an opportunity to work with them. After all, it was their guidance, leadership, and ability to strengthen your focus which helped get you where you are today. 

It is this recognition that will keep them motivated to keep pushing others forward - past their “comfort zone” - into their own greatness.

We were honored he shared it with us. . . and even more honored to call him - and his beautiful wife Ashley - friends.

-Muffy Bennett, CEO - Bennett Automotive Specialists, Inc.