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The first-ever auction sponsored by Affinity Group Inc. (AGI) affiliate rvSearch.com last weekend (May 22-23) yielded the sale of 31 towables and motorhomes out of 109 units available.
Auction organizer Barry Smith, president of RV and Automotive Consulting, Franklin, Tenn., said today (May 26) that another 11 “if” sales might still be completed.
“We had a positive experience, and we plan more in the future,” Smith said. “This was a test and we are going to do two more before we decide whether we are going to go on.”
The auction drew 213 registered bidders, many of them private buyers who also were offering coaches for sale. Both bidders and the number of units offered for bid were appreciably lower than organizers had forecast.
The auction at ABC Indianapolis LLC, which typically oversees wholesale and retail automotive sales, was unique in that dealers and retail buyers competed for the same units.
Sellers paid a $200 registration fee for each vehicle, and up to 7% of the bid price as a commission. Purchasers paid $25 to register and a 5% commission.
Auctioned units were sold by dealers, private individuals and lending companies holding titles to repossessed RVs. About equal numbers of units were offered by private sellers and dealers.
“My general feeling is there were not enough people there and that we may want to attract more dealer bidders,’” said Ed Schram, a consultant to AGI who coordinated the auction. “My other impression was that there was a large spread between the reserve price that sellers set on their vehicles and what the high bids ended up being.”
TL Enterprises Inc., publisher of RV Business and RVBUSINESS.com, also is a subsidiary of AGI.