In Advance of Monterey Automotive Week, Seasoned Bidders Offer Car Auction "Do's and Don'ts"

WOODBURY, Conn., Aug. 7, 2018 /PRNewswire/ -- Serious car enthusiasts wait all year for Monterey, a week-long marathon of car exhibitions, competitions, social events, forums, races and auctions that's become a tradition at and around Pebble Beach, California since 1950. The 2018 schedule of events, which begins on August 21(st), will feature many of the world's finest and most expensive exotic and vintage cars, as well as rare motorcycles and muscle cars.

This year's Monterey Week calendar includes 6 major auctions, where many of the cars up for bid are expected to sell for millions of dollars. Most auction participants at Pebble Beach are sophisticated buyers and sellers. But there's always a crop of auction newcomers, and many who are reluctant to participate, lacking a clear understanding of the protocol and unwritten etiquette involved in serious car auctions.

According to Mitch Katz, who has attended Monterey auctions for more than 20 years, "There are only a few auction-related 'do's and don'ts' that people need to know. Notably, you don't have to be a millionaire to bid on a car. Although Pebble Beach attracts a well-heeled crowd, there are cars on the block in all price ranges, and there are some great potential bargains, if you have a deep understanding of the car you're bidding on." Katz is founder and CEO of Premier Financial Services, the nation's leading provider of lease financing for exotic, vintage and luxury cars.

A group of the world's most experienced car auction participants - including Wayne Carini, the host of the Chasing Classic Cars show on the Velocity Channel - were asked to provide insider tips for people looking to avoid making rookie mistakes at a car auction. The guidance they provided included:

    --  Don't Jump in the Pool Right Away - Attend one or two auctions strictly
        as an observer, to gain a first-hand understanding of how they work. Pay
        attention to how serious buyers conduct themselves and the bidding
        tactics they use.
    --  Get Pre-approval Before You Show Up - At many auctions, you'll need to
        apply for credentials to participate in bidding. The auction company
        will likely review your financial situation. If you plan to finance or
        lease the car you purchase, you should obtain pre-approval from a firm
        that specializes in exotic and vintage cars.
    --  Don't Follow the Herd - Bid on a car that you really want to own and
        drive, not just because there's a lot of buzz or interest in a
        particular car.
    --  Do Your Homework, and Ask for Help - You should know as much as possible
        about any car you plan to bid on, well before you arrive at the auction.
        Attend the preview sessions in advance of the bidding, and if you're not
        an expert in evaluating the operating condition of a car, then hire
        someone who can help you.
    --  Set a Maximum Bid Price, and Stick to It - Wayne Carini sometimes writes
        his maximum price on his hand as a reminder not to exceed it. Keep in
        mind that there will be additional fees beyond the price you bid,
        including the auction house commission, taxes, title, insurance and
        transportation.
    --  Talk to the Auction Staff - The staffers who help manage the auction
        process from the floor (not the person with the gavel) can be very
        helpful, and might provide insights on specific cars and auction
        dynamics. Let them know if you plan to bid on a car, so they can direct
        the auctioneer's attention to you.
    --  Avoid the Bidding Drama - It's easier to stick to your bidding strategy
        if you don't get caught up in the competition for a car. Some seasoned
        bidders will leave the auction floor, and submit their bids from another
        location, by phone or online, so that they can remain objective and
        disciplined.
    --  Be Seated and Be Quiet - If you're not bidding on a car, it's important
        that you're not a distraction for the auctioneer and those who are
        bidding. You should expect the same courtesy.
    --  Celebrate After the Auction Ends - The classic faux pas, which occurs at
        nearly every auction, involves a bidder who's consumed too many adult
        beverages. Although car auctions can be fun, they are events where
        serious transactions take place. Auctions demand full control of your
        faculties, to avoid financial loss as well as personal embarrassment.

Seasoned auction bidders and newcomers planning to attend any one of this year's Pebble Beach auctions are invited to apply for lease financing approval in advance, either online at www.premierfinancialservices.com, or by calling (877) 973-7700. Experienced leasing professionals from Premier Financial Services, including Mitch Katz, will be present during Monterey Week, and are available to help any existing or new clients with their financing needs, or to be of assistance in any way. Car enthusiasts are encouraged to call (805) 341-4814 any time to arrange an in-person meeting.

Media Contact:
Gordon G. Andrew
199433@email4pr.com
609-987-0200

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SOURCE Premier Financial Services