Confiscated supercars auctioned in Bangkok

[mojorison]

Couldn't they put a better looking girl?

That's why the Lamborghini didn't reach the reserved price.

I agree... def should have gone with the fish-net stiletto combo. The elf look just does not work, unless it involves sushi.

[timewilltell]

Auctions can have a reserve price, if not met, then goods not sold

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Well we are talking about cars here which are n most of the world a depreciating asset. Maybe they will sell it next year at the price they want along with all the deteriorating rice.

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There is no such thing as a depreciating asset. That is an oxymoronic statement.

A new car is a liability, pure and simple.

Not in the world of accounting! But I do see your point.

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[Mudcrab]

as the cars were evidence in completed criminal cases that had no defendant.

Interesting court cases they would have been.

[Lammbock]

Totally overpriced.

[bdenner]

Auctions can have a reserve price, if not met, then goods not sold

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That's true but why not start the bidding at the reserve price and save time?

And another who has no idea how auctions work. Google, it's your friend. Research a little before just expelling the first stupid thing that comes to your mouth.

Auctions work differently with unique ground rules so using Google does nothing!! I find you "stupid" comment even more STUPID.

Having just recently bought a car at a bank 'Snatch Back' auction the bidding did start at the reserve which, is published in the catalog. If no one bids the vehicle gets parked up and represented at the end with a reduced reserve. If it does not go then it gets one last chance at a subsequent auction (normally every 2nd Friday).

FACT

[EyesWideOpen]

None of the cars were seized by accident? They probably all came into Thailand minus the coded ECU's,. THe only guys that can buy them are the guys with the ECU's as the cost of a new coded ECU...etc.

The whole thing is a scam to reduce the amount of duty paid and it's done on an institutional basis.

The Lamborghini not sold at auction will have to be purchased quietly from the Customs dept. by the guy that has the ECU....

They should have sent someone from NCPO to the auction!

I have read about that ECU scam. And the word is that if you attempt to bid on the car,

someone will come over and let you know that you probably should not be bidding on

the car. Perhaps a reserve is meant to stop that. But it sure would be fun to track where

that car ended up a year from now.......

[Tboy928]

The concept of a minimum reseved price is standard at auctions, but here's what I don't understand: 1) The cars were confiscated, not bought, so every single Baht is free money 2) The price is the actual value of the car plue tax - if I was wealthy enough to pay this price, why would I then go bid on a (untrusworthy/unknown origin) vehicle rather than go to a dealer and pay the same price?

Edit to add: I would have understood the reserve to be the tax, as that is what the customs department were denied, but the should not receive any money from the car's selling price.

If they charge 19 mill btah for a simple Gallardo ,, i would think 25 mill would be minimum ,if not more for a Aventador , Horrible tax country , a Aventador you can get for 260 000 euro without tax in Europe

[Spoonman]

The concept of a minimum reseved price is standard at auctions, but here's what I don't understand: 1) The cars were confiscated, not bought, so every single Baht is free money 2) The price is the actual value of the car plue tax - if I was wealthy enough to pay this price, why would I then go bid on a (untrusworthy/unknown origin) vehicle rather than go to a dealer and pay the same price?

Edit to add: I would have understood the reserve to be the tax, as that is what the customs department were denied, but the should not receive any money from the car's selling price.

If they charge 19 mill btah for a simple Gallardo ,, i would think 25 mill would be minimum ,if not more for a Aventador , Horrible tax country , a Aventador you can get for 260 000 euro without tax in Europe

Aventador will cost you Bt.36,500,000 to take home from the showroom floor.

[Local Drunk]

I say; crush them all. Not one of them is worth an elephant's death for its ivory, and if the government can destroy stockpiles of illegal ivory... it certainly has the power to lose a bit of illegal sheet metal.

[Sherry Ayittey]

i want to know how she got her dress to stay up ?

[biplanebluey]

I thought an auction was bidding and the highest bid won got the prize. Since when can anyone refuse to give you what you would bid on if you won the auction? Truly amazing Thailand!!!

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There is a reserve price generally and this one did not reach the reserve---- do you know nothing about auctions.Do you think they should sell a say eg a 1mil car if it only reached 400,000 ????

[mrblue]

I still think this way of reserve price is a dumb thing!

I want to buy a lambo and I perfectly know the price new 36.5m. I go to the auction and I'm ready to pay let's say 25/26m (it still is a good price).

start auctioning and I get to 23m... nobody rise the price! ohhh how lucky I am... then... reserve price at 25! and no re-auction at the end!

dumb!

[JesseFrank]

lol only a fool would think the ecu's in a high end sports car are only worth a few thousand dollars...... you do know you cannot just grab an ecu for a lambo/fezza/porka and simply think it is plug and play dont you..... or do you ?

So now you're saying that not only me but Zyxel is a fool as well .

I know how a ECU works don't worry, but from you it isn't so clear as you can't even fix your ranger in a years time.

FYI, there is a Lambo importer in Thailand, don't need to call Italy, or Germany as it is owned by Audi.

Edited July 4, 2014 by JesseFrank

[Grindting]

all this discussion about reserve is distracting from the point.. The point being there should be NO RESERVE on items like this, they should be sold AS IS. They've got to find such a high number of punters who are willing to pay Outright CASH for what is a RISKY purchase compared with buying fresh from the showroom or a reputable used dealership. In addition to the sale price being practically ALL PROFIT! There should be no reserve, unless they want no buyers and for the cars to sit rotting and depreciating in value by the day.

[JesseFrank]

all this discussion about reserve is distracting from the point.. The point being there should be NO RESERVE on items like this, they should be sold AS IS. They've got to find such a high number of punters who are willing to pay Outright CASH for what is a RISKY purchase compared with buying fresh from the showroom or a reputable used dealership. In addition to the sale price being practically ALL PROFIT! There should be no reserve, unless they want no buyers and for the cars to sit rotting and depreciating in value by the day.

My guess is that with the reserve they want to prevent that a straw man from the original importer snaps up the car for small money, something that was common practice in the past, at auctions where there was only 1 interested party for the auctioned car.

[Grindting]

all this discussion about reserve is distracting from the point.. The point being there should be NO RESERVE on items like this, they should be sold AS IS. They've got to find such a high number of punters who are willing to pay Outright CASH for what is a RISKY purchase compared with buying fresh from the showroom or a reputable used dealership. In addition to the sale price being practically ALL PROFIT! There should be no reserve, unless they want no buyers and for the cars to sit rotting and depreciating in value by the day.

My guess is that with the reserve they want to prevent that a straw man from the original importer snaps up the car for small money, something that was common practice in the past, at auctions where there was only 1 interested party for the auctioned car.

Understood, but what's changed? Why would there be more interested parties now? The result is no sale at all with a stupid reserve in place

[JesseFrank]

all this discussion about reserve is distracting from the point.. The point being there should be NO RESERVE on items like this, they should be sold AS IS. They've got to find such a high number of punters who are willing to pay Outright CASH for what is a RISKY purchase compared with buying fresh from the showroom or a reputable used dealership. In addition to the sale price being practically ALL PROFIT! There should be no reserve, unless they want no buyers and for the cars to sit rotting and depreciating in value by the day.

My guess is that with the reserve they want to prevent that a straw man from the original importer snaps up the car for small money, something that was common practice in the past, at auctions where there was only 1 interested party for the auctioned car.

Understood, but what's changed? Why would there be more interested parties now? The result is no sale at all with a stupid reserve in place

In the past there were no interested parties because nobody was invited to the party, or were made an offer they couldn't refuse.

It's good there is a reserve, at least some spoiled prat doesn't get away with the car on the cheap.

[Tywais]

A bunch of argumentative/inflammatory posts have been removed. We can stop with the circular battle about ECUs please.

[Tywais]

Flame removed. Continuation of this argument will result in warnings or suspensions.

[wehavenofuture]

There are a lot of filthy rich people in Thailand. I see more expensive vehicles on Thai roads than I have ever seen on Aussie roads.

I think you will find that the car is much more of a vanity item here. There may be more people that can afford these super cars in Oz, but most don't feel the need to have an ostentatious car. I find westerners judge each other more on the type of house they have.

Right. Many people in this country don't understand the difference between assets and liabilities. People spend long time paying for things they cannot afford.

[Absolut]

The concept of a minimum reseved price is standard at auctions, but here's what I don't understand: 1) The cars were confiscated, not bought, so every single Baht is free money 2) The price is the actual value of the car plue tax - if I was wealthy enough to pay this price, why would I then go bid on a (untrusworthy/unknown origin) vehicle rather than go to a dealer and pay the same price?

Edit to add: I would have understood the reserve to be the tax, as that is what the customs department were denied, but the should not receive any money from the car's selling price.

I think there's more to it than that. Customs suspect that the original smugglers will try to buy them as they hold the vehicle's computer chip and are/were expecting the cars to go cheap with no chip.

A good explanation, thanks.

[NewMind]

There are a lot of filthy rich people in Thailand. I see more expensive vehicles on Thai roads than I have ever seen on Aussie roads.

I think you will find that the car is much more of a vanity item here. There may be more people that can afford these super cars in Oz, but most don't feel the need to have an ostentatious car. I find westerners judge each other more on the type of house they have.

Yes, and westerners judge each other more based on intellect, intelligence, liberty, values, and virtuosity. Not on the type of house alone.

[coldmike]

Apparently, a negative is this is a left hand driver Lambo. Also, my wife says many wealthy potential buyers are shying away because they don't want to highlight their wealth to the current gov't

[The Deerhunter]

The concept of a minimum reseved price is standard at auctions, but here's what I don't understand: 1) The cars were confiscated, not bought, so every single Baht is free money 2) The price is the actual value of the car plue tax - if I was wealthy enough to pay this price, why would I then go bid on a (untrusworthy/unknown origin) vehicle rather than go to a dealer and pay the same price?

Edit to add: I would have understood the reserve to be the tax, as that is what the customs department were denied, but the should not receive any money from the car's selling price.

Interesting point. See if it comes up again or is disposed by other means, and if so, at what price!!!!!!. I wouldn't mind betting the general has someone looking at that right now.

[8OA8]

I guess if you already have the missung computer"brain" from the vehicle, you dont feel the need to pay very much as any other bidder is at a disadvantage if they don't know why it wont run.

[fish fingers]

I dont think the stupid Customs dept realize what an auction is - basically the value of said car is what people are prepared to pay for it, not what they think it might be worth to them.

[joepattaya1961]

There are a lot of filthy rich people in Thailand. I see more expensive vehicles on Thai roads than I have ever seen on Aussie roads.

I think you will find that the car is much more of a vanity item here. There may be more people that can afford these super cars in Oz, but most don't feel the need to have an ostentatious car. I find westerners judge each other more on the type of house they have.

You're right...........I once calculated the cost per km on a 2nd hand Porsche to one of my Thai "friends".

Porsche GTS Carrera new THB 14,000,000 for sale THB 12,000,000

Driven 2,000 kms in 3 years.

Just the depreciation............THB 2,000,000 / 2,000 km = THB 1,000/km..........

The car was bought anyway............and the cost per km was maintained at a THB 1,000 per km, just to show friends that he can affort this piece of ........cr...

[joepattaya1961]

I dont think the stupid Customs dept realize what an auction is - basically the value of said car is what people are prepared to pay for it, not what they think it might be worth to them.

As with most auctions, a minimum price can be set.

[berriev]

600 million for the state you gotta be kidding, what about corruption?

[canuckamuck]

I would like to see more posts discussing reserves set at auctions. Which of course we can all agree is more interesting than supercars.