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Discussion Starter #1
Just wondering if anyone here bought my 2003 Imola Red M5 from Park Place Ltd. in Bellvue, WA. I had listed it with them on consignment and it was a gonner in about 14 days. I believe I know what it sold for, but probably inappropriate to speculate on this forum without the new owners approval.
If that new person is onboard, please PM and I will share a few items with you about the history of the car. All very good news and congratulations on a terrific automobile. :biggrin:
 

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Care to share with us how a consignment deal works? (i.e. what does the dealer keep?) Without disclosing the sales price, of course.

A
 

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Discussion Starter #3
I would hesitate to lay out the details because I if I mis-stated something I would not want it to come back to haunt me. Having said you and the dealer agree on the minimum amount you would settle for and they then market the car for the highest price possible and pocket the difference. I suppose you could haggle with them on a particular deal and see if they were ready to give up some of their money to make the deal work but that is not what happened with me, or at least I got my net asking price. Don't know what the new owner actually paid although the dealer tossed out a number but who knows what that is worth. If you have never been to Park Place Ltd., you have really missed the ultimate auto candy store. About 150+ cars. Some real exotics and a truck load of run of the mill BMW, Porshe, and others. Look them up on the web at www.parkplaceltd.com and take a look.

There was another 2002 M5 with about $20,000 in Dinan stuff on it. Sterling Gray with about 18,000 miles on it. Slow mover as they had sold two other M5's since that one had been listed.
 

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I have just placed a car with a consignment place so here's how it works.

You come in and they tell you what a piece o' sh*t your car is and how it's only worth a few bucks, a yeller ticket and a dead rat on a string. So you agree to let them sell it for that, and pay them $300 so they can shine it up and take pics and then advertise it in the weekly throwaway and on the web. Then they put it on the lot for a price like it's made of platinum because they get to keep the difference between what they told you it's worth and what they can scalp some poor sucker for. In my case, the difference between what they told my car was worth and what they advertised it for was $25 large (as in $25,000!). Not that I agreed to take their initial valuation mind you, but that was what they told me it was "worth." When I calmly replied that it may be "worth" that but I that wanted a higher figure the fellow looked like I'd stolen his favorite putter. So they are acting as your selling agent except they feel free to lie to you.

I think they'd like to make minimum $2500-3000 per car. Which is pretty good given that they have no money into the car except the price of the parking space and keeping a few commissioned sales guys on the lot. When they can hit for a big score (i.e., $25 large) they are really doing nicely.
 

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AMEN BROTHER



Jaeger said:
I have just placed a car with a consignment place so here's how it works.

You come in and they tell you what a piece o' sh*t your car is and how it's only worth a few bucks, a yeller ticket and a dead rat on a string. So you agree to let them sell it for that, and pay them $300 so they can shine it up and take pics and then advertise it in the weekly throwaway and on the web. Then they put it on the lot for a price like it's made of platinum because they get to keep the difference between what they told you it's worth and what they can scalp some poor sucker for. In my case, the difference between what they told my car was worth and what they advertised it for was $25 large (as in $25,000!). Not that I agreed to take their initial valuation mind you, but that was what they told me it was "worth." When I calmly replied that it may be "worth" that but I that wanted a higher figure the fellow looked like I'd stolen his favorite putter. So they are acting as your selling agent except they feel free to lie to you.

I think they'd like to make minimum $2500-3000 per car. Which is pretty good given that they have no money into the car except the price of the parking space and keeping a few commissioned sales guys on the lot. When they can hit for a big score (i.e., $25 large) they are really doing nicely.
 

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i looked at the car, and also the carfax report. i know it said the car was a one owner car, but it had 3 or 4 different registrations. if i remember, it was registered in california as a lease car, then washington, oregon and utah, and finally sold at park place in bellevue. it looked nice, but i wasn't convinced it was a one owner car. was it?? was it in good shape??
 

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Spooky 1 --

What, if anything, do you know about Park Place. I saw your car and the gray Dinan for sale but hesitated b/c I do not know anything about the place.

I would appreciate any info. anyone else may have about the car or the dealer.

I was also looking at an Imola/black 02 in Luxury Motors in Florida. I have seen the posts about the Chicago location but does anyone know anything about the people or the cars in the florida lot.

Thanks in advance.

Michael.
 

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Discussion Starter #8
catdaddy said:
i looked at the car, and also the carfax report. i know it said the car was a one owner car, but it had 3 or 4 different registrations. if i remember, it was registered in california as a lease car, then washington, oregon and utah, and finally sold at park place in bellevue. it looked nice, but i wasn't convinced it was a one owner car. was it?? was it in good shape??
Yes the car was a one owner car. I bought it new from BMW Seattle and registered it in the State of Washington. Cannot explain the California or Oregon data other than to say the car was probably never out of King County Washington, much less in those states. As for the Utah registration. I reregistered it in Utah, where I also have a home, simply because the taxes and insurance were less money. I had thought that I might drive it over there during the summer months but that never happened. The lesson here is that CarFax is frequently wrong about the history of the cars that they show in their data base. Had you really been interested, I am sure the PPLtd., would have let you call me personnaly.

The car was perfect in every way. Changed the oil every 1,500 miles and babied it from the git-go. I would assume that all the records are available via the BMW computer.
 

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I think you guys might be surprised by how many "wholesalers" will own a car before it is sold retail again. I bought a Rover from a friend (dealer) of mine once, had never been titled but was a BMW executive car-(this was back when BMW owned Rover)-out of New Jersey, it went through about 7 wholesalers from CT to NY, NJ, FL before I got it. I even got the original MSO, plus of course ALL the paperwork from each "owner" transfer. Truck had never left Maryland! I guess if these guys can make a couple hundred bucks for a car they never take into inventory, ie no risk, no tag fees etc, it can make it worthwhile. You wholesale 2000 or 3000 cars a year as part of your business and make a few hundred bucks per unit, starts to add up.



Spooky 1 said:
Yes the car was a one owner car. I bought it new from BMW Seattle and registered it in the State of Washington. Cannot explain the California or Oregon data other than to say the car was probably never out of King County Washington, much less in those states. As for the Utah registration. I reregistered it in Utah, where I also have a home, simply because the taxes and insurance were less money. I had thought that I might drive it over there during the summer months but that never happened. The lesson here is that CarFax is frequently wrong about the history of the cars that they show in their data base. Had you really been interested, I am sure the PPLtd., would have let you call me personnaly.

The car was perfect in every way. Changed the oil every 1,500 miles and babied it from the git-go. I would assume that all the records are available via the BMW computer.
 

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Discussion Starter #10
kcdoyle said:
I think you guys might be surprised by how many "wholesalers" will own a car before it is sold retail again. I bought a Rover from a friend (dealer) of mine once, had never been titled but was a BMW executive car-(this was back when BMW owned Rover)-out of New Jersey, it went through about 7 wholesalers from CT to NY, NJ, FL before I got it. I even got the original MSO, plus of course ALL the paperwork from each "owner" transfer. Truck had never left Maryland! I guess if these guys can make a couple hundred bucks for a car they never take into inventory, ie no risk, no tag fees etc, it can make it worthwhile. You wholesale 2000 or 3000 cars a year as part of your business and make a few hundred bucks per unit, starts to add up.
Since this car was delivered with 12 miles on it and was a new car I don't think this scenario that you describe has any application to the car I sold via PPLtd. Keep in mind that they only brokered the car, they never had title to it. The sales transaction was between the buyer and myself and my lender.
 

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Spooky 1 said:
Since this car was delivered with 12 miles on it and was a new car I don't think this scenario that you describe has any application to the car I sold via PPLtd. Keep in mind that they only brokered the car, they never had title to it. The sales transaction was between the buyer and myself and my lender.
My apologies Spooky, I was speaking more generally to the quote:

"i looked at the car, and also the carfax report. i know it said the car was a one owner car, but it had 3 or 4 different registrations. if i remember, it was registered in california as a lease car, then washington, oregon and utah, and finally sold at park place in bellevue. it looked nice, but i wasn't convinced it was a one owner car. was it?? was it in good shape??"


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kcdoyle said:
I think you guys might be surprised by how many "wholesalers" will own a car before it is sold retail again.
I'd be surprised if each wholesale owner creates a vehicle registration... once you have a license to purchase and sell cars you are exempt from registration for these cars.

Carfax strikes again...
 
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