how much does mecum auctions charge to sell

2 min read 20-01-2025

how much does mecum auctions charge to sell

Mecum Auctions is a renowned name in the collector car auction world. But how much does it actually cost to consign a vehicle and have it sold through their process? The fees aren't a simple flat rate, and understanding the structure is crucial for potential sellers. This article breaks down the Mecum Auctions seller fees, providing a clear picture of what to expect.

Understanding Mecum's Consignment Process and Fees

Mecum Auctions doesn't publicly list a simple percentage commission. Instead, their fees are structured around a seller's agreement, and the specific charges depend on several factors. These factors can significantly influence the final cost.

Key Factors Affecting Mecum Auction Seller Fees

Type of Vehicle: The value and type of vehicle significantly impact fees. A rare, high-value classic car will likely involve different fees than a more common vehicle.
Reserve Price: Setting a reserve (minimum acceptable price) can influence the process and fees. While a reserve might protect the seller from an unsatisfying sale, it may also add complexities.
Sale Price: The final hammer price (the winning bid) directly impacts the amount Mecum receives. Higher sale prices generally result in higher seller fees, but the percentage taken remains consistent.
Additional Services: Mecum offers additional services like photography, transportation, and pre-auction marketing. These optional services come with added costs.

The Mecum Auction Seller Fee Structure: A Breakdown

While exact percentages aren't publicly available, the general structure involves a commission based on the final selling price. This commission is usually in the range of 8-12%, but can be higher or lower depending on the factors listed above. It's crucial to obtain a written consignment agreement which will clearly outline all charges. This agreement should detail all the fees involved, including:

Seller's Commission: This is the primary fee, a percentage of the hammer price.
Buyer's Premium: This fee, typically 10%, is paid by the buyer, not the seller. This helps clarify total costs and revenue from a sale.
Marketing and Advertising Fees: Mecum's marketing reach is a key selling point, but this comes with cost.
Other Charges: This might include costs for transport, detailing, or additional services.

How to Minimize Your Mecum Auction Fees

While you can't entirely avoid fees, understanding the process helps minimize unexpected costs.

Negotiate: Don't hesitate to negotiate terms with Mecum Auctions, especially if you are selling multiple high-value vehicles.
Choose Your Services Wisely: Only select additional services that are truly needed for your vehicle's successful sale.
Accurate Valuation: Get an accurate pre-auction appraisal to help set a realistic reserve and avoid potential issues.

Contacting Mecum Directly for Accurate Fee Information

The most reliable way to determine your exact cost is to contact Mecum Auctions directly. They will provide you with a personalized consignment agreement that details all fees and charges applicable to your specific vehicle.

Conclusion: Understanding Your Costs Before Consigning

Selling a vehicle through Mecum Auctions can be a lucrative process. However, understanding their fee structure is vital before consigning. The costs are not fixed, and depend on various factors. Always obtain a written consignment agreement before proceeding and contact Mecum for specific, personalized cost information. This will ensure transparency and a clear understanding of what you can expect to receive from your sale. Remember, a successful sale hinges on proper preparation and a transparent understanding of all the fees involved.