RM Auctions

09/08/2014



Interesting photo taken today at RM Auctions London sale. The photographer - is Michael Fisher - who sold Talacrest this Ferrari Daytona in 1988 - John is standing next to the car. In fact this is one of the first cars that we bought when we started the business 26 years ago. The company chairman - John Collins - had to sell his Ferrari after the stock market crash in October 1987.

After negotiation with a dealer which resulted in a very low offer - but needs must - two weeks later - he noticed the car in the showroom window at £30,000 more than he had accepted. This prompted a robust conversation with the dealer and hearing how the low offer price was now history - as in the past 2 weeks - "markets were rising" a decision was made "if you can't beat'em - join 'em - and then beat 'em!"

Mindful of the experience above - Talacrest was immediately established and initially funded purchases with a 25% deposit and an agreement to complete the deal within 6 months. This provided ample time for Talacrest to re-advertise the cars at a greater price - taking advantage of the "Rising Market..."

Quickly dealers realised what was happening and got a little stroppy!

This Ferrari was one of the very first cars that Talacrest bought - one of 150 we sold in our inaugural year. Talacrest bought the car for £140,000 and 4 months later sold the car for £170,000 - no doubt helped by the "Rising Market...."

Happily Michael and John are now friends. Equally the days are long gone from when the team at Talacrest needed 6 month payment terms to buy stock! We would argue that today that one of our strengths is our capability to make immediate decisions and instant cash offers on the most serious and expensive classic Ferrari.
Photo: Interesting photo taken today at RM Auctions London sale. The photographer - is Michael Fisher - who sold Talacrest this Ferrari Daytona in 1988 - John is standing next to the car. In fact this is one of the first cars that we bought when we started the business 26 years ago. The company chairman - John Collins - had to sell his Ferrari after the stock market crash in October 1987.

After negotiation with a dealer which resulted in a very low offer - but needs must - two weeks later - he noticed the car in the showroom window at £30,000 more than he had accepted. This prompted a robust conversation with the dealer and hearing how the low offer price was now history - as in the past 2 weeks - "markets were rising" a decision was made "if you can't beat'em - join 'em - and then beat 'em!"

Mindful of the experience above - Talacrest was immediately established and initially funded purchases with a 25% deposit and an agreement to complete the deal within 6 months. This provided ample time for Talacrest to re-advertise the cars at a greater price - taking advantage of the "Rising Market..."

Quickly dealers realised what was happening and got a little stroppy!

This Ferrari was one of the very first cars that Talacrest bought - one of 150 we sold in our inaugural year. Talacrest bought the car for £140,000 and 4 months later sold the car for £170,000 - no doubt helped by the "Rising Market...."

Happily Michael and John are now friends. Equally the days are long gone from when the team at Talacrest needed 6 month payment terms to buy stock! We would argue that today that one of our strengths is our capability to make immediate decisions and instant cash offers on the most serious and expensive classic Ferrari.