Auctioning my AW 1990 M3

[ugelli193]

A little unconventional, but I am listing my car for auction on OpenSea. In short, the winner will win ownership of my car alongside the tokenized image in the sale.

I’m sad to let the car go, but I really think this is a unique opportunity to demonstrate utilization of blockchain technology, something I’ve been interested in for a while. In fact, crypto has enabled me to purchase this car in 2018, so this brings it back full-circle, except this time the transaction will be recorded forever on the Ethereum blockchain.

Let me know if you have any questions. Auction is set to end at midnight of the 17th. Starting bid is 25 WETH (currently ~$71K).

Full details can be found on the listing here:
https://opensea.io/assets/0x495f9472...5948136980481/

Here are some images. The full gallery can be found here:
https://photos.app.goo.gl/VL4jHZdHoahGvhET8

[Jonnyslasher]

Interesting strategy! GLWTA

[ugelli193]

Welp that approach flopped. I’m glad I tried though.

[ragnar]

why do you say it flopped (besides not selling)?

[MtlAlex]

Welp that approach flopped. I’m glad I tried though.

Sorry it did not work. In all honesty i feel a lot of people like me had no idea what you were saying?? Im
obviously late on this whole crypto currency thing but i cant be the only one that will shy away from
buying a car using those tactics ?

Maybe give it a shot here again the old conventional way?

[jimmy p.]

Sorry it did not work. In all honesty i feel a lot of people like me had no idea what you were saying?? Im
obviously late on this whole crypto currency thing but i cant be the only one that will shy away from
buying a car using those tactics ?

Maybe give it a shot here again the old conventional way?

LOL I was thinking that. He completely lost me after

A little unconventional, but I am listing my car for auction

Every single word after that was just Charlie Brown teacher talking...

[ugelli193]

Lmao, yeah that’s what I figured. No biggie. Will try the traditional way.

[Carac]

Lmao, yeah that’s what I figured. No biggie. Will try the traditional way.

This goes without saying but just make sure the reserve is something you'll be happy with and don't let a site talk you below it. The market is inscrutable right now. You have examples with 150k+ miles with broken or repaired odometers going for over $100k on BaT, examples with 70k miles going for 80s and 90s. A car with identical miles and in identical condition going for 2x what another did, for no apparent reason. A non-running project car on aftermarket rims sold for more on Cars & Bids than a stock, mostly original running model with fewer miles did on BaT. I just sold mine and expected a bidding war at the end but, nope. The last bid was the only one above reserve and even he was surprised he won, expected it to go for $15-25k more. Hell, there's a rusty, silver one with 137k miles that is already $17k more than the highest bid on mine and I spent over $60k restoring, rebuilding, and maintaining mine over the last decade. Mine had an exterior that looked like it rolled out of the factory (I had an engine out, all rust removed, concours worthy paint job with fewer than 10k miles on it) and a rebuild with less than 2k miles...and it sold for $40k less than a non-restored example with 164k miles on a repaired odometer. Selling E30 M3's right now is a gamble, you may hit the jackpot and you may get half what an identical car got last month. Who knows. Anyway, good luck out there. I hope you fare better than I did.

[mwagner10702]

I hope you fare better than I did.

Saw your M3 on BaT. Given the recent sale prices I'd say you did get short-changed, however that is the nature of an auction (online or in-person). Clearly there was something about your car that did not get the bidders excited enough to bid it higher.

188k miles, corrosion on seat rails, hole in the muffler, several non-working components. Apart from the miles, all the other items should have been fixed before putting the car up for sale. These are the details that give potential buyers concern and put more questions than answers in their head. I also would have detailed the wheels as well.

What was the reserve on the car?

[ugelli193]

This goes without saying but just make sure the reserve is something you'll be happy with and don't let a site talk you below it. […] Anyway, good luck out there. I hope you fare better than I did.

I appreciate it. I understand there’s a lot of factors and some of it is just plain timing, so I’m trying to be objective and reasonable. I really hope to make more than the reserve but even with that I’ll be happy. Sorry about your auction, I was also watching it and am surprised at the outcome as well.

[Carac]

Saw your M3 on BaT. Given the recent sale prices I'd say you did get short-changed, however that is the nature of an auction (online or in-person). Clearly there was something about your car that did not get the bidders excited enough to bid it higher.

188k miles, corrosion on seat rails, hole in the muffler, several non-working components. Apart from the miles, all the other items should have been fixed before putting the car up for sale. These are the details that give potential buyers concern and put more questions than answers in their head. I also would have detailed the wheels as well.

What was the reserve on the car?

I agree about all the little items, main hinderances is just time and distance. The shop I use is 2 hours away, it's been super salty and crappy weather for weeks, and I've got an infant. I honestly hadn't even noticed the seat rails until I started cleaning the interior for the sale. And the stereo JUST died last month driving back from the shop's pre-sale inspection and prep. Reserve was $61k so the last bid put it over by $500. If it hadn't met I was going to fix everything before relisting and who knows, I might have ended up with the same offer or less, it's how things go. The thing that stings the most is going to all the trouble of fixing it up and feeling like it probably would have sold for the same amount regardless, even the winning bidder didn't know Korman had done a rebuild and that it had half-way to 6-figures amounts of work, he just bid because he thought someone else would bid more. The exterior and mechanicals are completely rust free and the only paint work it needs is repainting the spoiler with a good flex base to keep the seam from forming under flex when loaded while driving. Engine has less than 2k miles on the rebuild and pulls like a bull. It's weird, I'm stuck between thinking I could have spent $3-4k for a new muffler, head unit, and seat rails, and repainting the spoiler and end up with the same result. I don't think just fixing those things would have magically made the bids fall in line with the $80-90 I would expect from a car in my condition with the work I've had do, but who knows. It's done and I'm not the type to do something like ghost the buyer. At least he's an enthusiast with 2 E30 M3's already (one project and one decent runner). I still don’t get why mine got 1/4th the views of some listings and people that did bid didn’t know what they were bidding on. The last email I got from BaT before it went live was that someone would be in contact to schedule a good time for the auction and the next day it was live, 30 minutes before the super bowl and scheduled to end on a Sunday afternoon on a 3-day holiday weekend.

[mwagner10702]

Damn . . . that bites. Hopefully the buyer comes through with the money and wasn't, as you said, bidding thinking someone would out bid him.

[ugelli193]

I'm not smart enough to edit my original post, but the car is now live on Bring a Trailer! Cheers.

[mwagner10702]

I'm not smart enough to edit my original post, but the car is now live on Bring a Trailer! Cheers.

Your problem with editing your post has nothing to do with your mental acuity, but rather after a period of time the ability to edit post(s) is turned off.

Good luck with your auction.

[ugelli193]

Sold, please close.