IAAI auction bmw 2002

I always kinda liked these. No idea how much it will go for. 

https://www.iaai.com/Vehicle?itemID=29970601&rowNumber=0&loadRecent=True

Quite a bit of rust, but the rest of it looks pretty good and complete. In the current market it's probably worth at least $2k just for the parts.

These can be great drivable classics. The 02 I owned about 20 years ago taught me a hard lesson for a car loving kid with no $$$: It’s the rust you DONT see that you have to worry about. Cant see from the pics, but if the chrome bumpers and hood are in decent shape they are relatively easy money. IF, that is, you can find a local buyer for the hood, as that’s one big heavy MoFo to ship!

No pics of the shock towers for a reason?

I had saved this BWM to my IAA watchlist so it reminded me of the auction today.  

I just watched it get bid up live, on-line.  The high pre-bid was $1,575.  When it went live it became a bid war between Miami, Van Nuys, CA and Harrison Twp, MI.  Highest final bid was $3,500 to Harrison Twp, MI but it ended with a Call.  This means that the BMW did not meet the hidden reserve.  A counter offer will likely come to the high bidder.  

A lovely reminder that as ratty as mine is, it's not really rusty by normal standards. Those rear arches give me the heebie-jeebies w/regard to what's going on in the rear towers.

I would not pay $3500 for that. I hope the person who bought it knows what they are getting into and don't end up disappointed. They are great cars.

T.J. said:

I would not pay $3500 for that. I hope the person who bought it knows what they are getting into and don't end up disappointed. They are great cars.

Let not forget auction FEES!  This $3,500 bid after fees would be $4,258 for me as a Private Buyer.  A little lower for a licensed dealer but still likely $4,000 or close.  Must be paid in full in 2 business days or...fess.  Must be hauled away in 4 business days or...fees.   

The bumpers are $1100 new. The upper trim set is $1300 new and several parts are NLA. If the dash is crack-free (and it might be - I can't see any obvious horrors, and the rest of the interior is good) it's worth quite a bit. The list goes on. It could be a perfect donor for someone with a solid bare shell - I'm betting that's who's bidding on it, because that rust is very likely terminal unless you're willing to throw stupid money at it.

In reply to 02Pilot :

Yeah I was eyeing that trim. 

Plus, in MI that's a rust-free Cherry!

In reply to John Welsh :

Are you able to see prices that the IAAI stuff sells for after the auction is over? I tried doing that one day just for fun and couldn’t find the prices. 

In reply to Somebeach :

You have to watch the auction live - you can see what the previous vehicles in the current auction went for up until the auction ends. Then all that sweet data becomes super secret. 

In reply to Somebeach :

Correct.  I have never found prices after the fact.  Here is what I find...

1. If you watch the auction, live, on-line you can hear the auctioneer person and see the bids go up on the screen.  This is what I did with the BMW and this is how I head at the end that it ended with the word, Call (did not meet hidden reserve.)  This is the most informative way.  

2. My auctions start at 9am.  They last until about 11:30 am or until the last car is done.  Lets say I am not available to watch the auction live and the car I am interested in is car #25.  This means that the car will go off pretty early, like maybe 9:20am.  As long as I get logged in before 11:30 am I can then see high bid prices for cars that went off earlier that day.  All you get is a line item of high bid.  You have no knowing if that bid actually met the hidden reserve.  When that days auction ends (lets say 11:31 in this example) all that data is off the screen and I know of no way to get to it.   

Side note:  In this thread about a totaled Mustang, Klayfish (who is in the insurance biz) makes this comment: 

I looked up similar Mustang GTs with mild/moderate rear end damage that have sold at Copart recently.  That's how most carriers come up with a salvage value for owner retention.

This makes me wonder where that data goes...

• Could be that IAA and Copart sell that data to the insurance companies or other large buyers. 
• Or, could be that since the Insurance Companies own the cars, the companies keep that data for themselves and own the data themselves.  If we know one thing, insurance companies love data!  
• I am just a tiny private buyer.  It could be that larger and dealer buyers have access to that data.