The $1 billion auction in New York on Monday for cars, boats and other memorabilia will be the largest auction in the world, but how do you make it work?
Read more”It’s a great day for the auctioneers,” said Bob Cappello, president of the Cars, Bikes and Auto Auctioneers.
“We have one of the best collections of cars, bikes and trucks in the country.”
Carmax Auto Auction is hoping to sell as many as 500,000 cars, trucks and other items, according to a press release.
The auto auction house’s president, Peter Carcetti, told the New York Times the goal is to sell every item in the collection, which includes some 2,500 trucks and six SUVs, and a fleet of more than 7,500 cars, including a fleet that is estimated to have driven in more than 40 million miles.
The auction will be one of only four major auctions in the United States that will include more than two-thirds of all vehicles on sale at auction, according, the Times reported.
The cars and trucks will be auctioned off for $1,000 to $1.25 million each, the most in the auction house.
They include classic cars from the 1950s to the mid-1990s, vintage models from the 1960s to early 2000s, and cars from today.
The vehicles include a 1970 Dodge Dart and an Audi A4 and a 1967 Nissan Skyline SUV, as well as two classic sports cars, a Lamborghini Huracan and a Porsche 911.
“There’s a lot of things that are in the cars, and we’ll be going back and looking at those, too,” Cappella said.
“It’s going to be a lot.
The cars are so beautiful.
The fact that we’re going to have a lot in the collections is going to make it that much more interesting.”
The auction house said it will have a $500,000 reserve, but will not be able to sell more than that, because the vehicles it will sell are so rare and expensive.
It is estimated that fewer than 2,000 vehicles were ever sold at an American auto auction in 2015, according the Associated Press.
Some of the items being auctioned by the Carmax Auto auction house include an Aston Martin DB5 and a Ferrari 330 GTB, aswell as a Porsche Panamera Turbo, a Ford Mustang GT, a Dodge Viper SRT8 and a Toyota Prius.
The auction house will sell the cars for between $250,000 and $300,000.
Cappello said the car collection will be divided into a number of different auctions, which he said were created to ensure there is a consistent price for each vehicle, the Associated News reported.
For instance, the cars that will be sold at the auction will all be sold in auctions that are limited to 1,000 people each.
The company said that this makes it more competitive, since a lot more people will be buying the cars in the auctions, and that’s good for the car dealers.
The sales at the Carmox Auto auction will start at 1 p.m.
ET, and are expected to end at 3 p.t.
The Associated Press contributed to this report.