I don't consider myself a huge Doug DeMuro fan but I do like that he's putting himself out there as an ambassador for his brand. He does it in a meaningful way, not just talking about the results that Cars & Bids has collected but about the overall economy and how it intersects with the collector car marketplace.
A recent Facebook post explained that he is still personally involved in setting reserves, and how this relates to making sure Cars & Bids makes money by ensuring as many submitted vehicles sell as possible. He relayed how many of the current submissions are somewhat shocked that the reserve prices are as low as they are, which DeMuro cites as necessary owing to the new realities of the enthusiast car marketplace - in other words, things are cooling just a bit.
There's one line in his recent post (photo above) that blew my mind: the seller who claims he needs to set a $100K reserve to pay off his $100K loan. Wait - people take out loans for these cars? Every day, I see some exotic rolling down the street, or a suburban housewife in a brand-new Grand Wagoneer or X7, and I'm wondering why I'm still driving a 2011 BMW 3-Series wagon. Well, it's because I hate car payments - but with this latest revelation from Doug, perhaps I'm in the minority.
I'd love to hear some comments on this, as this latest insight from Doug really blew my mind. Are any of your as surprised as I am?