…and along came an e38
In last months article of the ultimate road trip I made the comment (or threat?) “I’ll just buy an e38 740iL specifically for this trip”. Sandy
It always happens the same way. When I am looking for a specific car, I can never find one I want. If I do, it’s usually sold before I pull the trigger. Remember I was in the market for an e30 convertible? I still haven’t bought one. When I least expect it, I wind up buying cars I don’t need. Example: 1989 Jaguar XJ6 and 1983 Mercedes Benz 300d of recent acquirement. This e38 came about the same way. I wasn’t looking for it but it found me. I have been to many dealer auto auctions in the last 10 years I’ve been with my dealership. For whatever reason my boss never allowed me to get an Auction Access card which will give me the ability to bid and buy cars for my shop. About two months ago I finally got my auction card and the boss asked if I can go to the dealer auction with him since there are 22 lanes and approximately 4500 cars that run through each week. He needed help as he felt he was missing deals on good cars for good prices.
I was of course ready and willing to break in my new card and spend the dealerships money for inventory. I always see good deals slip though at the auction so now is my chance to actually take advantage and scoop up that good deal instead of letting it get away. Usually the day before we go to the auction I make a list of cars we are interested in with what lane and run number those cars are so we can find the cars when they get into the lane. Sometimes they are good, other times they are best passed off to another bidder. My boss was going to watch lanes 1-8 and I was watching lanes 9-22.
I was checking my cheat sheet to see what cars are coming in and as lanes were opening I was watching for good deals. Usually the first 10 or so cars that go though a lane can be had for a good price as not many people are in those lanes yet. I noticed the very last lane was open and they were only up to car #6. I made my way down to see if anything interesting was coming up. As I got there, I see this black 1996 e38 coming up. Since I had my BMW hat on, I had to walk around it and check the car out. It needed a few cosmetic items but it ran well, the A/C was cold and most of the electrics seemed to work fine. I thought to myself “this is a car I’d like to own just to say I had one”.
A couple moments later the 740il was pulled up to the auction block. I would say there were 8 dealer representatives in the entire lane with their hands in their pockets with no intentions of bidding. The auctioneer starts the bidding high and no one bites. Eventually, the price came down to the point where it was sounded like we were bidding on a worn out Ford Taurus instead of a Bavarian Flagship. One dealer starts it off, then another guy raises the bid $100 over. The original bidder pops $100 over him. At this point I am thinking this car is chump change and I need to get in on this. I throw in $100 over the last bid. Both of the bidders looked over at me as to say “listen kid, stay out of this”. No dice buddies, I have my newly acquired Auction Access card and I know how to use it. How fitting to christen it on a BMW purchase.
Back and forth the bids went until we crested the next $1,000 increment and then all bidding stops. The auctioneer is now trying to get another $100 bid from someone, anyone and at that point, dealer reps were walking away as not to be enticed to bid any higher then they wanted to pay. The current high bidder was standing next to me. After numerous calls for another bid, the auctioneer points his gavel (really it was just an 18 inch piece of hose they slap on the podium) at me and said “You have a BMW hat, come on and bid, you know what this car is” – He was right, I did – I knew what it was and I did place that $100 bid. As soon as I did, the high bidder looked at me and just walked away. Maybe my hat intimidated him, or maybe he knew he was beat. Either way, that was the last bid to be placed on the car. Going once… going twice… the hose gavel drops as final price. The auctioneer looked at the seller and said “Sell it?” – He nods his head in disgust as he was probably looking for more money but figured just dump it.
Wow, I just bought an e38 for cheap. Wait, I was supposed to be buying cars for my dealership, not for my own use. I figured the price was right so there was room to do some minor fixes and the shop can still make a profit. If the boss doesn’t want the car, I’ll pay for it. I can’t lose.
Excited with my purchase, I walked about 18 lanes back to where my boss was and showed him the papers I had signed signifying I bought something. He asked “how is the car?” I said it’s in good shape, needs a couple minor things but the price was right. He looked unamused. I told him if for whatever reason he doesn’t want the car, I would buy it. That’s a win win situation for him. If he wants it, he will make money. If he doesn’t I still pay for the car and he doesn’t lose.
Later in the day we bought a 2002 Mercedes C240 so the boss said to me “If you want that BMW, just pay me tomorrow for it.” I of course said yes. I found the car out in the huge lot and moved it closer to the lanes so I can show it to him and another dealer guy we know. They both said it was a good deal but I guess my boss wanted nothing to do with it so it became mine. Maybe he didn’t realize how cool it was since there was a ski bag in the pass thru for the trunk. Maybe he had Stuttgart
So jump ahead a few weeks. I installed a new mirror cover, headlight lens, front fog light, and ordered a new radiator plus hoses for the car. I also found that it might need some front end work, which I hear is a typical issue for this car with over 100,000 miles. It’s worth putting the money into it as Sandy
So the moral of this story? You might get what you wish for if you’re not looking for it. Also 10 is a nice round number.
JT Burkard
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