Turner's Auctions... advice please?

[klingon]

I'm looking at buying a damaged GN250 from Turners, but I've checked out their schedule of fees and it seems pretty crazy.

If I'm reading it right, if I bid $500 for a broken bike, I end up paying a fee of $195 to turners in addition to the price I bid. ie the bike ends up costing me $695.

That's in addition to the seller paying them a $50 entry fee + $250 commission (50% of sale price) = $300.

So Turners gets total fees of $495 on a $500 sale?! Surely not! :gob:

As for a $500 bike costing me almost $700, I might be better to hold off and wait until something similar comes up on Trade Me. At least I know the price I bid is the price I pay.

Here's a link to their fees page:
http://www.turners.co.nz/About/Pages/Fees.aspx

[Ixion]

Bloody hell !

[klingon]

Bloody hell !

My reaction exactly! :blink:

[jtzzr]

Seems a bit excessive does`nt it?

[Grumpy Gnomb]

look on the star insurance web site for wrecks as they always have a load of bikes on there and they keep on e-mailing you when they get new ones on board

[rainman]

That's in addition to the seller paying them a $50 entry fee + $250 commission (50% of sale price) = $300.


Wow.... 50% commission. Are they catering to the single-digit-iq-never-heard-of-trademe market?

I'm now double glad I said "no thanks" after first interview for a job a few years ago...

[Trouser]

Fuck me thats excessive.

If it sneeks up to $501 then total fees = $195 + $275 + $50 + $17.53 = $537.53

Seriously rediculous.

[JMemonic]

Had to read it a few times but it looks like you are right, farck that a little on the nose.

[Slyer]

Buyer Fees
$6,000 to $49,999 = 6% of sale price
$50,000 to $74,999 = 4% of the sale price
$75,000 to $99,999 = 3% of the sale price
$100,000 plus = 2% of the sale price
So that means if you pay $45000 for the vehicle you pay more than if you paid $100,000
What the hell?
Seriously strange fees.

[Squiggles]

As for a $500 bike costing me almost $700, I might be better to hold off and wait until something similar comes up on Trade Me. At least I know the price I bid is the price I pay.

That is still a good deal given you are only after the motor (i presume its low k's), you can get alot back from parting out wrecks. :rockon: In the past motors have gone for up to 800 :blink:

Yah the fees are a bit of a rip tho, but they wouldnt do it if there wasnt money to earn from it.

[klingon]

The $500 was just an example - I don't know how much it's going to sell for yet. And then I have to do all the hard work of parting it out and selling it bit by bit to recoup the money... and... and... I'm only a girl! :crybaby:

Really I just wanted it to be all simple and straightforward. Never is though, is it?

[Swoop]

Hang around at the auction and see who is selling the bike. Then make them an offer afterwards...

Crazy-loco commission!

[klingon]

look on the star insurance web site for wrecks as they always have a load of bikes on there and they keep on e-mailing you when they get new ones on board

Thanks for the tip. I've been keeping an eye on their web site but no GN250 wrecks have come up recently. (How can there possibly be a scarcity of GN250 wrecks?!)


Hang around at the auction and see who is selling the bike. Then make them an offer afterwards...

Unfortunately it's likely to be an insurance company, so they will want to stick with the process.

I just don't see how Turner's can justify that kind of commission - and charging both the seller and the buyer!

[Swoop]

I just don't see how Turner's can justify that kind of commission - and charging both the seller and the buyer!
It is not uncommon to see both the buyer and also the seller charged a commission. I have bought items in that manner... unfortunately.
The size of the commission is rather large in this instance.:Oi:

[Slyer]

Why are you fixing the volty?
Just buy a WHOLE GN or otherwise.

[R6_kid]

Doesnt sound right to me.

I bought a PX150 from turners 5years ago. I think the only thing i was charged over my bid was 10%, and then the cost to register for the auction. I got it for about $660 total. Why not ring them up and find out?

[Insanity_rules]

Bugger me, I read it a few times and it looks right!

[FROSTY]

bugger--thats a truckloada fees

[Forest]

The $500 was just an example - I don't know how much it's going to sell for yet. And then I have to do all the hard work of parting it out and selling it bit by bit to recoup the money... and... and... I'm only a girl! :crybaby:

Really I just wanted it to be all simple and straightforward. Never is though, is it?

If you're buying a wrecked bike, then you'll have to pay a buyer's premium (which is a percentage of the hammer price) but there will be no additional charges.

If you ring Turners, they will be able to explain how it works.

BTW you don't need to worry or even care about the sellers fees. They are paid for by the seller and are deducted from the money you pay to Turners. They won't even appear on your invoice.

But to answer your question - yes Turners fees are outrageously high for the service they provide.

[mdnzz]

I deal with turners every week at work.
For the trade the buyers premiums are a lot better but yes for the public they are high.
Most of the vehicles offered are from the insurance companies. They dont' quibble at the prices as they don't have to deal with the wrecks or get their hands dirty.

I have purchased as aprivate buyer and paid the premium for it. Car $575 t $195 fee total $770. Not bad for a car worth between $2500 to $4500 on the lot. Main positive note I found from there though is the security. You buy a car privately or off Tardme and there is money owing on it expect a visit from the repo men. From Turners the insurance/finance companies release the security held over them.

[prettybillie]

Hang around at the auction and see who is selling the bike. Then make them an offer afterwards...

Crazy-loco commission!

If you do this - Turners will still try and sting you for fees. Don't do it is all I can say.

[klingon]

Thanks for all your advice, everyone.

I had tried to get in touch with Turners by phone and email to clarify the issue, but nobody got back to me. The bike was going to auction at 10:30 this morning so I just needed some other people to look at the info last night to see if I was reading it right.

As it turns out, my partner went out there to take a look at the bike and bid on my behalf. He called me up and said it was so corroded it looked like it had been at the bottom of the ocean for several years (but we all know that's just the way Chinese GNs look :bleh:) It was also leaking oil, and looked like bits of the motor were missing.

So Turners ain't getting their commission money from me today!

Meanwhile, thanks to everyone who's been keeping a lookout for a new motor for my Volty. It's only a matter of time before the right one comes along and she can have her organ transplant. Thanks everyone! :hug:

[mdnzz]

a 2006 model hit in the rear went up yesterday for under a grand here in chch, would have been a good replacement for yours

[mdnzz]

If you do this - Turners will still try and sting you for fees. Don't do it is all I can say.

Um think you'll find that too be wrong, we have lost out on vehicles at auctions, turners have supplied us with details who got it, never charged us anything because we have dealt with the end buyer who has already paid turners their fees.

[klingon]

a 2006 model hit in the rear went up yesterday for under a grand here in chch, would have been a good replacement for yours

Yeah, I was too late for that one. :( Also I would need to add on the cost of transporting it to Auckland, and trouble someone to go and have a look at it for me and bid on it if I was interested. (They don't seem to take on-line bids for damaged vehicles.)

But yeah, thanks for pointing it out. I will keep an eye on up-coming auctions.

[klingon]

Why are you fixing the volty?
Just buy a WHOLE GN or otherwise.

A few reasons:
a) I like the styling of my Volty waaay better than a GN
b) It would be more expensive to buy a GN than repair my Volty
c) My Volty was made in Japan and doesn't suffer any of the electrical and/or corrosion problems that the Chinese GNs are famous for (Important for a bike I commute on every day and don't have under-cover parking at work)
d) If I was going to buy a whole new bike I would take the opportunity to upgrade to something completely different

[mdnzz]

(They don't seem to take on-line bids for damaged vehicles

Um yes they do and even ph bids, thats how we get the majority of our vehicles.
Let me know if you find anything down this way am happy to have a look, possibly bid for you.

[klingon]

Um yes they do and even ph bids, thats how we get the majority of our vehicles.
Let me know if you find anything down this way am happy to have a look, possibly bid for you.

Oh ok - maybe it was just the one I was looking at that didn't take on-line bids.

Thanks for your kind offer. I will keep trawling through all the ads and give you a yell if I find anything that needs a closer inspection. :) I might have a bit of trouble delivering your reward of a cold beer though! :apint:

[mdnzz]

no probs, and transport not an issue for me either, if its just the engine you need I could have it taken outta frame and shipped for bugga all ( 25% of your fees from turners is probably still twice as much as shipping an engine)