Sitting at your desk, midday – mid week slump sets in. Tune in for a little entertainment. You find yourself on the edge of your seat, heart racing, as you witness the thrilling close of an aircraft auction. This isn’t just any auction; it’s the culmination of weeks of preparation, anticipation, and strategic gameplay, all converging into the most exhilarating 10 minutes of your work week. Whether you’re actively participating or just watching, the final moments of an aircraft auction are undeniably charged with waves of excitement.
Bidders, having honed their strategies and waited for this precise moment, unleash their final bids in a frenetic rush as the clock ticks down. This phenomenon, a blend of strategy and psychology, sees much of the bidding activity concentrated in the last few minutes, or even seconds, of the auction. As noon Central Time approaches, the reserve has been met, all bidders have been duly notified, and a palpable sense of anticipation fills the air. It’s at this point that Matt, Lisa, and the seller, connect via a conference call, ready to share in the collective excitement during the auction’s climax.
The journey to this moment has been a laborious one. The aircraft, thoroughly documented and all its details meticulously posted online, has attracted the attention of aviation enthusiasts and prospective buyers for weeks. Every query has been answered, registrations completed, and refundable deposits placed, ensuring that only the most serious bidders are in contention.
The path leading up to the auction’s finale is paved with impressive numbers: 164 images and videos, 18 logbook files, 48 inquiries, 30 contracts sent out, 14 signed, and 8 deposits secured. These 8 bidders, each jockeying for the position of highest bidder while carefully managing their budgets, exemplify the auction’s competitive spirit.
The auction features a sniper protection mechanism, extending the bid by 2 minutes whenever a bid is placed in the last two minutes. This not only prevents last-second sniping but also allows bidders to truly reflect on the aircraft’s value to them, beyond what VREF has to say about the value. AOPA members can always access VREF to assist in honing their final bid..
As we return to Matt, Lisa, and the owner, Steve, on their conference call, the atmosphere is one of camaraderie and anticipation. Matt is on the road, documenting aircraft for future listings, Lisa ensures the smooth operation of the auction’s backend, and Steve eagerly awaits the transition of his cherished champ to its new owner. This classic aircraft, painstakingly presented by Steve, stands as a testament to the value of honesty and transparency in the auction process. Despite skeptics valuing the plane at no more than $20,000, the auction proves the subjective nature of aircraft valuation, with the final bidding far exceeding the naysayers and even the owners expectations.
In the auction’s thrilling last minutes, bids escalate in $500 increments, with laughter, applause, and anxious anticipation punctuating each new bid. The seller’s honesty and the aircraft’s documented history resonate with bidders, pushing the price to unexpected heights. As the bidding finally slows, and strategic pauses give way to moments of bated breath, the auction reaches its climax.
The winning bid, a heart-stopping $46.2k, comes from the Ernie Hall Aviation Museum in Ohio, securing the 1959 Classic Champ for a noble cause. The aircraft, soon to be raffled off to benefit the museum, offers aviation enthusiasts another chance to own a piece of history.
This auction, like many before it, underscores the unique allure of aircraft auctions. It’s not just about the aircraft on offer but the valuable role auctions play in a quickly changing marketplace as well as auctions as a viable venue to sell airworthy aircraft efficiently and with transparency. Two qualities often not found in aircraft transactions.. Events like AirVenture, Sun ‘n Fun, and organizations such as AOPA and EAA foster a community that appreciates the beauty and history of aircraft, from warbirds and classic aircraft to fixed-wing single-engine planes, rotorcraft, and agricultural aircraft. AirSpace Auctions brings a wide variety of aircraft to the marketplace in a no-fuss format where all aviators can watch, bid, and win.
As we reflect on this exhilarating auction experience, it’s clear that the world of general aviation and aircraft auctions is a vibrant, dynamic arena where dreams take flight, and every bid tells a story. Whether you’re learning to fly, seeking your next aircraft, or simply caught up in the spectacle, the excitement of an online aircraft auction is unmatched. And for a few minutes, as the auction nears its close, you’re part of something truly special – the thrilling heart of the aviation community.
That was very well written Lisa. Your article conveyed the full process of listing aircraft with AirSpace Auctions, as well as the excitement of the auction for everyone involved, watching, and considering listing with you. I’m happy for Steve, that he received top dollar for his beloved Champ. It’s hard to part with a wonderful aircraft. Hopefully he’ll move on to something even more exciting to own. I have waited till the last 15 seconds to bid on eBay items. Sometimes it has worked, sometimes it didn’t. I’m very glad to read about your auction extensions, to combat that technique! Well done!
Keith
Thank you Keith!
As the owner of the aircraft mentioned in this article I can say that the attention you provided to selling my Champ and the phone call in the final minutes of the auction to share the excitement was beyond my expectations! Thanks to you, Lisa and Matt and the other folks behind the scenes for a successful auction!
You’re very welcome. It was our pleasure to be able to share in this experience with you.