"Buyers bid for bargains as prominent car dealer sinks"

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http://www.independent.ie/national-news/buyers-bid-for-bargains-as-prominent-car-dealer-sinks-2000650.html

Buyers bid for bargains as prominent car dealer sinks
Wednesday January 06 2010

THEY were the status symbols of the boom, but now fleets of luxury cars will go under the hammer later this month in what is believed to be the biggest car liquidation auction to take place here.
More than 250 cars will be sold without a reserve as liquidator Paul McCann of Grant Thornton sells off the assets of EP Mooney, which closed last November after almost four decades in business.
The total lot has a retail value of more than €3m. However, it is expected that many will be sold for a lot less than their estimate.
The highlight of the auction is a 07 Jaguar XK Coupe. While it comes with a retail estimate of €60,000, car aficionados could get it for a lot less.
Other sought-after lots include a BMW 316i and several Volvo C70 convertibles.
Lots also include a range of 4x4s, five and seven-seaters as well as vans and makes such as Nissan, Ford, Volkswagen, Renault, Peugeot, Honda, Hyundai and Suzuki.
Kieron Gammell, managing director of E-Auctions which is overseeing the sale, said it was unfortunate that EP Mooney had been forced to close but the liquidator now needs to sell its remaining assets.
"In these recessionary times one person's downfall ultimately means opportunities for other people. If anyone has some money left over after Christmas, they should get good value for money. There are no reserves and everything must be sold," he added.
Mr Gammell said altogether, the cars have a "ballpark" value of over €3m, but could sell for much less.
Difficulty
He said he was expecting a lot of interest in the auction which takes place on January 16.
The auction is not going to make a major dent in the debts of EP Mooney which closed late last year €22m in the red. The firm, which employed 95 people, had been in difficulty for several years.
Speaking at the time, chief executive Paraic Mooney said the industry was in "meltdown" due to the massive reduction in credit available to customers and businesses as well as changes to the VRT system and the weakness of sterling making UK imports more attractive.
A year ago Mr Mooney made a public appeal to Taoiseach Brian Cowen to throw the sector a lifeline and introduce a car scrappage scheme with the hope of boosting new car sales.
The auction will be held at the EP Mooney showrooms on the Naas Road in Dublin. A full catalogue is available at www.e-auctions.ie
- Breda Heffernan
Irish Independent

See http://www.eauctions.ie/pages/currentsales/ep-mooney-in-liquidation.php

Next Sat 16th

Standard Toaster

Printable Catalogue and T & C's of Auction

236 cars in all.

PCPhoto

just like all these auctions..... anything worth buying will be bought by someone who knows its value and will bid appropriately..... of course now that the "auction" is plastered on a national paper anyone who thinks they will get a bargain will turn up and get carried away with the possibility of a deal.

the reason they are going to auction is that they were not selling ..... (and the minor matter of the company going t1ts up) ..... so they will prob sell for close to retail price (due to some idiots in this country that still have money and dont have a notion of how to spend it properly)


sorry - sounds like a mini rant .... am just annoyed by people thinking they have "bargains" at these auctions.

spank_inferno

Might be worth a look.
I've never been to a car auction.... I dare say with so many lots it may be chaotic.

From other auctions does anyone know what kind of money such cars go for?
eg: the Volvo S80,s & the Hyundai i30's which make up much of the selection.

alias no.9

http://www.independent.ie/national-news/buyers-bid-for-bargains-as-prominent-car-dealer-sinks-2000650.html

Other sought-after lots include a BMW 316i

Only in Ireland.

Mailman

I expect the Dozen Nissan Tiidas to go for tiny money and as a secondhand buy they are a good car.
The reports I've seen for them and the US version called the Versa indicate they are solid reliable cars.

They're still ugly as sin.

stimpson

Mailman wrote: »

I expect the Dozen Nissan Tiidas to go for tiny money and as a secondhand buy they are a good car.
The reports I've seen for them and the US version called the Versa indicate they are solid reliable cars.

They're still ugly as sin.

I've driven one as a rental - they feel like they are made from tin foil and cigarette papers. The best thing about driving one is you don't have to look at it.

Fizman

alias no.9 wrote: »

Only in Ireland.

I was going to quote the exact same thing! :rolleyes:

VolvoMan

There's no such thing as value with car auctions in Ireland. People usually get carried away and fooling themselves into thinking they're getting a bargain, driving bidding prices sky high for everyone else.

happyeveryday

Date changed to Saturday 23rd Jan

JimmyCrackCorn!

Its the cars they couldn't flog that are up for auction. Anything the distributor owned was taken back. Whats left is trade ins and second hand cars they couldn't shift.

What happens then is joe public turns up bids the cars up pays too much or is unlucky and buys a car with a shot gearbox not realising its an auction with zero guarantees.

colm_mcm

that pretty much sums it up

Mc Love

I posted a letter from Mooney earlier and he is reopening soon with 20 staff at the same location!!