Lab Auto Auction (Laurel Adjustment Bureau) Complaint - This is not a real auction!
LANHAM, MD -- Here is some feedback of my recent auction experience with LAB Auctions. I’ve been buying cars all over the U.S. for 14 years and have never encountered anything like this. I attempted to purchase a 2002 745li, and after being declared the highest bidder, I had to wait to see if the selling party would accept my bid. The selling party in this case was a bank, and they wanted close to KBB retail value; but again this is an auction and these cars are being sold with defects and in “as is condition“. My dissatisfaction was mainly during the period of waiting for the bank’s decision. This turned into a 3 day ordeal of being extorted to increase the amount that I was willing to pay by auction staff and owner. Interestingly enough, it seem that every time I did increased the amount, the staff would claimed that they had another party was willing to offer more. This may be true, or may not be. If we assume that this is true, what type of auction will allow other bidders to make offers once the auction is over and a buyer was declared the highest bidder on a "if bid". So the auction was over, and yet I was still bidding against people who may be real or not. For the sake of transparency and fairness this usually doesn’t happen, once an auction closes other bids are not accepted. I get that the auction would like to keep their sellers (banks) happy, but they don’t realize that customers were walking out of the auction because they were denying all of the bids from the crowd. Cars at auctions are suppose to go for some discount, usually wholesale price, otherwise why not just buy it from a dealer. The auction company had this car listed on Craigslist and eBay for sale and was still showing and entertaining offers after. I refuse to give the auction or bank full retail value for a car that I can’t even drive before buying. I will never use this auction again, it was the worst experienced I’ve ever encountered.
To top it off the auction's fees are some of the highest I've ever seen. The fee's for this car would have been $300 + an additional $50.00 to be able to bid there + another $90 for processing fee's...