The High-end car auction business is booming, but it can prove a minefield if you haven’t got the proper guidance. I spoke to online auctioneers PaddlUp about how to avoid any obstacles and horror stories when looking for your marque and model of choice to either enjoy or as an investment… or both.
People have been investing in cars for decades. The classic market has actually been around nearly as many years as the automobile itself. Car enthusiasts in the know bought makes and models they believed would become highly sought-after in the future and thus bring a good return on their investment. In the 1970s, when the “Supercar” era took off, people again looked to buy these not to drive, but to collect and keep for future profit.
In 2021, nothing has changed except the ways consumers can purchase a supercar, be this for using, showing or as an investment. PaddlUp uses the latest technology and methods to guide and protect purchasers through what can be a stressful and challenging experience when it should be a pleasure. The aim is to remove all the negatives from car buying, so purchasers get a reliable, provenanced vehicle.
PaddlUp’s founders combine their years of experience in the motor industry and wealth management to provide exceptional service for both buyers and sellers. With a policy based on putting people first, Tim Mayneord and Joe Priday are leading PaddleUp in the business of auctioning Supercars valued from £100,000 onwards. Their first auction is planned for the end of August. “We want to bring a truly premium and trusted experience to the new age of digital auctions,” says co-founder Tim Mayneord, “our approach takes the latest innovations combined with a complete focus on customer care. Our team of dedicated experts are there to deliver the seamless sale of your supercar.”
PaddlUp founders Joe Priday and Tim Mayneord.
Their state-of-the-art showroom near Chippenham allows potential buyers to see the vehicle they are interested in, touch it, sit in it and inspect it from every angle, even underneath as PaddlUp have a scissor lift on site. Views are by appointment only. I met Tim at the PaddlUp Rooms and had a good chat over a mug of tea. Tim is a down-to-earth man proud of his roots. He started to work at the age of 12 doing bits for his father. When I asked him about the name of the company he answered, “Well, many names were thought of and worked through but didn’t sound correct for the business. Then I came up with PaddlUp, which has a two-pronged meaning: the first refers to traditional auctions where bidders raise a Paddle up in the air to show the auctioneer their bidding number, the second reference is to the modern sportscars, which have paddles to change up through the gears.”
How PaddlUp Works
There are three phases in the PaddlUp system involving a metric of 21 cars, with each phase lasting seven days.
Phase One is the receiving of the car from the seller, who is not charged any fees at all. It can be collected by dedicated staff and taken to the PaddlUp rooms where it is inspected. Any remedial work that requires attention is agreed upon with the seller and carried out by expert mechanics. Once ready, the vehicle is photographed and taken to the showroom. PaddlUp takes over any enquiries from potential buyers and arranges all viewings. To start with, 21 cars will be stored at the facility’s on purpose-built racking.
Phase Two sees the vehicle ready for auction at the showroom. It can also be seen online with the option of booking a private viewing.
In Phase Three, sold cars are taken to the racks in their secure warehouse awaiting delivery to their new owners within seven days from purchase. PaddlUp can organise this for the buyer, making the process completely pain-free. Only three cars a day will be auctioned. PaddlUp charge a 5% buyers fee on all purchases.
Paddlup is FCA regulated and can offer a full range of funding options for buyers and sellers, including CRYPTO currencies.
To enhance the experience for buyers and sellers, they will have the opportunity to join an exclusive members club that will bring many benefits. Members can attend track days as well as road trips, participate in exclusive events and much more. The members lounge at the PaddlUp Rooms will also be available for them to use when they wish. Fully equipped with wi-fi, desks and more, it can be used as a hot-desk facility if members want to work while there. If they’re going to relax, they will find plenty to do. Four race simulators will be in place to test their skills on the tracks worldwide; large sofas will enable them to relax while taking a drink from the barista coffee machine. PaddlUp will also hold members events at the facility, where they have a stunning silver Airstream for food provision.
About the founders
Tim Mayneord spent many years of his life buying and selling cars. He started at 16 at a “parts” department, then moved to his father’s dealership to learn the business. He went on to grow a successful Peugeot dealership before selling the entire concern.
Joe Priday is involved in Wealth Management and came up with the idea for the PaddlUp concept. He has known Tim for many years and knew he wanted him to partner him in this project. Joe is a car lover and considers himself very fortunate that he owns and drives many unique models.
The PaddlUp Rooms, Callow Park.
Wiltshire SN15 5FD
Tel. 01666 727000