The Phoenix - The GP Roadster Project

I will definitely be at MOTD. With or without the car. But I'm betting WITH the car.

Auction is going on now. I had the high pre-bid, and I'll be surprised if I don't win it. But we'll see. Should be over in a couple of hours.

If I win this one... there will be rejoicing. And sprinkles.

 

And oh yeah - I'm already 50 pounds lighter than I was in the fall. Zoom Zoom.

 

GP Roadster?

So back when I started this, I said that my vision was to build a "GP Roadster" - something like a drop-top version of a 2006 MINI GP.

Well, if that's the vision... and if I need a donor car to convert to manual... then I might as well go big, or go home.

My donor car, just won at auction this morning:



Very sad, actually. I do this with huge mixed emotions. :sad:

I feel a bit ghoulish. But, if the car is totaled, might as well preserve as much as we can in a different form. I'll try to do it respectfully.

 

Parts!

So, to head this off proactively....

I plan to do this in a couple of phases. Between now and MOTD, my focus is on getting Blimey running in manual form, otherwise as-is.

But later this year, I'll be doing a more complete transmogrification.

I will be using a great many of the parts from this car. I plan to use:
Engine
Transmission
Pedals, shifter, other transmission conversion parts
Remaining front and rear bumper parts
Side skirts
Doors and interior door panels
Wheels
Dash trim
Gauges
Rear trailing arms
Carpet
Maybe underbody panels
Maybe ECU and other modules

Intercooler and exhaust (if functional) are already spoken for.

I plan to sell:
Brakes
Rear Wing Spoiler with hardware
Complete rear interior with side panels, bar, floor
Suspension if good
Other odds and ends not listed above

So don't PM me asking about parts, other than on the "I plan to sell:" list.
For these parts, my objective is to sell for AT LEAST 50% of the current new retail value of those parts, assuming things are in good condition when I receive it. So, before making me a lowball offer, you can research current retail pricing by looking up the 2006 GP on RealOEM, and then pricing out the parts with your favorite MINI parts source.

The biggies:
MSRP for new GP rear wing spoiler, complete, is approx $2725 (plus $277 for glass)
MSRP for new GP rear interior, complete, is approx $2490 (plus all the little trim clips)

So consider that if you start making offers on these things...

 

That's a very good question.
Because 4 days ago, I had no idea.

Most insurance salvage auctions in the US are handled by IAAI
They sell primarily to licensed automotive businesses (dealers, wreckers, reconstructors, brokers, etc.). In some states, members of the public can purchase from them directly. You pay them $200/yr to register, just to be able to bid. They make their money on auction fees paid by the buyer, based on the total value of the auction. Figure about 15%.

IAAI has over 150 auction centers throughout the US. You can search their auctions on their website. They typically have several auctions happening every day. You can search by make, model (at a high level), location, etc. They list cars that are ready for auction, as well as cars that have been reported to them by insurance but for which titling, etc. has not yet completed. So some cars have an auction date, others don't have a date set yet.

The search is not very sophisticated. They don't recognize anything more specific than "2006 MINI Cooper". From there, you have to browse all the cars to find what you're looking for. It can take some research time. For each car, you can see pics and some very vague descriptions of the damage. If you're local to a car, you can go see it in person. But generally, you're rolling the dice based on the damage you (think) you see in the photos.

For most people, the best option is to work with a broker. I worked with SalvageBid.com. For $250 per transaction, they will proxy bid on your behalf, and act as the middleman between you, IAAI, and transport companies. This enables you to bid on any car IAAI sells in the US, without any licensing issues.

You put down a security deposit with SalvageBid (on a credit card) for 10% of the maximum value you will bid (minimum $400). After 30 days of no bidding activity, if you're all paid up with them on any auctions, they automatically refund the security deposit.

The auction process is kinda weird. Once an auction date is set, they open up a period called "pre-bidding", that lasts until the day of the actual live auction. During this period, you can bid on the car, "eBay style". While it looks like this is happening on SalvageBid's site (and you're doing your bids through them), they are actually submitting your maximum bid to IAAI's system and this is where it's being tracked. All brokers and IAAI registered bidders can bid during the pre-bid period. The actual price goes up as folks make competing bids, to each bidder's maximum - just like eBay. You either win the pre-bid, or you get outbid.

At the end of the pre-bid, whatever the price is, becomes the opening bid of the live auction. Let's say you put in $5000 as your maximum, and you won the pre-bid at $2500. Then that's the opening bid. At the time of the auction, your car comes up and registered bidders on-site, at other iAAI sites, and online (not you... but the professionals and the IAAI direct registered bidders) can make competitive bids on the car, just like at a live auction. The proxy system will continue to bid on your behalf, up to your maximum bid. You can watch and hear this live auction on-line. They go very fast - about 30 seconds per car. They typically sell a hundred to several hundred cars at each auction site in each auction, over the course of 1-3 hours. It's pretty addictive to watch.

So that's how I won this car. Found it searching IAAI. I registered with SalvageBid and put down a security deposit sufficient for my maximum bid. I placed a bid during pre-bidding. Some other folks bid during pre-bidding, and ran the price up to a few thousand bucks. Then at the live auction, that was the starting price, and some other bidders ran the price up some more. But, ultimately, no one was willing to pay as much as I was. Win.

On top of the actual car price, you also pay IAAI's auction fee and a documentation fee, plus SalvageBid's $250 transaction fee. Plus shipping if the vehicle is not local. So it all adds up A LOT. The SalvageBid site has a calculator to help you anticipate the total "off the lot" price, as well as shipping costs, prior to you bidding.

After you win, you have until the end of the next business day to pay, by WIRE TRANSFER ONLY.

SalvageBid has been FANTASTIC to work with so far. Their systems and communication work very well. A live person has traded a bunch of emails with me today to handle payment and shipping.

There are other auction businesses out there (Copart is one), but most of the selection is available through IAAI and SalvageBid.

 

You're number 2 in line for the wing, if Chris doesn't want it.
(Let's face it... everyone wants it. It's a matter of whether they will pay for it.)

 

Nathan has email.