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[ARCHIVED THREAD] - Class 3 surplus auction (Page 1 of 2)
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The way I read their terms the SOT would have to be from the state of TN. Is that correct? ya that is what i was thinking, or someone from the business with a copy of the FFL/SOT paperwork. i think i already saw an add on Guns America.com for one of these "US Property marked M16A1 $18,500 pics coming soon" it does read something about a 3rd party being available to move it for you. ok so how does this work without a form 3? since you are buying it directly from uncle sam, wait i don't get it. |
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The way I read their terms the SOT would have to be from the state of TN. Is that correct? ya that is what i was thinking, or someone from the business with a copy of the FFL/SOT paperwork. i think i already saw an add on Guns America.com for one of these "US Property marked M16A1 $18,500 pics coming soon" it does read something about a 3rd party being available to move it for you. ok so how does this work without a form 3? since you are buying it directly from uncle sam, wait i don't get it. I so want to get in on this, but am confused. So does one need a C3 SOT license holder from any state to do the bidding for us? |
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The way I read their terms the SOT would have to be from the state of TN. Is that correct? ya that is what i was thinking, or someone from the business with a copy of the FFL/SOT paperwork. i think i already saw an add on Guns America.com for one of these "US Property marked M16A1 $18,500 pics coming soon" it does read something about a 3rd party being available to move it for you. ok so how does this work without a form 3? since you are buying it directly from uncle sam, wait i don't get it. I so want to get in on this, but am confused. So does one need a C3 SOT license holder from any state to do the bidding for us? The disclaimer in red at the top of the page doesn't seem particularly confusing. |
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Wow, 21 transferables added to the national inventory. Good things happen!
They will transfer on a Form 5. I am also confused as to whether you need to be a TN SOT or just a SOT from any state. It would make sense if you needed to be a TN SOT, but maybe there is some workaround since it is a Form 5 tax free transfer. Kind of like a Form 5 for an inheritance?? It is clear that someone is going to have to pick these up in person once the Form 5 is approved. |
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The way I read their terms the SOT would have to be from the state of TN. Is that correct? ya that is what i was thinking, or someone from the business with a copy of the FFL/SOT paperwork. i think i already saw an add on Guns America.com for one of these "US Property marked M16A1 $18,500 pics coming soon" it does read something about a 3rd party being available to move it for you. ok so how does this work without a form 3? since you are buying it directly from uncle sam, wait i don't get it. I so want to get in on this, but am confused. So does one need a C3 SOT license holder from any state to do the bidding for us? The disclaimer in red at the top of the page doesn't seem particularly confusing. Well, as others are questioning, does it have to be a TN based SOT or a TN based FFL? I admit I am not am expert on NFA, so that is why I was asking. |
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Quoted: Quoted: based on the last NFA auction I am Sure these will not go cheap. But you never know. What were some of the prices like on the last one? Were they on par with current market, slightly above? below? $4100 Macs Plus 15% Buyer Pre, $12,000 Uzi some AOWs for $2000 There were some fair prices, but no good deals. And all this auction needs is two guys with a lot of money and it will be out of reach for you or I. It will be interesting to see the final prices. I do not get worked up over things like this, you will almost never get a great deal. The best you can hope for is fair. Private parties with F2F and older non-computer savy SOTs are were I got some Great deals, NIB Mac 11s $2800, $5K RLL |
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The way I read their terms the SOT would have to be from the state of TN. Is that correct? There's no such requirement in federal law, and the only thing I can see in the seller's terms that someone could confuse as to being such a requirement is the phrase "You (the buyer) must be registered and in good standing with the AssetNation and with the State of Tennessee." But all that means is that any potential buyer can't owe the state govt of Tennessee any money. |
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The way I read their terms the SOT would have to be from the state of TN. Is that correct? There's no such requirement in federal law, and the only thing I can see in the seller's terms that someone could confuse as to being such a requirement is the phrase "You (the buyer) must be registered and in good standing with the AssetNation and with the State of Tennessee." But all that means is that any potential buyer can't owe the state govt of Tennessee any money. Here is the term that I question: "Successful bidders will be required to present a copy of their federal firearms license and proof of payment of Class 3 Special Occupation Tax when they arrive to pick up their purchases. All property must be picked up in person." |
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The way I read their terms the SOT would have to be from the state of TN. Is that correct? There's no such requirement in federal law, and the only thing I can see in the seller's terms that someone could confuse as to being such a requirement is the phrase "You (the buyer) must be registered and in good standing with the AssetNation and with the State of Tennessee." But all that means is that any potential buyer can't owe the state govt of Tennessee any money. Here is the term that I question: "Successful bidders will be required to present a copy of their federal firearms license and proof of payment of Class 3 Special Occupation Tax when they arrive to pick up their purchases. All property must be picked up in person." So an out-of-state SOT just travels there and picks up their gun(s) once the form 5 is approved. I don't see the issue. |
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What were some of the prices like on the last one? Were they on par with current market, slightly above? below? $4100 Macs Plus 15% Buyer Pre, $12,000 Uzi some AOWs for $2000 There were some fair prices, but no good deals. And all this auction needs is two guys with a lot of money and it will be out of reach for you or I. It will be interesting to see the final prices. I do not get worked up over things like this, you will almost never get a great deal. The best you can hope for is fair. Private parties with F2F and older non-computer savy SOTs are were I got some Great deals, NIB Mac 11s $2800, $5K RLL wasn't that a public auction that anyone could bid on though? this one is very limited to who can bid. |
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Quoted: Quoted: Quoted: Quoted: What were some of the prices like on the last one? Were they on par with current market, slightly above? below? $4100 Macs Plus 15% Buyer Pre, $12,000 Uzi some AOWs for $2000 There were some fair prices, but no good deals. And all this auction needs is two guys with a lot of money and it will be out of reach for you or I. It will be interesting to see the final prices. I do not get worked up over things like this, you will almost never get a great deal. The best you can hope for is fair. Private parties with F2F and older non-computer savy SOTs are were I got some Great deals, NIB Mac 11s $2800, $5K RLL wasn't that a public auction that anyone could bid on though? this one is very limited to who can bid. True, but B/c someone has a SOT done not mean they are smart |
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good point, paying the ATF yearly fees doesn't make you know anything. hell half the regular FFL guys are idiots
http://www.gunsamerica.com/976994316/Guns-For-Sale/Gun-Auctions/Rifles/Class-3-Rifles/Class-3-Subguns/Colt_M16A1_US_Property.htm hmm, wonder where that rifle is coming from. |
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Interesting auction to say the least.
It only takes one or two SMART and WEALTHY C3 dealers to make up for all the "idiot" dealers out there. I am guessing there are about 8 dealers in the country that can write the check for all 21 of them if they go about 15k a piece. Don't let these low prices fool you fellas ...........the will go MUCH higher as the auction ends. I am surprised NO ONE has taken the time to actually look at the pics of some of the rifles. A lot of them have electro penciled numbers on the original Colt lowers which will hurt the value some what, but worse than that many of them have a small "anti auto" bar welded on the lower to keep them semi.....that will kill the value vs a pristine Colt A1 lower. (Thank you TN Dept of Corrections  )
On the positive side at least the FREE state of Tennessee is selling them so they can find their way back into the civilian market. Kali budget is in the red but they would never do something like this. Those commies would cut them up before they generated $300,000 for the general budget....Tennessee is truly one of the last "free" states left. I am sure the politically correct types would be shocked if they knew Tennessee is selling surplus M-16 that will end up in the hands of machine gun collectors. I am considering bidding on a couple of these for my customers but only if they have the cash/cashiers check at the shop before I place the bid. I fully expect them to go for 12k to 15k a pop even with the altered lowers. If your interested you can contact Steve at the shop. Again "hats off" to the Great state of Tennessee for putting these pieces of history back in circulation. www.gunrunnersusa.com JP in 10-E-C |
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Quoted: Interesting auction to say the least. Very It only takes one or two SMART and WEALTHY C3 dealers to make up for all the "idiot" dealers out there. I am guessing there are about 8 dealers in the country that can write the check for all 21 of them if they go about 15k a piece. Don't let these low prices fool you fellas ...........the will go MUCH higher as the auction ends. This is not a all or none auction, The earlier ones will up higher in price, the later ones will seller cheaper. As there was be less comp. I am surprised NO ONE has taken the time to actually look at the pics of some of the rifles. A lot of them have electro penciled numbers on the original Colt lowers which will hurt the value some That is hurt some what, but worse than that many of them have a small "anti auto" bar welded on the lower to keep them semi.....that will kill the value vs a pristine Colt A1 lower. I have never seen a welded one, ALL the stops I have seen are put on Via the Grip screw. and can removed just by taking off the grip (Thank you TN Dept of Corrections ) |
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Quoted: i got an email back from the auction people. the actual FFL holder must be there in person to pick up the rifles with the original FFL/SOT paperwork so that there limits a lot of buyers to being somewhat local. not to split hairs, but can someone that works for the FFL, "as in has his name on the Biz Cards too" pick up the guns? |
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i got an email back from the auction people. the actual FFL holder must be there in person to pick up the rifles with the original FFL/SOT paperwork so that there limits a lot of buyers to being somewhat local. not to split hairs, but can someone that works for the FFL, "as in has his name on the Biz Cards too" pick up the guns? you'll have to call and ask them. this is the email i received..... "You do not need to reside in Tennessee, but you must have a Federal Fire Arms license and a proof of Class 3 Special Occupational Tax has been paid. This needs to be faxed to our office at 713-286-4714 to be added to the auction. If you are inspecting the rifles, you must also bring the original to the site for inspection. The name of the licensee will be the only person authorized to remove any rifles upon payment of invoice. Please let me know if you have any further questions. Thank you." also yes, that is just a bolt on Semi only stop 
not all of them have it either 
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It will be interesting to see what kind of prices these M-16's bring.
Since it's a dealers only auction they should go below "full retail" (if there is such a thing concerning machine gun prices).. 
It wouldn't surprise me at all if the lions share go to one or two bidders. Time will tell...............it always does. JP |
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The prices haven't moved much. I'm not sure I'm looking at a live page. Are the rest of you still seeing 5k like prices?
I'll put my dealer on a charter flight to pick them up if I buy 10 of them for that price and give him one for his trouble. In the end it will be one of those ebay things where someone with some fancy software bids with 3 seconds left and wins big. Just Sayin! |
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Not going to happen...they have the 5 minute rule... as long as there are bids the auction won't end.
Yes prices are around 5k but that means NOTHING until the last 5 minutes...that is when the REAL money will come to the table. I have a customer who will buy them all at 11k...just saying....I have the FFL/SOT and he has the check book. Hold on it will be an interesting 48 hours.... 
JP in FREE 10-E-C |
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Not going to happen...they have the 5 minute rule... as long as there are bids the auction won't end. Yes prices are around 5k but that means NOTHING until the last 5 minutes...that is when the REAL money will come to the table. I have a customer who will buy them all at 11k...just saying....I have the FFL/SOT and he has the check book. Hold on it will be an interesting 48 hours....
JP in FREE 10-E-C Thanks for the insight. It will be fun to watch! I was going to go 9250 for 10 of them but it looks like that would be a waste of time. A man has his limitations! Just Sayin! |
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FWIW- I e-mailed my SOT (who is in TN) to let him know about this auction...and he had already been informed by his regular ATF inspector. I get the clear impression that this cat is waaaay out of the bag, and the only thing that might hold prices down a bit is the requirement to pick up in person. Someone buying a single M16 might drive a few hours to pick one up at 13k or so, but I dunno how many SOT's would fly in and got through the hassle of shipping to themselves or waiting in TN for 5320's, unless they either bought several or the price was way back of market. JMHO, often wrong. |
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Quoted: Did not know that (obviously), and have learned my SOT fact for the day- thanks.SOTs are exempt from the 5320.20 requirement. So they can drive them home, fly home with them, or ship them to themselves the same day. In that case, since pickup is in Smyrna, and that's not far from Nashville (where Southwest flies so it's a reasonably-low average ticket from many places due to competitive pressures), perhaps the pickup requirement wouldn't be that large an impediment. |
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Did not know that (obviously), and have learned my SOT fact for the day- thanks.
SOTs are exempt from the 5320.20 requirement. So they can drive them home, fly home with them, or ship them to themselves the same day. In that case, since pickup is in Smyrna, and that's not far from Nashville (where Southwest flies so it's a reasonably-low average ticket from many places due to competitive pressures), perhaps the pickup requirement wouldn't be that large an impediment. It'd be cheaper to ship them home via UPS or FedEx than pay Southwest for the number of extra bags it would take to comply with the need to secure the weapons in locked, airline approved containers. Hell, depending on the FFL/SOT's location, it might even be cheaper to rent a car and drive them home. Southwest only allows two free bags, the rest cost you dearly. And, if the gun cases measure between 62 and 80 inches (L+W+H), even the first two would be $50 a piece. The third through ninth cases would also be $50, each, and the tenth and subsequent cases would each cost $110. So, if you put two guns in each case, for 11 cases total (21 guns), that'd be $670 in baggage fees, plus the cost of your ticket. (That's not even considering the cost of the airline approved containers. For those guns, I wouldn't trust anything less than Pelicans, so you're looking at another couple of grand for 11 cases, or two of the big 12-gun storage containers, which are over $1k, each.) |
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Did not know that (obviously), and have learned my SOT fact for the day- thanks.
SOTs are exempt from the 5320.20 requirement. So they can drive them home, fly home with them, or ship them to themselves the same day. In that case, since pickup is in Smyrna, and that's not far from Nashville (where Southwest flies so it's a reasonably-low average ticket from many places due to competitive pressures), perhaps the pickup requirement wouldn't be that large an impediment. It'd be cheaper to ship them home via UPS or FedEx than pay Southwest for the number of extra bags it would take to comply with the need to secure the weapons in locked, airline approved containers. Hell, depending on the FFL/SOT's location, it might even be cheaper to rent a car and drive them home. Southwest only allows two free bags, the rest cost you dearly. And, if the gun cases measure between 62 and 80 inches (L+W+H), even the first two would be $50 a piece. The third through ninth cases would also be $50, each, and the tenth and subsequent cases would each cost $110. So, if you put two guns in each case, for 11 cases total (21 guns), that'd be $670 in baggage fees, plus the cost of your ticket. (That's not even considering the cost of the airline approved containers. For those guns, I wouldn't trust anything less than Pelicans, so you're looking at another couple of grand for 11 cases, or two of the big 12-gun storage containers, which are over $1k, each.) Do you realize how silly that sounds when we are talking about over 300,000.00 dollars worth of guns. |
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Did not know that (obviously), and have learned my SOT fact for the day- thanks.
SOTs are exempt from the 5320.20 requirement. So they can drive them home, fly home with them, or ship them to themselves the same day. In that case, since pickup is in Smyrna, and that's not far from Nashville (where Southwest flies so it's a reasonably-low average ticket from many places due to competitive pressures), perhaps the pickup requirement wouldn't be that large an impediment. SOT picks a trusted employee. SOT writes the appropriate letter for employee to transport guns. SOT loans employee his F350. (every SOT has an F350 right?) Employee gets paid his/her regular salary and all expenses and drives to TN. SOT flies to TN and meets employee at local hotel. Everyone leaves their EDC at the hotel and drives to base. SOT takes delivery and employee helps load the truck. Everyone goes back to hotel and gets their EDC and has a nice lunch. Employee drops SOT off at airport and drives home.2K tops. Personally I would send two guys so that one can sleep and the other NOT, while guns are in truck. Or maybe SOT should take a cab to airport since truck has 21 MGs in it. Just a thought. Just Sayin! |
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At 8:30 pm eastern, they are all in the $10-12k range, though there is still one foundering around $8k; I don't expect it to remain there.
By 1 pm CST tomorrow, again, I' m guessing they will all sell for around $15 k each. Which means they will then start showing up on the boards for around $17-18k each,and either as cosmetically challenged examples, or they will go through U.S. Anodizing refinish (which, while they do incredibly great work, I wouldn't pay the collectible Colt premium for one). This auction holds potential to move original- finish, 90-percent Colt M16A1's over the $20k mark for the future. Which does not please me, but it is what it is. 
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Quoted: At 8:30 pm eastern, they are all in the $10-12k range, though there is still one foundering around $8k; I don't expect it to remain there. By 1 pm CST tomorrow, again, I' m guessing they will all sell for around $15 k each. Which means they will then start showing up on the boards for around $17-18k each,and either as cosmetically challenged examples, or they will go through U.S. Anodizing refinish (which, while they do incredibly great work, I wouldn't pay the collectible Colt premium for one). This auction holds potential to move original- finish, 90-percent Colt M16A1's over the $20k mark for the future. Which does not please me, but it is what it is. It will be interesting to see when and where these turn up... |
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At 8:30 pm eastern, they are all in the $10-12k range, though there is still one foundering around $8k; I don't expect it to remain there. By 1 pm CST tomorrow, again, I' m guessing they will all sell for around $15 k each. Which means they will then start showing up on the boards for around $17-18k each,and either as cosmetically challenged examples, or they will go through U.S. Anodizing refinish (which, while they do incredibly great work, I wouldn't pay the collectible Colt premium for one). This auction holds potential to move original- finish, 90-percent Colt M16A1's over the $20k mark for the future. Which does not please me, but it is what it is. It will be interesting to see when and where these turn up... The issue is the market, for folks like you and me. The sudden influx of 20 new-to-the-market transferable Colt M16A1's is enough to move the market price point. And if factory Colts move over the $20k mark, it will in turn drag up non-Colt conversion RR's. Because demand for non-Colts will grow in proportion to the new market price of Colts, and with a fixed supply, when demand grows, prices rise. Sigh. |
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The issue is the market, for folks like you and me. The sudden influx of 20 new-to-the-market transferable Colt M16A1's is enough to move the market price point. And if factory Colts move over the $20k mark, it will in turn drag up non-Colt conversion RR's. Because demand for non-Colts will grow in proportion to the new market price of Colts, and with a fixed supply, when demand grows, prices rise. Sigh. I'm confused. Why would 20 newly available M16s entering the market INCREASE prices? |
[ARCHIVED THREAD] - Class 3 surplus auction (Page 1 of 2)
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