Auto auction regulars appreciate Smith Auction Co. approach

Butch Bailey of Shoals, Ind., says he attends an average of 10 auto auctions a year. While he is looking to buy at every auction, Bailey says he does all his selling at Sherm Smith's auctions, like the one held Saturday at the Show Me Center in Cape Girardeau.

Bailey said he does this "because of the way Sherm does business."

Bailey attended his first Sherm Smith auto auction 15 years ago and said he has bought and sold hundreds of vehicles at the Smith auctions since. He said it didn't take long for him to recognize that the Smith auction was different from others he goes to.

"Everybody likes Sherm," Bailey said. "Sherm treats you good."

Bailey is one of the many loyal dealers and collectors who are regulars at the Smith Auction Company sales.

"When people come to our auctions it's like a family," said Smith, who held his first auction in 1994 in Dexter, Mo., after a career in journalism that started out as an after-school job and ended as publisher of daily papers in Dexter and Kennett, Mo.

Upon selling his interest in his newspapers in 1994, Smith started to focus on his hobby of classic cars, a passion of his since high school. An auction he attended in Hot Springs, Ark., sparked his interest in the auction business.

Smith was turned off by the hassles of buying and selling at that auction, which included high buyers' fees and a requirement of a bank letter of credit.

Smith bought some cars at that auction, but was told he couldn't get his titles until his check had cleared.

"I just felt like, 'If this is the way they do business, that's not a very good way to do business,'" Smith said. "I thought to myself, 'You need to start doing your own auctions and treat people the way you want to be treated.'"

Word of the Smith auctions circulated among the dealer and collector community quickly. Smith holds two auctions a year at Cape -- a spring sale like Saturday's that attracts around 175 cars, and a summer sale that last two days and will see about 300 cars up for bids. Smith has another annual sale in Paducah, Ky., and hopes to conduct auctions in Branson, Mo., and Louisville, Ky., soon.

Regulars at the Smith auctions appreciate the no-hassles approach Smith believes is a key to his success.

"If I know them, they don't have to worry about coming in and registering and paying me money every time for a bidder's card," Smith said. "They get a permanent bidder's card. And when they come in and they sell their car or buy a car, we take their check. We trust them."

Smith said sellers at his auctions get a check for their sale the same day, while other auction companies wait as long as 30 days before issuing a check to the seller.

Smith said he's sold cars formerly owned by celebrities such as Dolly Parton, Conway Twitty and Tammy Wynette, as well as a 1975 Cadillac used as a promotional vehicle for a Burt Reynolds movie. He has also made high-dollar sales, the biggest approaching $150,000 for a 1953 Buick Skylark convertible. But he said the biggest pleasure from the business is the response from his customers.

"It's really enjoyable to me when people come up to me after the sale and say, 'Sherm, you had a great auction and we had a great time.'"

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Pertinent Address: 1333 N. Sprigg St., Cape Girardeau