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I hate to see that GMB is gone, and I just spoke to my local dealer about it and they were shocked as well. When you think about the massive quantities of diecast they moved and the auctions they had, plus some of the big collections they consigned, you have to wonder how they couldn't have been making money.

Think about it; they sold the Dale Earnhardt Crash car hood for upwards of $10,000. The sold JGR proto's, authentic firesuits, exclusive collections, and that's just on the NASCAR side. They had tons of other stuff, and unless no one was buying anything else (which I find hard to believe), something else had to be up.

I know this is speculation, but this was just way too sudden. GMB was huge, and I am not asking for thoughts to be posted on this. I suspect that something else occurred, and eventually we'll probably here more.
 

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I guess you are right about it. I bought several cars from them and I can not imagine that with all the choices and inventory that they had, that they couldn't financially cut it. It just makes me wonder.
 

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What always amazed me is they would sell a diecast for $15.00 on ebay, ship FREE plus have the fees and shipping out of pocket, so they could of only been making a few bucks on the diecast, they could of started all diecast out at .99 plus shipping and been money ahead.

Sorry to see them go.
 

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To me it seemed kinda funny that they closed all of a sudden, they didn't try to blow out there inventory. They just closed the doors. So it make's me wonder if the goverment is envolved. Most of the time when big company's like this close just like that its usally something to do with taxes or other goverment issues. Just make me wonder thou. Thanks Cecil Barnett
 

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It will be interesting to watch what happens (if anything) over the next month or so. I don't understand how they could not have been profitable.

They provided excellent service. I'm in Tulsa and almost always got my order the next business day after payment. It was like (free) overnight shipping.

A few weeks ago I asked them if they could send a spreadsheet with my order history. I purchased about 130 items since May 2010 for about $4,000. Obviously I was a frequent flyer but rather a small fish in a great big pond (IMO).

The past several months I have been buying some RC stuff for ridiculously low prices but just figured they'd bought out some retailer inventory for pennies on the dollar.

Still hate to see them go, they were the best.

Marv
 

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After loosing my job twice to companies closing down I've learned a company that doesn't sell off its assets before it closes it's doors was most likely forced or bought out. And I believe one of those is happening here. No "going out of business sale" or even finishing the auctions that were started. First thing that comes to mind is taxes but I don't want to speculate.
 

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This has been a long time coming, I have heard this was coming from someone I know in a sister company to GMB. They have been in the red for awhile.
 

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So everyone talks about the deals they got on an item from GMB, could the deals selling so cheaply be the reason they closed? Supposed they bought a collection of cars for say $5 per car. If they sell a car for $15 shipped and it cost them $7 to ship the car. That leaves a GROSS margin before other expenses of $3, when you start factoring in costs of CC processing, Warehouse, Electric, Insurance, Staff to take and process your order, staff to ship the order, packaging supplies etc I could see it very well being a losing proposition.

Its a very tough business and its unfortunate that they couldn't continue but its very possible that there merchandise was just plain selling too cheaply to be a sustainable business.

Just my opinions and in no way a statement of facts as I do not know what happened.

Scott
 

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I agree in thinking that they were just being bought out or forced out. You know the closing is urgent if the auctions that were running couldn't even be finished. So sad to see them go...
 

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There's a lot going on around here right now. Emotions are high. If at some point I can share more of the details regarding the abrupt closure, I will. It ultimately boils down to basic business math.

But while I'm all for a good conspiracy theory, the conjecture of black helicopters hovering over the building with IRS agents rappelling onto our rooftop couldn't be farther from the truth.

Russ D.
 

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There's a lot going on around here right now. Emotions are high. If at some point I can share more of the details regarding the abrupt closure, I will. It ultimately boils down to basic business math.

But while I'm all for a good conspiracy theory, the conjecture of black helicopters hovering over the building with IRS agents rappelling onto our rooftop couldn't be farther from the truth.

Russ D.
[MENTION=1349]GoMotorBids[/MENTION]


Russ, we all know IRS agents use WHITE helicoptors not black ones. They only use Black SUV's.

IN all seriousness sorry to hear of you guys closing. I always thought that you guys offered a valuable service to the collecting hobby and business. While you may not have paid much for some collections you provided some liquidity in the overall market which is always a plus.

Take Care
Scott
 

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After loosing my job twice to companies closing down I've learned a company that doesn't sell off its assets before it closes it's doors was most likely forced or bought out. And I believe one of those is happening here. No "going out of business sale" or even finishing the auctions that were started. First thing that comes to mind is taxes but I don't want to speculate.
This was my thought too. That they must have been bought or forced to close overnight. Because I can't imagine if it's as simple as not being profitable, then why not blow out the inventory. But to close seemingly overnight, tells me someone new came in and said close it down now.
 

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Regardless of the situation, there are a group of people out of jobs, and another Racing Merchandise specialty store out of business. Instead of speculating and stirring the pot lets respect the fact that Russ Dickey took time to communicate to DCZ what was happening at Go Motor Bids, before things were even formally announced. As he eluded to in his earlier post, lets not add to those that are ultimately affected (The GMB employees now without jobs) and their state of emotions by commenting and speculating on things most of us here truly know nothing about. If I know Russ as well as I think I do, when the timing is right, I'm sure he'll communicate to us the things that led to their closure. I think he already kind of did, when he said its basic "business math." You either just get by, operate in the positive, or operate in the negative in business...its really that simple. This economy has alot of profitable businesses operating in the plus on paper, because of their past and cash reserves, but in reality, are in a month to month operation in the red, trying to hold on and ride out the poor economy.

Trust me when I tell you, there will be more in this business failing, simply just for the reasons of the economy and the fact this type of business is not a need, but a want.
 
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