New Buyers of Sales Horses

[George William Smith]

Looking at the sales results from Keeneland January, I couldn't help but notice a lot of previous January Sale buyers were not active and there were a lot of names I'd never heard of. Of course, there were many that have been familiar to me for years. Still, lots of new names and others that are always buying the first couple of days, absent.

Hopefully, these missing buyers are just regrouping or horse rich in numbers, but I fear they may have been lost to bad buys over the years

Hopefully, these new buyers get the right advice to make this business fun and profitable. It does happen.

But then again, it has been my experience that many new buyers have trouble avoiding agents/trainers/vets, etc., pulling all of there spending money out of their pockets.

[louis finochio]

When the new owners apply for their owners license, the racing board will inform them that before they purchase a TB, that the racing board will screen those individuals. When their is a watch dog in the industry these undesirable characters will not fleece the new owners that come aboard.
I have seen this happen many times in the industry, and the new owners get a bad taste in their mouth and never return.

[Timber]

Don't know about those familiar faces not being there. Hard to leave once you have a taste of racing. No one in racing, except those who choose to sell their character for immediate financial gain, wants to see new owners taken advantage of.

Profitable. Speaking of which, I read a quote some 10 or 15 years ago in TT or Bloodhorse from one of the Phipps that they hadn't lost money in 25 successive years! Now that's a WOW

[George William Smith]

Oh, if it were only true

The number I know of that ended their venture in this business in financial failure to financial success is HUGELY slanted toward failure since I bought my first horse in 1972.

I have seen many come and many go in the 32 years since and very, very few ended with a net profit. Sad but true.

"No one in racing, except those who choose to sell their character for immediate financial gain, wants to see new owners taken advantage of. "

Naive to say the least, and best to say, "No one of good character wants to see new owners taken advantage of." Unfortunately, this industry has been know to consume "character" like I consume calories after a hard workout.

Oh, if only it weren't true.

Thera are many fine people of good character in this business, but those that stay develop eyes in the back of their head and realize their continued stay depends on knowledge and fact, not opinion and hope.

[liberty]

Louis,

What are you trying to say? I know of no board or other dealer of fairness.

[Timber]

"No one of good character wants to see new owners taken advantage of."

Yup, that's a better way to say it. In fact I'd say close to 90% of racing owners who are not vets or trainers are in a debit situation. Need smarts, talent & luck. Or maybe Luck, talent and smarts is the order.

All of which makes Mr. Phipps statement that much more impressive.

[louis finochio]

Its long past due for the TB industry to step up to the plate, and help these new owners find responsible people that will guide them in the right direction before the wolves dressed in sheep clothing appear to them.
If the industry does nothing to address this problem, their industry will be history.

[LSB]

I have to say--speaking as a buyer--that I've noticed a real difference at this sale.

When I've asked for information, consignors have gone out of their way to get in to me (including a call-back at 7 p.m. after they'd had trouble tracking down an owner to get an answer.) Believe me, this was not the case at previous sales.

One filly I looked at was nursing a recent injury. When I asked to have her brought out, I was briefed on every medication she'd been given. Not only that, but the information was announced when she went through the auction ring.

Wow, what a difference! Sanan may not have accomplished everything he set out to do, but I certainly see changes in a positive direction.

[Johar]

Its long past due for the TB industry to step up to the plate, and help these new owners find responsible people that will guide them in the right direction before the wolves dressed in sheep clothing appear to them.
If the industry does nothing to address this problem, their industry will be history.

This is true. While I commend the efforts of Satish Sanan, in particular, and the Sales Integrity Task Force, one of their major recommendations appears to be that "old and new buyers must perform due diligence on people they do business with" [Cot Campbell, Final Turn, Blood Horse 2005]. Well "duh!". That's like saying "We have a problem with a dishonourable element in our industry. We can't police them, so be careful, and good luck!". I thought that the entire point of setting up the SITF was to go beyond that point????

[Nicki]

I have to say--speaking as a buyer--that I've noticed a real difference at this sale.

When I've asked for information, consignors have gone out of their way to get in to me (including a call-back at 7 p.m. after they'd had trouble tracking down an owner to get an answer.) Believe me, this was not the case at previous sales.

One filly I looked at was nursing a recent injury. When I asked to have her brought out, I was briefed on every medication she'd been given. Not only that, but the information was announced when she went through the auction ring.

Wow, what a difference! Sanan may not have accomplished everything he set out to do, but I certainly see changes in a positive direction.

Funny you mention this-- I was going to say there is somewhat of a difference but that a lot of the more established consignors seem a little bit more on their toes. I got an "out" filly that a family friend bred and raised as a hand foal. Very nice filly.

[hurleynyc]

This is true. While I commend the efforts of Satish Sanan, in particular, and the Sales Integrity Task Force, one of their major recommendations appears to be that "old and new buyers must perform due diligence on people they do business with" [Cot Campbell, Final Turn, Blood Horse 2005]. Well "duh!".
That's like saying "We have a problem with a dishonourable element in our industry. We can't police them, so be careful, and good luck!". I thought that the entire point of setting up the SITF was to go beyond that point????

Couldn't agree more. How can someone with little knowledge of the industry perform due diligence other than by turning to industry insiders for help and information? Most of the people that got "raped" financially in the industry did not do it by walking around Keeneland alone, selecting horses and purchasing them without "guidance". It's annoying when people want to blame the poor (or soon to be impoverished) new owners - guess their skirts are too short!