AD staff buying pieces themselves to flip

[42itus]

Originally Posted by peterpl

When money is involved there is always something dodgy happening especially in hyped markets like we currently have in the watch game.

Absolutely agree. Money obscures good judgment


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[ind1982]

I don't doubt that it happens, but I have to believe it is very very rare. I've purchased several high-demand pieces from more than one AD that anyone could have easily flipped for a substantial profit. The sales people I work with are amazing, so I'm not worried about it in my case.

[MRPWRPATX21]

Originally Posted by Rori

Exactly. The AD that does not do it is the AD that delivers its customers their watches in very decent waiting times.


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The AD that is 100% "honest" or otherwise without any mar on their record that most here would squawk about delivers your Hulk or white dial Daytona to you in approximately 4 weeks sooner than the 1.5 years you would otherwise wait. The single biggest issue affecting your ability to get the watch you covet so much at retail in a timely fashion is the amount of supply...which also makes that watch the watch you covet so much. It's a pretty simple luxury goods/supply & demand equation for them, and their marketing department is kicked back just living the good life for it right now.

[Sandpit]

Originally Posted by Shdrolex

It has happened at a very reputable AD in Dubai, where then sales associates were some how buying the SS pieces through fake customers and then selling it for a premium. They got busted eventually. All fired.

Well, judging by the amount of unworn pieces available on the local classifieds I think it's happening again. Either that or certain friends are getting hugely preferential treatment.

[Ihatecheese]

There are so many shops to make a blanket statement. I think more reasonable explanation is that all shops be it watch or whatever may offer popular things to their real friends first. These watches are popular like a designer brand so the addressable market is far higher than some keen watch folks hoping to bribe their way into a purchase! AD shop assistants aren't earning Rolex flipping money either.

[gatorgrad]

My wife's cousin worked for an AD with multiple locations several years ago. Employees of the AD were allowed to purchase one Rolex a year and their name was engraved on the case back.

[peterpl]

Originally Posted by gatorgrad

My wife's cousin worked for an AD with multiple locations several years ago. Employees of the AD were allowed to purchase one Rolex a year and their name was engraved on the case back.

Yes this is what I have heard from multiple ADs. Their employees can buy 1 watch (any watch) per year.

[DonRickles]

First off, there's no one here with FIRST hand knowledge???

Why would they have to buy and resell????

Just sell straight to the greys=commision=more sales = winner! AD's and SA's just love the "regular customer"....ie:GREY's!

My question would be more like what percentages annually, are sold to Joe blow vs. grey?

[The GMT Master]

First hand experience here, and this is how it works in the UK - I can't comment on other markets, as each market has its own rules.

There certainly used to be a scheme for staff to purchase a watch directly from Rolex at a preferential rate. However, the agreement was that if any flipping was discovered, it would be considered gross misconduct and would result in instant dismissal. I've never met anyone stupid enough to throw away their career over profiting off one watch, but I'm sure people have tried it.

It was certainly a great perk, and not one to be treated with disrespect

Chris

[DonRickles]

Originally Posted by The GMT Master

First hand experience here, and this is how it works in the UK - I can't comment on other markets, as each market has its own rules.

There certainly used to be a scheme for staff to purchase a watch directly from Rolex at a preferential rate. However, the agreement was that if any flipping was discovered, it would be considered gross misconduct and would result in instant dismissal. I've never met anyone stupid enough to throw away their career over profiting off one watch, but I'm sure people have tried it.

It was certainly a great perk, and not one to be treated with disrespect

Chris

Thank you!!! My exact thoughts! Shooting yourself in the foot!

[Oyster84]

Originally Posted by Rori

Exactly. The AD that does not do it is the AD that delivers its customers their watches in very decent waiting times.


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Right on... Good people they are. Wish all dealers were like this. Sometimes I think that Rolex should step in a get this problem under control. I'm not even sure how they would do that, but it needs addressing somehow. I absolutely believe in free trade. There's nothing wrong with buying a luxury watch and then selling that watch. There is absolutely a problem when individuals and/or groups are hoarding everything and controlling the supply then jacking up prices to ridiculous levels. That's called a racket!

[Rori]

Originally Posted by Oyster84

Right on... Good people they are. Wish all dealers were like this. Sometimes I think that Rolex should step in a get this problem under control. I'm not even sure how they would do that, but it needs addressing somehow. I absolutely believe in free trade. There's nothing wrong with buying a luxury watch and then selling that watch. There is absolutely a problem when individuals and/or groups are hoarding everything and controlling the supply then jacking up prices to ridiculous levels. That's called a racket!

I agree 100%.
Rolex can do that by opening their own boutiques. Already, ADs that are Rolex exclusive boutiques are better than not exclusive ones because they have way more control from Rolex. That’s why I prefer dealing with those boutiques.


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[alwinnng]

ADs collaborating with resellers and split the premium


Heck, even an AD sales manager told me they had 114060 in stock, but asking for 30% premium on the spot.

[McGooberstein]

My local AD lost their dealership status because they were selling all the hot models to family members lol.

Even walked in and talked about the white dial daytona and the owner said something along the lines of "yeah it would be hard to get any of the SS daytonas because usually a family member snatches it up first."

Good riddance I say- since then I've found a great AD- got the daytona and new batman within a year.

[troways]

Harrods in London fired the whole watch department people because the staffs flipped the hot models.

[Robocop305]

I have heard that private investigators are investigating these kinds of behavior. ADs have lost the relationship with Rolex and employees have been fired.