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Find out what’s next for a bidder after they win an auction at the Barrett-Jackson show

Aerosmith frontman Steven Tyler rides in on his 2012 Hennessey Venom GT Spyder which sold for $800,000 on Friday, Jan. 20, 2017 at Barrett-Jackson Collector Car Auction at WestWorld in Scottsdale, Ariz. The $800,000 will be donated to Tyler's foundation: Janie's Fund, which helps vulnerable girls who suffer from abuse and neglect. (Rob Schumacher/The Arizona Republic via AP)

At the Barrett-Jackson auto show in Scottsdale, most of the attention is given to the auction block, where auctioneers keep the bidding at a frenzied pace.

The pace is so high, in fact, that it’s sometimes difficult to grasp how quickly an expensive automobile is sold and then moved to the side for the next one on the list.

Phoenix Business Journal’s Steven Totten got a first-hand look at how the complex operation is done.

The first step is printing out the lot number, the name and address of the buyer and the bid amount and also putting it into their system. That sheet with the information is given to the buyer, who then takes it a cashier, who confirms the buy with a receipt and then officially places a “sold” sign on the car.

Multiple documents are signed in order for the buyer to cash out, including the payment being verified, having the title in their name and more. Car insurance is required to take the car with them.

The last step is setting up how the car will be given to the buyer. Less than five percent drive their purchased vehicle home, while 75 percent are shipped.

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