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#21
08-20-2012, 08:26 PM
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Allowing the seller to put a reserve in place (by bidding) in the middle of a no reserve auction if it isn't going well is wrong. The sellers shouldn't agree to no reserve unless they are willing to accept the consequences and the auction company is misleading buyers to call that a no reserve auction.
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'72 Formula 455HO TH400, Revere Silver, black deluxe '74 Trans Am SD 4 speed, Admiralty Blue, blue deluxe |
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#22
08-20-2012, 09:19 PM
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I've been going to these 'Classic Car' auctions since the late 70's, and it's been the same since way back then. Folks would put a not reserve on their cars to get it more attention, then get a 'buddy' to bid it up to a certain amount. I can't remember when it came to be, but for years there was no buyers premium, so no penalty to buy your on car back. Then when the buyers premium came about it became a little riskier; if your bidder won you got stuck paying the extra premium.
Even with cars with a reserve, your buddy, or sometimes even the auction house, would bid the car up to close to the reserve. If you read the fine print in the auction consignment contract they will even state that they have the right to do that on a reserve auction. It's nothing new guys. Been happening ever since these auctions have been around. If you are a buyer, just set a price BEFORE the car goes on the block that you will pay and don't go over that. If you get it for that or less then you've got it for what you wanted, makes no difference who placed what bid on it.
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LEAD, FOLLOW, OR GET THE HE!! OUT OF THE WAY!!! HONEST JERRY'S SPEED AND EQUIPMENT
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#23
08-21-2012, 06:35 PM
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This is not much different that selling your car at auction with a reserve and the "house" bidding it up to just below the reserve using ghost bidders like Dana Mecum did with Rob Lozins' 69 TA a couple years ago. Bid it up to $1.0 Mil and told Rob on TV that he didn't have any real bidders.
In either situation the buyer is going to pay a higher price because either the house will bid it up to close to reserve, or the seller will bid it up to close to what he wants for the car and in both cases they are hoping a 'real' bidder takes the bait. The only difference is that in the no reserve auction the seller would have to pay the premium to buy his car back if it doesn't bring his price and real bidder doesn't take the bait. BJ
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1971 GTO 455 HO 4-speed - Cameo White, White Vinyl Top, Jade Green Interior, Ram Air Hood, AC, Honeycombs and 8-track 1974 Formula 455 I Owned in 1975-1976. Now Own Its Twin From Same Dealership 
Last edited by OVERULD; 08-21-2012 at 06:39 PM. Reason: Thought I had a duplicate post. Disregard |
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