Quote:
Originally Posted by Van B
Thought with B-J there was no option of a reserve. That way they can advertise 100% sale.
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Yes -- They went to all no reserve when prices went through the roof... and they have more guys wanting into their auctions than they can take.
But a typical auction has both reserve and no reserve - no reserve fees are LESS than reserve fees. I was trying to talk in GENERAL terms here - every auction is different. Plus - if you're a big seller - stuff is negotiable as well...
What you aren't aware of - and I'm not going to write a book on car auctions - is that these guys are DEALERS... and most of the inventory they're selling is from dealers... and these dealers aren't going to take a big loss on a no reserve sale.. they have friends in the audience that can whack a bid... and if a car isn't selling for what it should - they can end up buying their own car back... Don't get me started here - just trust me that I know what I'm talking about. You're naive (not you personally but anyone that doesn't understand how this stuff works) if you think the sellers are losing their ass on a car. Now that's not saying they won't. They may have just hit a home run on a previous car... and the bids are "close" and they'll cut it loose... but if there's a serious "difference" between what the car is "worth" and the bid... the gavel will drop... but you won't really know who bought the car.