Quote:
Originally Posted by kochevy67
I just finished watching the new series Chasing Classic Cars. While watching it they took a SC Cobra to Mecum and I heard them say that the auctioneer and Mecum have the right to run the bid up just shy of hitting the reserve. That to me is B.S. I always wondered if there were in fact people bidding now I guess this guy answered my question.
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You got it buddy...
You go to an auction some time... the bidding starts and the auctioneer is babbling away - and the price is climbing... and NOBODY really knows who's bidding... and suddenly the price has gone from 25K to 50...
But here's the DEAL ---- IF somebody is willing to bid 55K... then what's the harm... and then somebody whacks it at 57,500.... and so on.... so really = there's no harm. But - big but - had these phantom bids not popped in there - you might have bought the car at 24,500 -- but then again - the crowd is there - and most of 'em know a bargain when they see one -- so if you think you're going to get a car at half price -- think again... 'cause there's other guys standing around that know the biz -- and they can bid too...
Only way to do this --- check the cars out --- have your list --- stick to it --- set YOUR price --- stick to it. Cars are like buses - there's another one coming by every 15 minutes...
:>)