Quote:
Originally Posted by Van B
I agree with what Greg says, but sometimes it doesn't take TWO bidders, just one and a good auctioneer who has a feel for what the guy will pay. The one time I attended B-J it blew my mind how many times the auctioneer ran off the money so they had to back up and say it was a miscommunication or fish around until they hooked another bidder. Yes I have only been there once, but I have been to a "few" auctions. To someone who does this every week it was pretty obvious.
The only big difference is that in a regular wholesale auction if the auctioneer tries to run a bidder and gets caught, the bidder usually gets pretty miffed and the car will not sell. I wouldn't doubt B-J buys a couple each sale just to preserve the illusion of a 100% sale if they get caught without a bidder.
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Right on!
It's called "phantom bidding"...
There is also people that at an auction with NO RESERVE will buy their own car back - which is cheaper than letting it go at a huge loss.
I guess that was my point to the "rant" earlier -- is that there is more going on than just a simple "well bought" and "real deal" and 100% sold... and on and on. In the end it's all a whole bunch of fun... but just don't be snowed. Think about it. That bidder pit at BJ is FULL of guys that paid $500 for a bidder pass.... they KNOW THEIR CARS.... and if a car ain't getting the love you think it should get... there's 3000 "car guys" that are there and if they're not buying it - that should tell you "what it's worth".
