Quote:
Originally posted by Randy Resetar
Am I reading this right and there is not a reserve on this car???
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our auctions
All Kirkham Motorsports car auctions start at $1, no reserve. When a Kirkham goes on eBay, it starts at $1 and no reserve. We haven't had a problem yet, and we'll keep doing it this way until we have one.
Normally, the cars go for a bit less than retail, but the advertising is great. Since there are also people who don't want to bother with the uncertainty of an auction, they can call up and buy something else.
Meanwhile, bidders have incentive, because there's no wait. The car is done, and the pictures are of exactly what you're bidding on. I take the pictures with the idea that prospective buyers will be as suspicious and untrusting as I am, and will want to see everything, from every angle.
Why no reserve?
Because it's just too easy for the seller to abuse the system with reserves.
How? Put a $900,000 reserve and wait for the auction to end. Look at the top bidder's highest allowed bid and send an 'eBay second chance offer' for the max he was willing to pay. Legal, but not really honest, in our opinion.