'There's no reserve Sir, its' up to the auctioneer...'
Discussion
Went to a car auction (to remain anonumous) today to buy something for the missus - they advertise that none of the cars have a reserve on them. Fancied a little 3 door hatch with low miles. Asked whether there was any reserve price...
Auction house: 'Oh no, there's no reserve Sir, its up to the auctioneer'
Me: 'Sorry, but what does that mean'
Auction house 'It means it's up to the auctioneer'
Me: 'Sorry, what's up to the auctioneer'
Auction house: 'The price at which bidding starts'
Me: 'So there is a reserve price'
Auction house: 'No Sir, it's up to the auctioneer'
This was repeated again, then I politely thanked him, and left thinking that I would otherwise get systematically ripped off.
Was I being a dick? Am I missing something here? Can anyone explain this?
Auction house: 'Oh no, there's no reserve Sir, its up to the auctioneer'
Me: 'Sorry, but what does that mean'
Auction house 'It means it's up to the auctioneer'
Me: 'Sorry, what's up to the auctioneer'
Auction house: 'The price at which bidding starts'
Me: 'So there is a reserve price'
Auction house: 'No Sir, it's up to the auctioneer'
This was repeated again, then I politely thanked him, and left thinking that I would otherwise get systematically ripped off.
Was I being a dick? Am I missing something here? Can anyone explain this?
absolutely. Nothing shady about it. He is just "suggesting" a starting bid, to save time.
If cars in simmilar spec, condition and mileage go for, say £3k, why start the bidding at £0.01p and waste time going up in 1p increments?
He knows the rough value of that car, the traders will too. If you do our homework, you'll know too. So its far quicker and easier for everyone is he suggests a starting bid. If people start bidding, he has got close. If not, he will lower the bid until people start bidding.
This will happen for every single auction piece. The reserve price is something different entirely. Lets say the reserve was £3,250.
He suggests the start of £3k, no-pone starts. He suggests £2800 and he gets a bid. Bidding continues (maybe even past £3k). If it goes past the reserve, its sold. If not, it doesnt. If it gets close, they are likely to phone the seller and say "we got £3,150. Do you want to sell??" and do a deal with the interested buyer. This is very common
Far better for everyone if he started the bidding at the £3k. If people start bidding then fine. If not, he will lower the starting bid until people start bidding.
If cars in simmilar spec, condition and mileage go for, say £3k, why start the bidding at £0.01p and waste time going up in 1p increments?
He knows the rough value of that car, the traders will too. If you do our homework, you'll know too. So its far quicker and easier for everyone is he suggests a starting bid. If people start bidding, he has got close. If not, he will lower the bid until people start bidding.
This will happen for every single auction piece. The reserve price is something different entirely. Lets say the reserve was £3,250.
He suggests the start of £3k, no-pone starts. He suggests £2800 and he gets a bid. Bidding continues (maybe even past £3k). If it goes past the reserve, its sold. If not, it doesnt. If it gets close, they are likely to phone the seller and say "we got £3,150. Do you want to sell??" and do a deal with the interested buyer. This is very common
Far better for everyone if he started the bidding at the £3k. If people start bidding then fine. If not, he will lower the starting bid until people start bidding.
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