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As far as the shill bidding, I'm a car dealer by trade. I go to wholesale auctions weekly. Shill bidding is as common as a cup of bad coffee.It happens on , I'd bet 70% of all cars thru a wholesale auction. If the seller won't sell the car under, say, $10,000 , the auctioneer runs the car there [$9900] with or without a 'real' bidder. Next 'real' bid buys the car. [these are NOT 'no reserve' auctions..]
Yeah if I was the buyer I'd be pissed off Reggie was a seemingly obvious shill for the owner...but that's the way auctions are. It can be a really lousy place to buy a car...wholesale or retail.
I personally wouldn't get NEAR a collector car at an auction without superior knowledge about a car...
Maybe the buyer knew exactly what he was doing...he paid the premium to be on TV.
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Shill bidding is part of the sellers agreement at Russo Steele Reserve Auction as explained by Drew last Feb:
"Advancement of Bidding: RS retains the right to advance the bidding up to, but not in excess of, the Reserve, as agent for the Seller. RS further reserves the right, at its sole discretion, to Sell the Vehicle at a high bid price less than that price identified as the “Reserve Price,” provided that RS nets the Seller the specified reserve amount less all-applicable sales commissions and fees.
This clause is clearly stated in Russo and Steele’s Consignment Agreement under section 8, d.
Drew Alcazar"
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Mecum and others have the same type of language in their contracts, allowing the owner of a car bid on their own vehicle up to the reserve.
