[tom406]

I think there's a definite place for "no reserve" at the auctions. No reserve is a higher risk but potentially high reward option. Auctions are not like the car corral at a swap meet. There's a living, breathing aspect to them that is unique. "No reserve" tells buyers that the car is GOING TO SELL and it COULD BE YOU. On a car such as this, a seller would hope that a veritable CROWD of people will bid it up intially and that eventually, 2 or 3 people with big checkbooks, healthy egos, and a perhaps a couple of gin and tonics will feel the NEED to own that car. The energy in the room, as much as the car itself, often drives the notably big numbers.
If there 5 cars in a row that don't hit their reserve, you can FEEL the energy leave the room. You can see the people check their phones and head to the bar.
I think "no reserve" is still a very effective strategy for larger, quality collections being thinned or liquidated. It gets the people there, interested, and the energy stays up. Plus you have to look at your total take, and compare it to your expectations. Most dealers I know that bring cars to auction regularly bring a half dozen. One or two (often unexpectedly) ring the bell, one or two take it in the chin, and the rest do OK. They average out. If you obsess about the ones that went "cheap", its not the venue or strategy for you. There will ALWAYS be a similar but markedly inferior car to yours that will bring more money, often at the same auction. Why? Because its an auction, and thats how it goes. If you just have one car, you don't have the luxury of averaging out, you might just be left crying in your beer. Or throwing it, if thats how you roll.
If there wasn't a benefit to running no reserve, there wouldn't be talk about secret backdoor deals. Deals that offer the perks of "no reserve" but eliminate the risk. But unless you ran a major bank during the last 10 years, you really can't have it both ways, can you?

JMO
TOM