A bank letter of credit will help establish his buy limit at B/J or he can post a cash bond and that will provide a limit as well. So $20,000 cash allows you 5x the credit or $100k. I haven't done that in a long time so not 100% on the details and if they still allow this.
Once the bidding starts no one is really paying attention to your credit limit.
Once a car is under contract with any auction house, it would be highly unlikely that a purchase was made prior to the cars run time and that the car was pulled from the line up. With that said sometimes cars with discovered issues are pulled and deals are made off the block, but under the umbrella of the auction house.
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