King/Rich:
Actually, it's a combination of what you both have written. When you lower the reserve in the way I did you don't "trap" a person who may have bid up to that amount on the car, but what you (the seller) are forced into is selling to the guy who makes the very next offer - even if it's a single dollar more. When I saw "The next bidder meets reserve" on my listing I went into panic mode.
However, my saving grace was I had a buy it now of 79K. The bidder who was up to 58 totally understood he was not going to win with a 58K bid. As Rich alluded to: people bid who are in no way, shape, or form capable of making the buy. I suppose there is a thrill people get in just bidding
Either way...that's the reason the car is still for sale.
ANOTHER LESSON: NEVER, EVER try and sell a high caliber car the week BJ and 2 other reknown auctions are going down.
Note to self: That was NOT a smart move
If I don't sell it here, I'll post back on ebay perhaps late this week, or over the weekend.