Barrett Jackson COPO Camaro

[Unreal]

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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.

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I don't see the harm in this, it's not going to sell if it fails to meet reserve, and it takes a real buyer (willing to pay what he bids) to get it past reserve. You might have a willing buyer sitting at $25,000 below reserve, nobody to bid against him, who is also willing to pay the reserve price? You wouldn't have a sale if they didn't push the bid to the reserve. If the guy at $25K below is not willing to pay the reserve price then it doesn't sell. Tell me who gets hurt?

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If that's true, what difference does it make who does the shill bidding, reserve, or not? I guess it's OK for Reggie to bid until it looks like he went a step too far. Then let him retract his last bid.

Maybe someone could talk to ebay about the "automatic bidding" system. Instead of increasing by one tick over the next highest bid, it should automatically move to your high bid.

Like I said in the past, "If you can't stand the heat, stay out of the kitchen." or, "It's their sandbox, their rules." I'm staying out of the kitchen AND the sandbox!!