Rand Workman Friday update

[Jeff H]

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By allowing owners to buy back their own cars BJ still collects the 8% fee. (I think it's 8% of the selling price, isn't it?) Anyway, Craig Jackson makes his money either way. Any businessman will tell you that guaranteeing payment is just good business.


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I agree it's good business for Craig Jackson but my point was that it does nothing to help indicate true values on these cars when owners can bid on their own car. This weekend's auction is almost the same situation when the auctioneer can bid it up for the seller. I wonder how many of the cars were bid up close to their reserve because of this policy. But it doesn't show us if there are really 2 or more interested parties bidding on the cars. Regardless, the results seem to show that the timing of the auction was bad, the buyers are drying up or there were a lot of people out fishing for prices. Are there any auctions where the seller is not allowed to bid on his own car or the auctioneer bid for him? Just curious.