Russo and Steele auction

[Steve Shauger]

Wow this puts a black eye on all involved in this fiasco. This looks like the car in question, based on the interview.

http://www.texasmusclecars.com/webte...spx?IID=257162

[Charley Lillard]

I watched that interview and while it is too bad the car didn't sell for what he thought his reserve was he should have read the contract. The reserve is not fine print. It is one of the main points of the contract and to try and raise it when the car is on the block is absurd. What if every seller wanted to raise their reserve while their car was on the block ? Yes the dealer that bought it could have handeled it better but he is supposed to give the car back because the seller didn't pay attention to the probably LARGE print in the contract ? He finally figures this out when the car is actually on the block ? The inteview with Gaines and the other guy mentions how they think the sellers should be able to raise their reserve during the auction since they can lower it. The auction houses decide on what cars they accept for their auction based on if they think the reserve prices are realistic. That is decided months in advance. If I get them to take my crappy car because they know it will sell at my 5K reserve then I change it to 50K on auction day, I just screwed the auction house and everyone else.

[Johnny Horsepower]

[ QUOTE ]
I watched that interview and while it is too bad the car didn't sell for what he thought his reserve was he should have read the contract. The reserve is not fine print. It is one of the main points of the contract and to try and raise it when the car is on the block is absurd. What if every seller wanted to raise their reserve while their car was on the block ? Yes the dealer that bought it could have handeled it better but he is supposed to give the car back because the seller didn't pay attention to the probably LARGE print in the contract ? He finally figures this out when the car is actually on the block ? The inteview with Gaines and the other guy mentions how they think the sellers should be able to raise their reserve during the auction since they can lower it. The auction houses decide on what cars they accept for their auction based on if they think the reserve prices are realistic. That is decided months in advance. If I get them to take my crappy car because they know it will sell at my 5K reserve then I change it to 50K on auction day, I just screwed the auction house and everyone else.

[/ QUOTE ]

agreed

[camarojoe]

I agree with Charley on this one too.. he signed the contract stating it was a 100K reserve. If he was too dumb to proof read it before signing it, that's his own fault...The other part I don't get is that he says the owner had the car for 28 years, and that they did all the repair work on the car for free, yet the owner "had more than 100k in it and would be taking a loss"...how's that?

[YENKO DEUCE REGISTRY]

I guess he paid more than $100k for it 28 years ago!

What a Moron. (Him, not you! )

[Charley Lillard]

Hard to overlook the big bold reserve box.

[Charley Lillard]

..

[Udon\'tgetit]

What does it matter if this is the car. He bought the car legally and now this seller is crying over his mistake. Obviously this guy was only doing what everybody else does at auctions and that is buying what he wanted.