COPO on auction block in Toronto

[Mr70]

Read here...
https://www.yenko.net/ubbthreads/showflat...true#Post396366

[Hylton]

I heard it was a no sale at 180K. Owner removed the reserve on it and then whoever the last bidder was, bolted when the hammer was dropped and he was asked for his bidder number. He actually turned around and ran out of the building.

[Mr70]

I don't know the car,or that last bidder,but I don't think that's a respectable auction practice.
If people are bidding on something with a Reserve not met yet,once the reserve is publically announced it has been removed,THEN and only then should the NEXT bid be seen as the current winning bid so far.
You shouldn't be able to remove a reserve on something during bidding,then announce that the highest bid before that is now THE winning bid,so pay up.
No wonder he ran away..I would too.

[Hylton]

I am hoping someone who was there can chime in to find out exactly what happened.

[Hylton]

[ QUOTE ]
I don't know the car,or that last bidder,but I don't think that's a respectable auction practice.
If people are bidding on something with a Reserve not met yet,once the reserve is publically announced it has been removed,THEN and only then should the NEXT bid be seen as the current winning bid so far.
You shouldn't be able to remove a reserve on something during bidding,then announce that the highest bid before that is now THE winning bid,so pay up.
No wonder he ran away..I would too.

[/ QUOTE ]

The hammer wasn't dropped right after the reserve was lifted. Two guys were going back and forth for about 50K after the reserve was removed and then one guy dropped out and the winning bidder took off as soon as the hammer dropped.