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#1
01-23-2007, 05:36 PM
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Re: auction 'buy backs'
[ QUOTE ]
My main complaint witnessing the BJ auction was that the announcers were not properly informed about the cars AND that they rush the cars across too fast. [/ QUOTE ] The announcers are merely reading the description supplied by the owners. Otherwise, I agree - I think some of the descriptions are bordering on fraudulent. 
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#2
01-23-2007, 07:11 PM
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Re: auction 'buy backs'
Dave, Thank you for the "buy back" explanation, it makes sense how it works to me, now.
__________________
2 1971 LS-6 Corvette coupes (Duntov's last stand)
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#3
01-23-2007, 08:50 PM
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Re: auction 'buy backs'
The rules can vary from state to state, but most states have a similar provision in their Uniform Commercial Code to this provision in the Oklahoma Code regarding auctions.
"... (4) If the auctioneer knowingly receives a bid on the seller's behalf or the seller makes or procures such a bid, and notice has not been given that liberty for such bidding is reserved, the buyer may at his option avoid the sale or take the goods at the price of the last good faith bid prior to the completion of the sale. This subsection shall not apply to any bid at a forced sale." Does the Barrett Jackson bidder agreement give notice that buyers may be bidding on their own cars?
__________________
Don't believe everything you read on the internet ... Ben Franklin
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#4
01-23-2007, 10:53 PM
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Re: auction 'buy backs'
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Does the Barrett Jackson bidder agreement give notice that buyers may be bidding on their own cars? [/ QUOTE ] No. As stated before, the B-J seller contract specifically states that the seller may NOT bid on his car. Also as stated previously, this does not prevent the sellers friend or agent from bidding on the car and there is NO way to prevent this. If you bought and suspected it, collusion between the parties would be very hard to prove, I would think. Dave
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#5
01-23-2007, 11:02 PM
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Re: auction 'buy backs'
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If you bought and suspected it, collusion between the parties would be very hard to prove [/ QUOTE ] Im sure you can prove it when the "seller" has the car listed on ebay a week after the BJ auction, or if its a legit sale to a friend,money must change hands,appropriate income taxes filed etc. Im sure no one does that on a false sale. So it would be easy to track whats goping on if one really wanted to.
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