[QUOTE=Kevszr1;291033]
Quote:
Originally Posted by spork2367
Again.. It is a shill bid no matter how you spin it and the auction house will pitch you to the curb if you get caught. They absolutely don’t allow it but go take your chances if ya want.
But, I suppose if you don’t put a reserve on a car and you’re stupid enough to buy it yourself and pay 20% in commission alone rather than only 10% WITH a reserve sale, then you deserve to buy your own car. Go right ahead with your shill bid.
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Puzzled by your statement.
No "spin" here.
I know of two owners who "bought" their car back at reputable auctions.
Their bidder pass clearly identified them to all, and the house certainly had to know it was the owner paying both sides of the fee and taking the car back. The house earned their fees.
Each of these were "no reserve auctions", which I have stated I am certainly not a fan of such things.
The check was cashed.
The car released.
No one was tossed to the curb.
Agreed, not a bright thing to do, but many are convinced that their prize will pull strong money at a no reserve auction.
Someone (s) telling them that.
Perhaps the auction house or friendly experts.
But as the bids slow to a crawl, then at a low stop and desperation sets in, paying 18% or so and having another opportunity, must seem like the best alternative.
Not recommending it, not suggesting it, don't think it is a good idea.
However; It happens.
The intent of "Shill Bidding" is to drive up the price.
Shill bidding to drive up a price, certainly appears a fraudulent activity, and as such is likely against some law.
Paying 18% to essentially end the auction and retain the item, as opposed to furthering the price has a decidedly different purpose.
I would certainly suggest checking with the auction house directly and beforehand to confirm their policy on such, which also should confirm if it violates any federal, state or local law.
Marty