That was a low down auction

rrlund · Dec 19, 2011

I sat here about 6 weeks ago in an online auction on an Oliver 550,late model,2500 hours,loader.Looked super nice. Kicked myself for days because I passed it up. Only brought something like $2835.
Just went to their site to see what was on this weeks auction and what do you suppose was on there? Yep,same tractor. I think I'll sit it out this time and wait for it to come up in another 6 weeks.

Anonymous-0 · Dec 19, 2011

I look at that same site, and see the same thing. I saw that Oliver on there again. There has been an IH 1086 on there at least three times that I know of.

dixon boy RL · Dec 19, 2011

I got 550 one owner (with factory loader) I picked up couple years ago and has only set in my shed. $5500.00. Only reason it sold from original owner he passed away.he was 94

Mike (WA) · Dec 19, 2011

I'd try again, if you are interested at a higher price. You know now what they won't take for it, and you also know they aren't letting it go below their minimum. If you're still game, I'd inch it up a bit this time.

Two problems with waiting for them to lower their minimum out of desperation: 1, if its a regular auction, they're not likely to get desperate, and 2), its still a good buy at 4 grand, and I'll guarantee there's more than just you interested in it.

onefarmer · Dec 19, 2011

Who's doing this low down auction so I know who to watch out for?

rrlund · Dec 19, 2011

800 last bid . com. Meidema

Rick Kr · Dec 19, 2011

Did they set a reserve, probably not. So what else could it be, the original bidder never picked up.

I haven't had a problem with Meidema yet. Just wondering why it would be back up. I do see on some of the larger items they list them as "approval by credit union, etc" but never on smaller or older items.

Rick

Wardner · Dec 19, 2011

The seller probably bid in and was the last bid. Or his shill did the same. I don't have a problem with either. The auctioneer still gets his commission. The bidder has a right to his reserve whether it is stated or not. I don't think that is unethical unless you incurred some expense to bid. I say 'grow up'. How willing are you to take a loss?

Traditional Farmer · Dec 19, 2011

Is this a consignment site? If so the new owner
may have put it back up figuring it'd bring more.Know a fellow that does it on ebay all the time

rrlund · Dec 19, 2011

It's billed every week as "Repo-cast" auction leading one to believe that it's reposessed stuff. It's all on their lot. I've bought from them before and picked up there. Huge place,everything from soup to nuts.

Rick Kr · Dec 19, 2011

Wardner,

Agree with you. On an older tractor, it would get expensive to keep protecting it since buyer pays 10% commission at 800-last-bid for cash, 13% for checks. Then he has it re-listed. After a time or two, it probably would have been cheaper to just accept what the market will pay.

There is a consignment auction by my place, guy has had his Case trackloader go through four times now. Every time it bids up to somewhere around $2700-2800. He "buys it back" at 2% of sale price. Then puts it back on craigslist for $6000. It never leaves the consignment lot. Not a bad piece, but not a lot of demand for trackloaders in our area.

Rick

TomH in PA · Dec 19, 2011

Advertised commission isn't necessarily what the seller pays. There's a guy around here who moves a lot of equipment; auctioneers often let him bring stuff to consignment auctions with no charge if he doesn't let it go in order to have the lot full and attract buyers.

Rick Kr · Dec 19, 2011

Learn something new everyday. Always something. But I guess in the end it really doesn't matter. When I go to an auction looking for something, I know my max bid ahead of time, and bid up to that, and either win or lose.

Rick

That was a low down auction

rrlund

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Anonymous-0

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dixon boy RL

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Mike (WA)

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onefarmer

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rrlund

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Rick Kr

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Wardner

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Traditional Farmer

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rrlund

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Rick Kr

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TomH in PA

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Rick Kr

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