About 20 years ago, I had a used car dealer's license. I took an Olds Cutlass to the local dealer's auction and put a $3400 protection price on it. The paperwork is rigged so the auctioneer knows the sellers bottom dollar, but there's no way the buyers can.
The bidding on my Olds petered out at about $3200. The ringman asked me if I'd let it go for that. I told him I needed $3400. The ringman said, "OK, we only have one bidder. We'll work on him some more".
They started the bidding again and pretty soon had $3400 bid and sold the car. I have no idea where in the rafters they were getting their other bids.
Those dealer's auctions definitely aren't for the naive or faint of heart.
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Today's Featured Article - Search For Spares - by Anthony West (UK). Following on from the aquisition of the old Fordson F, I was very much in need of spares. As a novice though I didn't appreciate the fact that there were so many Fordson tractors made, that all the other makes seem rare by comparison. As far as I was aware a fordson was a fordson and it was only through trial an
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