Agree with you. One bidder can not win an auction, because it is equal to the starting price. That’s why the cars must be posted to such auctions which has more potential clients or even partners. Car-Liquidation is an Auto Auction Association who helps sellers to gather bidders from all over the USA. So if one bidder will be from one state, from the other state will for sure appear another one. Because they have 1000s of auction partners and they share the sellers cars between them. So an auction car will be sold faster.
You could tell that most people knew each other. It felt like these few dozen bidders were part of an exclusive network of junkyard owners and flip-artists who have been bidding on cars against each other for years. Every now and then, when one guy outbid another, you’d see the losing bidder lean over to a friend and talk shit on the winner. “He just buys cars for the sake of buying them. He probably makes no money,” I heard one guy whisper. Police auctions are full of mysteries and secrets.
Quotes delayed at least 15 minutes. Real-time quotes provided by BATS BZX Real-Time Price. Market Data provided by Interactive Data (Terms & Conditions). Powered and Implemented by Interactive Data Managed Solutions. Company fundamental data provided by Morningstar. Earnings estimates data provided by Zacks. Mutual fund and ETF data provided by Lipper. Economic data provided by Econoday. Dow Jones & Company Terms & Conditions.