Quote:
Now an auctioneer in Florida is flipping it for just about double the minimum amount the former owner was willing to take.
Maybe yes, maybe no. The market will tell.
I've seen several cars at auction for years before they sold. The typical auction house sells hundreds of cars each year. If a "no reserve" car is not bringing what they think it is worth, sometimes they'll buy it themselves.
The auction house doesn't have to pay their own fees for running it across the block and have the ability to haul it to a dozen auctions for only the cost of transportation. If it sells for more money at the next auction, they do well. If they have to haul it up and down the country too many times, they don't.
jack vines
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