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Some sellers took the cash offers, others opted to roll the dice and go to auction. Many of the sellers ended up with a much smaller auction price, while others sold their items for a little to a lot more than the dealers' offer. The Real Deal dealers bring a wide range of specialties to the show with them, and have decades of combined experience.
A dealer auto auction is a specialized form of auction. Millions of vehicles are sold at such dealer auto auctions every year. These auctions are restricted to the general public and only licensed dealers can participate. Prices of vehicles sold at dealer auctions tend to be lower than those advertised on any dealer's lot.
This is a list of the most expensive cars sold in public auto auctions through the traditional bidding process.. On May 5, 2022, in a secret auction at the brand's museum in Germany, Mercedes-Benz sold one of just two 1955 300 SLR Uhlenhaut coupes from its extensive collection of historical automobiles—which dates back to the earliest days of the car in the late 19th century.
The participant risks taking a lower price than offered by the dealer if the object fails to exceed the dealer's offer or fails to meet its reserve. Dickinson's job is to act as a mediator to help the sellers obtain the best prices from the dealers or to help them with the decision about whether to refuse the offer and to take the item to auction.
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Here, the firms are the bidders and the consumer is the auctioneer. Firms "bid" prices up to but not exceeding the true value of the item. Competition among firms should drive out profit. The number of firms will influence the success or otherwise of the auction process in driving price towards true value.
Each of the bids increases the price of the item by a small amount, such as one penny (0.01 USD, 1¢, or 0.01 GBP, 1p; hence the name of the auction), and extends the time of the auction by a few seconds. Bid prices vary by site and quantity purchased at a time, but generally cost 10–150 times the price of the bidding increment.