What happens when auction ends without making the reserve?

stlrj · 09:54 AM

I've been watching several 964 coupes on eBay not making it to reserve. Any idea what's going on?

Is it the economy or are they asking too much for what looks to be fine cars with low miles in mint condition?

Joe Garcia

nostatic · nostatic's Garage

yes and yes

1fastredsc · 10-07-2003, 02:30 PM

When it doesn't meet the reserve it means that the seller has the option to not sell it at all for not meeting his "minimum" price. And both are true.

cantdrv55 · 10-07-2003, 02:39 PM

I watched several P-cars on eBay that did not make reserve price. I contacted a seller to see if we can make a deal and was told that he'd rather hold on to the car than sell it at the last bid or my bid (higher than last but still significantly lower than reserve). Bottom line: sellers are asking for too much in this economy. There's a 964 for sale right now in CA that's asking $28.5K for a '90 Cab w/90K miles. The car may be in immaculate condition but I don't believe it'll sell at that price.

nostatic · nostatic's Garage

Quote:

Originally posted by cantdrv55
There's a 964 for sale right now in CA that's asking $28.5K for a '90 Cab w/90K miles. The car may be in immaculate condition but I don't believe it'll sell at that price.

Given the current market, that car is priced about $10K too high.

john70t · 10-07-2003, 03:33 PM

Then again sellers put a high reserve, advertise in multiple places and string buyers along so they can pick and choose and then call the highest bidder back and nag them to buy.

trader220 · 10-08-2003, 05:50 AM

You're kidding me? people have an inflated view of the value of their cars. Don't forget the huge number of people that just want to talk about their car. I have bought and sold quite a few 911's in the past 10 years and you always get a good number of people that call and just want to talk about their current ride with you. What we may have here is people that want you to call or email so they can chat about their car. I frequently bid under real market value for cars on ebay. I get a lot of owners upset when I am the high bidder but the reserve is not met and I tell em where the market is on their car. You hear a lot of..I'll never sell it at that price , sort of stuff. Or, I dont need to sell it so I'll just keep it before I sell it at that price.

old_skul · 10-08-2003, 06:30 AM

Well, a car is worth what someone will buy it for. And if enough sellers keep the prices where they want them, eventually buyers will step up to the plate and pay the man. That's how commerce works.

Reserve prices are often set way high, though. Why even auction it when your reserve is unreasonably high? Just put down a Buy it Now price.

trader220 · 10-08-2003, 07:26 AM

Well after working on various options exchanges for 17 years my experience tells me what you're asking the sellers to do is collude. I can tell you with certainty that in order for prices to go up buyers have to come into the market and raise the bar. Sellers don't have pricing power is a falling market. They can list their cars as high as they like buyers wont chase em unless there is some other fundamental shift in the market.