I always thought No Reserve meant No Reserve. Won this auction, seller informs me that BAT had told him the car would sell for $30,000 but wouldn't let him have a reserve. So he said he couldn't sell it for my winning bid. In BAT's defense, they said they are going to return my buyer's premium and did try and get the guy to go through with the deal, but I don't think there is much they can do.
Good thing I didn't get on a plane to look at the car, only to find out there was a secret reserve. Or pay for a PPI.
Not a fun day.
https://bringatrailer.com/listing/1973-porsche-911t-37/
---Adam