Reply to "Pantera #4592 - What is wrong with this car ?"

markcharltonOld enough to know better and still young enough not to care. My '71 Pantera

It's pretty simple really.

Let's say the seller has a reserve of $65,000 and very few people are seriously interested except for a couple of guys. One guy (let's call him George) figures he can live with white and would pay $50K. The other guys is named Mark and he only would buy a red car (or yellow if it was really cheap

) and he'll pay no more than $23,200.

Even though George placed a max. bid of $50K, the next increment to Mark's bid is $23,300. Since George's bid didn't trigger the reserve, $23,300 is the highest bid seen.

At least that's the way I understand it works.

1/14/086:56 PM

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