Reply to "Pantera #6748 - Flooded / drowned Pantera"

The title may only be tagged "Salvage or Rebuildable" if there was an insurance claim and the insurance paid out on the car. It is these cars that are hitting the auction. Other damaged cars may be hitting the market where the damage is a bit more difficult to detect.
If John Doe had a pantera that was completely submerged but was not covered on insurance, he should be able to dry it out(replace carpets/seats/etc..) and sell the car on his original title with no indication of flood damage.
If you are knowingly purchasing a flood damaged car (especially salt water), I would plan on stripping it and dipping it. Take it to bare metal, replace everything electrical, all bearings, all interior, and a good portion other misc parts... Hardly worth the effort.
BTW I like the idea of the "car bag" as a possible solution to keeping a car dry in flood conditions. I will look into this further.