Last week I bid on a boat being sold through copart. Copart sells all kinds of crashed and other vehicles online, I think they’re all over the world.
I bid the boat up to a certain point and stopped. There seemed to be only one other bidder at that point and the auction ended. The next day I find out that the same boat is listed at a reserve auction with a BIN price set about $1k above the price the auction ended at.
So obviously I was curious and looked at it a little closer, and to my chagrin I’m almost certain that they shill bid the vehicles in the initial offering just to determine the price to set the BIN. This first auction was supposed to be a pure sale, no reserve, making you think “no problem I only have to get the high bid”.
The last time I won a boat through these guys, I found out that the reserve auctions are bullshit too. I won the auction then had to negotiate and counter offer the seller for the actual sale price. So it seems that every type of auction these guys conduct is fake, I may or may not be bidding other actual bidders and even if I win, I might not win.
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