About 20 years ago, I had a used car dealer's license. I took an Olds Cutlass to the local dealer's auction and put a $3400 protection price on it. The paperwork is rigged so the auctioneer knows the sellers bottom dollar, but there's no way the buyers can.
The bidding on my Olds petered out at about $3200. The ringman asked me if I'd let it go for that. I told him I needed $3400. The ringman said, "OK, we only have one bidder. We'll work on him some more".
They started the bidding again and pretty soon had $3400 bid and sold the car. I have no idea where in the rafters they were getting their other bids.
Those dealer's auctions definitely aren't for the naive or faint of heart.
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Today's Featured Article - Box Plow Blues - by Tom Schwarz. One of the first implements most tractor owners obtain is the box plow. For very little money, this piece of equipment promises to plow and flatten any hill or vale on your ranch road or farm. At least that's what I thought! As simple as a box plow appears, it can be rather challenging to make work correctly. In our sandy soils of Florida, traction is king. You can never have wide enough tires or heavy enough weights to get all the traction you want … unless you own a monster tractor. U
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