Re: Auction Reserve

Posted by John Icenhower on March 31, 1998 at 21:15:21

In Reply to: Auction Reserve
posted by Jack Cunningham on March 31, 1998 at 19:43:19

: I visited the site mentioned on your board--- Kruse International. Very intersting! What does the term "Reserve" mean in the auction. I note some cars havr "no reserve"
: Thanks,Jack
Jack,
As I understand it, a reserve is like a minimum bid or selling price that is acceptable to the owner.If a car has "no reserve" then there is no minimum selling price and the item will go to the highest bidder when the auctioneer closes bidding.If an item/car does not have a bid above the reserveset by the owner then it is not sold.
John

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