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A no-reserve auction (NR), also known as an absolute auction, is an auction in which the item for sale will be sold regardless of price. [1] [2]From the seller's perspective, advertising an auction as having no reserve price can be desirable (but risky) because it potentially attracts a greater number of bidders due to the possibility of a bargain. [1]
A dealer auto auction is a specialized form of auction. Millions of vehicles are sold at such dealer auto auctions every year. These auctions are restricted to the general public and only licensed dealers can participate. Prices of vehicles sold at dealer auctions tend to be lower than those advertised on any dealer's lot.
A No-reserve auction (NR), also known as an absolute auction, is an auction in which the item for sale will be sold regardless of price. [60] [61] From the seller's perspective, advertising an auction as having no reserve price can be desirable because it potentially attracts a greater number of bidders due to the possibility of a bargain. [60]
Barry v Davies [2000] EWCA Civ 235, [2000] 1 WLR 1962 is an English contract law case which established and confirmed that auction goods being sold without a reserve must be sold to a genuine highest bidder. The principle is subject to exceptions based on illegality, such as illicit goods, a seller without the right to sell the goods, or a ...
Mecum Auctions was founded in 1988 by Dana Mecum, [1] a car enthusiast whose father operated a dealership in Marengo, Illinois. [2] [3] Dana Mecum initially bought 40 semi-trailer trucks in the 1980s, and traded 10 of them for four houses which he rented out.
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