Kruse Auctions

[William C.]

Re: Kruse Auctions

I would not damn them all with the issues of Kruse. Most of this discussion revolves around reading and understanding the contract you are entering into with the auction company. What some are suprised about by several in this discussion is pretty common knowledge AND in the contract the consignor agrees to.

[Dick W.]

Re: Kruse Auctions

There are several that are straight up, but I will not get into a discussion here about them. Unfortunately a few rotten eggs stink up world for the rest of us. No, I do not work for any of them, I just know the back door operations of several that I have high respect for.

[Jaime G.]

Re: Kruse Auctions

I am sure some have honest businesses. Having said that the credo at auctions is "Caveat Emptor" which translates from latin as "Buyer Beware"
So be your own judge, do your homework, know values and "Good Luck"

[Phil D.]

Re: Kruse Auctions

If the seller wants 28k the auction house runs the bid up to 24k and then looks for a real bid of 25k at that point the seller is ask to lower his reserve to 25k and the car is sold. If the car sells for more than the reserve you need two real bidders. It is spelled out in the fine print so it is legal.

The problem with this practice is that it doesn't give the seller any information to go on. If you only have one real bid, or even only two, perhaps just not the right people are in the room today. But if you have four or five or more bidders going after it then you could be more confident that, "well, that's all its really worth." At that point, then yes, go ahead and lower your reserve because you're not likely to do much better at another auction or by selling it on your own.