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<blockquote data-quote="Subsoil" data-source="post: 722368" data-attributes="member: 1099"><p>The ones I've been around, if you consign a tractor, you get to put a minimum on it. The monthly auction will run the tractor through up to thee months. The third sale is an absolute auction however and if the tractor doesn't bring the minimum you set, but you're still not happy with the price, you'd be required to buy it back yourself and would be responsible for the commission on the final sales price.</p><p></p><p>Another thing going on is the auction company may be buying some of the tractors for resale at other auctions or future sales. Kind of like the salebarn owner buying cattle.</p><p></p><p>As far as the legality - why would it be illegal. Unless some one is holding a gun to your head making you bid (watch the end of the movie "Taken") no one is forcing you to pay more than you want. The auctions job is to find the level between the minimum the seller will take and the most the buyer will pay.</p></blockquote><p></p>
[QUOTE="Subsoil, post: 722368, member: 1099"] The ones I've been around, if you consign a tractor, you get to put a minimum on it. The monthly auction will run the tractor through up to thee months. The third sale is an absolute auction however and if the tractor doesn't bring the minimum you set, but you're still not happy with the price, you'd be required to buy it back yourself and would be responsible for the commission on the final sales price. Another thing going on is the auction company may be buying some of the tractors for resale at other auctions or future sales. Kind of like the salebarn owner buying cattle. As far as the legality - why would it be illegal. Unless some one is holding a gun to your head making you bid (watch the end of the movie "Taken") no one is forcing you to pay more than you want. The auctions job is to find the level between the minimum the seller will take and the most the buyer will pay. [/QUOTE]
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