Reserved & Unreserved
RESERVED: which means the vehicle has an upset or minimum price.
UNRESERVED: which means the vehicle has no upset or minimum price. Unreserved vehicles sell to the highest bidder.
So know we know the auction sells both reserved and unreserved vehicles. When I ask about a reserved price on the vehicle why won't the staff tell me the reserved price?
All to often when people sell any kind of product whether it be a house, vehicle , or any other commodity. Sellers will speculate on a selling price. How often have you heard someone who is selling a house say, "Well we listed it with the Real Estate Agent at $150,000.00 but if someone offers us $140,000.00 we're going to sell it." The same thing applies to vehicles. Our job is to show the seller the most money the day of the sale, good or bad. The seller then has to make a decision whether to sell or not all this has to take place in the sale ring.
So now you can see why the auction does not want to discuss reserve prices. We want our buyers to do their research.
It goes like this:
- Look the vehicle over carefully check out the mechanical condition, engine transmission, lights, interior body, etc. Find out what kind of equipment the vehicle has, size of engine, standard or automatic transmission, air, tilt, cruise control etc. You can come into the office and get the keys for any vehicle being auctioned off. Just tell the office staff the number that is in the front windshield of the vehicle.
- Have a mechanic or a knowledgeable friend check the vehicle out as well. Get a second opinion.
- We do not permit test drives, but only on an off sale week. (Inquire at the Office.)
- Check out 4 or 5 vehicles so that if one vehicle sells to high for your liking then you have a second or third choice lined up.
- Pick up your local newspaper, Prince George Bargain Finder, Auto Trader, Buy & Sell, and do some research on the value of the vehicle you are looking at.