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Tricky Business
Jan. 21st, 2009 04:55 pmI'm toying with the idea of going to the Mervyns Corporate Auction on Friday. Mervyns is a regional department store chain that just went bankrupt. I'm not completely new to auctions, and this one looks real. They require a $500 cash (refundable) entrance fee, and a bank letter of guarantee. It hasn't been well publicized, and maybe there will be some bargains to be had. There is always a certain element of craftiness to these things, so the buyer(me) must beware.
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I dropped by for a few hours, and it seems that people were really bidding high. I sat on my hands, as some other guys I had gotten to know. As an example a 2008 Chevy Malibu with 17K miles sold for $13,200, that's blue book value, and at an auction you have no idea of the condition, and have no recourse after you buy it.
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I dropped by for a few hours, and it seems that people were really bidding high. I sat on my hands, as some other guys I had gotten to know. As an example a 2008 Chevy Malibu with 17K miles sold for $13,200, that's blue book value, and at an auction you have no idea of the condition, and have no recourse after you buy it.
