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Why can't I see the floor price?

A visible floor price can act as a psychological barrier preventing dynamic bidding activity. Knowing the floor price would inhibit dealers from making any bids lower than the floor, negating the potential to achieve the true market equilibrium price. Accordingly, the Autorola auctions begin with low bids which gradually increase towards the close of the auction. Cars which do not reach their floor price are oftentimes sold under the floor, provided the seller has received a serious bid on the car. This would not occur if the bidders are apprehensive due to a visible floor price appearing too high. After the auction, we contact the seller and ask whether they wish to sell to the highest bidder (below the floor price). Thus, it is vital to maintain the highest bid, even if your bid is below the floor price!


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