[Opie55]

When it comes to auction bidding strategy, I'm about as sophisticated as a potato. So I have a question.

Perillo, a Bentley/Lambo dealer near Chicago, has a 2022 Audi S5 convertible on its website for $63k. A bit overpriced, but whatever. So they put it on eBay in a reserve auction with a starting bid of $5k.

There were 2 bidders. One was bidding manually, and the second was auto bidding $100 above the other guy's bids. A full hour before auction end the manual bidder got to $15k and the auto bidder went to $15,100, and that was it.

What's going on there? I guess there is some strategy to starting low on an expensive item, but my question is really about where they ended. Why does someone only willing to pay $15k for a $60k item being sold by a sophisticated seller even bother? What's the point? I'm sure there is an answer, but my tater brain does not know what it is.