One of Bradley Farrell’s missions in launching the immodestly named Finest Automobile Auctions company was to break some traditions. One of those traditions was “grinding,” putting pressure on consignors to lower their reserve prices when bids on their vehicles were falling short of those levels on the auction block.
Instead, Farrell would extend the bidding period, by as much as 72 hours after action on the block had ended. He believed that someone who would bid only to a certain level during the public auction would be willing to increase a bid when away from the heated auction environment. Continue reading