Federal Regulation of Auction Marketplaces Anyone?

[basemmr]

Does anyone else think that auctions, especially very large ones like Manheim and Adesa, need to be regulated by the feds?

I mean think about it, to an extent the stuff they get a way with on a daily basis has to be affecting the industry negatively. I get that ultimately the dealership has to suffer the consequences through either a financial loss, time lost, or a combination of the two. However, essentially these auctions are allowed to dictate the quality of a vehicle (incorrectly), value that vehicle based off it's condition relative to the marketplace (again incorrectly), and then on top of it all they simply inflate the cost of the unit even more by getting paid to facilitate their negligence time and time again. They're goal is to move the unit's as quickly as they can, and ultimately have no one to answer to when they manipulate the CR's in order to ensure the sale they need. I just can't believe the feds want no part in regulating this aspect of the industry.

 

[Ozone2323]

Not just the brick and mortar, but what about the digital ones as well, such as ACV, TradeRev, Etc... I mean in light of recent lawsuit filed against ACV accusing them of bid shilling, I would put them into that category as well. https://www.bizjournals.com/buffalo...acv-auctions-employee-files-legal-action.html

Does anyone else think that auctions, especially very large ones like Manheim and Adesa, need to be regulated by the feds?

I mean think about it, to an extent the stuff they get a way with on a daily basis has to be affecting the industry negatively. I get that ultimately the dealership has to suffer the consequences through either a financial loss, time lost, or a combination of the two. However, essentially these auctions are allowed to dictate the quality of a vehicle (incorrectly), value that vehicle based off it's condition relative to the marketplace (again incorrectly), and then on top of it all they simply inflate the cost of the unit even more by getting paid to facilitate their negligence time and time again. They're goal is to move the unit's as quickly as they can, and ultimately have no one to answer to when they manipulate the CR's in order to ensure the sale they need. I just can't believe the feds want no part in regulating this aspect of the industry.

 

[basemmr]

I don't understand how these companies can create the foundation for their business off a premise of no accountability. All I SEE IS COLLUSION.....

I want to start an auction and just hand out free PSI's on all cars cause fuck it, and undercut the crap out of their buy fee's. Anyone have roughly 100 acres?