Anybody know if there is a certain percentage of market value that must be gotten at a car repo auction in Ohio?
No. They will sell the car for whatever people are willing to pay for it. Although if the highest bid does not meet their minimum price, then the seller may refuse to sell the vehicle unless the bidder coughs up some extra cash (annoying, but it happens a lot)
I would never expect that the vehicle would be sold at "retail market value". That is because the used car dealers expect to buy these vehicles and sell them at a profit.
Additionally, bidders have limited time to examine the cars and look for problems, therefore they expect that there may be some hidden problems with the vehicles requiring money to fix before the car can be sold. This further drives down the price.
A third factor affecting the price is the auction fee. Many purchasers will pay $200-400 per car in auction fees. This means that they need to buy the car $200-400 cheaper to make up for their loss.
I guess I'm asking when a court will rule that the auction price is not commercially reasonable.
Well, how does your motion in your court case address the fact that about 100 experts (used car dealers who attended the auction or attended via the Internet) determined that your car was not worth bidding any higher on?
