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Its a shill bid, they owe the money back to the purchaser, and theyre subject to fines and jail time.
What is shilling in auction?
Shilling is the act of a seller or seller agent bidding on his own item in an effort to receive more money for that item from the buyer.
Is shill bidding legal?
Britannica Dictionary definition of SHILL. [no object] US, informal + disapproving. : to talk about or describe someone or something in a favorable way because you are being paid to do it often + for. celebrities shilling for politicians.
What does shilling mean in selling?
/ʃɪl/ us/ʃɪl/ to help another person to persuade people to buy something, especially by pretending to be a satisfied customer. SMART Vocabulary: related words and phrases. Buying selling - general words.
Are online car auctions legit?
Conduct a Thorough Research. Auto auction is great, but not every platform offering this service can be trusted. Before you register yourself on an auction website, you may thoroughly check its reputation in the competitive market. Some auction websites make huge claims to impress buyers and sellers.
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HOUSTON COLE LIBRARY - Jacksonville State University
What happens if you win a car auction and cant pay?
If you purchased a car in an online auction and fail to pay for it, the seller (whether an individual or a company) could potentially take legal action against you. In many jurisdictions, winning a bid in an auction, including online auctions, constitutes a legally binding contract.
Related links
Cyber-shilling in Automobile Auctions
by D Grether 2015 Cited by 17 We run a large field experiment with an online company specializing in selling used automobiles via ascending auctions. We manipulate.
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