Going once! Going twice! Sold to General Electric Credit.
It's not just the used cars that are being bought, it's the auction houses themselves. And the most visible buyer is GE's credit subsidiary.
General Electric Credit bought its first auction house in 1985 and has since added 16 more. Executives say the chain will have as many as 25 lots by the end of 1988.
Long dominated by mom and pop operations, the auctions are gradually attracting big-name buyers anxious to build nationwide chains and capture a piece of the estimated $600 million to $750 million in commissions collected last year.