Death and the Salesmen

In the end, six bidders made 15 offers, most in the auction's last day. The auction was slated to end at 4:01 p.m., but the bids were still flowing. And by SalvageSale rules, an auction can't end until 15 minutes have passed with no new bids.

That moment arrived, finally, at 5:46 p.m., with a high bid of $7,801. The odd amount indicates the bidder was wise to the ways of Internet auctions. That extra dollar offers an edge over the uninitiated, who gravitate toward round numbers.

Mike Gorman

Mike Gorman

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After the bidder and insurance company negotiated the deal's terms, the buyer wired the purchase price to SalvageSale, which placed the money in escrow until the title was exchanged. SalvageSale then extracted its fee, $975.13, and wired the remaining $6,825.87 to the seller.

The buyer, an East Coast company, chose to remain anonymous. SalvageSale will reveal only that it's a reseller, not an end user -- a significant detail. The new technology may someday displace old-line salvage guys, but for now, they're shopping for deals on-line. Rather than fighting the Internet's new wave, they're surfing it, salvaging whatever they can.