Word: auction
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Dates: during 1970-1979
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...their used cars at prices that the dealer cannot match. A rental agent, for example, pays $152 less for a new Buick than a dealer does, and the difference can range up to $200 on other makes. To hold maintenance costs down, most agencies sell off their fleets at auction or elsewhere every four or six months and replace them with new ones. Result: the renters flood the market with almost-new cars, which provide tough competition for both the dealers' new cars and much older used cars...
That is only part of the problem. The big rental companies sell their barely used autos at bargain prices in auctions regularly held in cities and towns all over the U.S. The auctions are closed to the public but open to all kinds of dealers, including gas-station operators who sell autos. An individual can choose a car before the auction, pay a willing used-car dealer to bid for him, and still save...
...officials had been angered- by Paine's original announcement on the closing of the center, which implied that the Federal Government would decide what to do with the facility with out consulting the City. "We will find some other government use for the center or put it on the auction block," Paine had said at the time...