The thing that's puzzling is the implication that the lender is at the mercy of what stuff sells for to third parties at the auction. I worked for PCA at that time, and that simply isn't true. The creditor (bank or PCA) can bid up to the amount owed on anything they want. We (well, I) always figured out how much we were willing to bid on each item, based on what we thought we could resell it for. We would bid it up to that amount, and either buy it (for that amount or less) or let it go and get our money out of it. We would rather someone else outbid us so we didn't have to deal with reselling the item, but were perfectly willing to go either way. And either way, the more that gets bid, the less the debtor ends up owing, and the better it is for him. I just can't think of any scenario where it was to the farmer's advantage to encourage no one to bid.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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