Buyer Reneges on $700,000 Bugatti at Barret-Jackson Car Auction

Barrett-Jackson Auction Company is known as being one of the top automotive auctioneering venues in the world as well as an one of the most ethical companies in 2010. Saturday, at a Barrett-Jackson car auction held in Las Vegas, the integrity of the company was almost discredited when a bidder reneged his offer of $700,000 to purchase an exotic Bugatti Veyron, once worth $1.8 million dollars. 

According to SpeedTV.com:

Craig Jackson, chairman and CEO of Barrett-Jackson, stepped up and bought the car himself, making the Bugatti’s consigner whole and protecting the integrity of the auction.

Barrett-Jackson would not identify the faux buyer, saying only that once the guy said he would not honor the sale, the auction yanked his bidder credentials on the spot and escorted him off the premises.

“First, he said he didn’t bid, then he said he was ‘trying to help,’” Jackson said. “The bottom line is, he said he wouldn’t buy it and we booted him.”

Too bad we dont have someone to keep all of Obamas broken promises:

"Our President: The Great Reneger!"

Link to auction video: http://link.brightcove.com/services/player/bcpid71457653001?bctid=617915...