The XP833 1964 Pontiac Banshee was created by GM executive John DeLorean to give Pontiac a shot at the Corvette market. To quiet the fears of Chevy excutives, the Banshee was designed with a 155 horsepower straight 6-cylinder engine, so it would remain less powerful than a Corvette. In fact, the car was intended to compete with the Ford Mustang, but eventually that honor went to the Chevrolet Camaro and Pontiac Firebird. The Banshee was never built, and this prototype went into private hands. It's got just about 1500 miles on the odometer. This unique car has been across the auction block twice already this year, and it hasn't sold yet.
The Banshee went up for auction in March, and garnered a high bid of $325,000 - but no sale. That's the magic of reserve price auctions - if the number doesn't meet the seller's target, there's no requirement to sell. The seller still pays a commission to the auction house, of course. Some things are just not open to negotiation!
Then the Banshee was on the block again in August during the Monterey classic car festivals, but this time with a different auctioneer. The high bid was $400,000 - but still no sale.
So now the owner has the car up for auction on ebay. With 6 days left to go, the bid is about $48,000. It's hard to think that an ebay auction will yield a better price than the high-zoot auctions at the Amelia Island Concours and Monterey where this car has been presented already this year, but at least the seller will pay a far lower commission to ebay if the car doesn't sell.
Frankly, I find it hard to imagine any car being worth $400,000 - and if someone offered me that much money for the Banshee, (assuming it was mine to sell) I'd take it in a heartbeat. I don't know what number the seller is looking for, but if the high-end auctioneers couldn't deliver the dollars, it will be nothing short of earth-shaking for the auction industry if ebay succeeds.