Simple, it isn't a $20K item you won't find a 4000% deal unless we are talking a few dollar item.  Anyone in their right mind selling something that truly is worth say $20K would have a "friend" protecting the bid to a point.  But even if they aren't you aren't going to save 4K% on a big ticket item too many other people would bid much higher.

What is that advantage of that over the E-bay style finite time/close of bidding?

All that is above reinforces the reason why Farm Tender [in Aust.] is starting up in the USA.  - look up "55 Farms."

On Farm Tender, items are advertised at either a set price, or a ONO [or near offer] basis, but the Farm Tender guys do not make anything out of No Sales. They are the link between buyer and seller, and put the buyer in touch with the seller. If a deal eventuates, they charge a 3% commission [reducing on high priced items].

Works great. Last thing I sold, I listed it with photos Sunday evening, had a ring from Farm Tender Monday evening, followed by the prospective buyer phoning. He came to look Tues morning, with the intention of buying, and towed the item away before lunch Tuesday!

A correction to the info below about 55 Farms -

go  - www.55farms.com   and you will be there!

tmrand says - "What keeps guys from just making a deal on the side after contacting each other to avoid the 3% commission? All they'd have to do is say no deal had been made. Not trying to buck your system........more so curious."

Valid point - but in my honest way I had never considered it!  Maybe us Aussies are basically honest [kidding!]

Guess there is some "terms of agreement" and you may be blackbanned if you break them. Also, not sure what reason you could then give to remove the item from Farm Tender listing, and others would continue to enquire about purchasing.  I forget what was required when I joined, few years ago, but now to access info about a seller I have to log in and express interest through the "Farm Tender" organisation.

As I have retired, I am listing some of my farm gear, and getting good results. Better [in my opinion] than a clearing sale where some things are real bargains - to the detriment of the seller.  For instance, my seeding rig - a cultivator bar and an air bin - was listed for 2 1/2 months before someone made an enquiry. Then he travelled 1200km to see it and shake hands on the deal.

Suggest you go to www.farmtender.com.au and see how it works.

If I wanted a Case IH 2388, I would do a search , all 'live' listings then show, and also those sold recently, with the asking price and description so one can see what various machines, with varying hours and header fronts are changing hands for $ wise.