There are two kinds of auction: Reserve and no reserve. A reserve auction means that the seller places a minimum figure he’ll let the car go for. I suspect that that the seller had a pretty high reserve like $60-$75K on this, given what Spyders and RSKs have been going for.
“No lowball offers, I know what I’ve got.” Apparently, the bidding public didn’t agree and it only got bid to $42.5K.
FWIW, a lot of times “Didn’t meet Reserve” buyers and sellers make a deal outside of the auction house.