Dutch auction the bid, and pays $10,000 for the car. Dutch auctions are a competitive alternative to a traditional auction, in which customers make bids of increasing value until nobody is willing to bid higher. Some financial commentators and some third-party auction sites use "Dutch auction" to refer to second-price auctions, which work differently from Dutch auctions. The United States Department of the Treasury, through the Federal Reserve Bank of New York (FRBNY), raises funds for the U.S. Government using a Dutch auction. The FRBNY interacts with primary dealers, including large banks and broker-dealers who submit bids on behalf of themselves and
Courage C60 Henri Pescarolo had further developed the C60. For 2005, Courage and Pescarolo both released redeveloped versions of the C60 for the new LMP1 regulations; both were designated as C60 Hybrids and used Judd engines. The Pescarolo version retained its Judd GV5 engine, with a claimed power output of , whilst the Courage version used the smaller Judd GV4 engine, and featured a noticeably different rear wing. Courage introduced the new Catone-designed Courage LC70 in 2006 as the C60's replacement. The C60 made its debut at the 2000 Silverstone 500 USA Challenge, when SMG Compétition's Gary Formato and Philippe Gache used