The Rolls-Royce Phantom nudges its way through a swarm of car dealers and into one of the sales halls at British Car Auctions in Blackbushe, Surrey, southwest of London. Only two years old, it is as immaculate as a new model costing more than ￡265,000 ($392,000): But within seconds the auctioneer has knocked it down for ￡135,000. Then it is on to the next in line: a Bentley Continental, a Range Rover, a Porsche Boxster and scores of Audi, bmw and Mercedes-Benz models. All are suffering the indignity of a collapse in secondhand-car prices as global demand for luxury and prestige cars dwindles.
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