An entire car company is up for auction with no reserve

A woman sits in a 1930 Cord L29 Speedster at the 2009 Pebble BeachConcours d’Elegance (Alamy/PA)

Thousands of cars are sold at auctions every day, and it’s not uncommon for them to trade with no reserve.

One thing that’s less common is for an entire car company to be sold by auction, but that’s what is happening in Texas next month when the rights to the classic American car firm Cord are being sold.