It's quite a smart move really. People are usually greedy and think they can start a car off high and people will just buy it.
Starting low lures people in. 'I'll stick in a low bid, if I don't win, no bother' and those people carrying on bidding because they're attached to it. You might not get top money in the end, but I bet you get more this way than you would have if you'd started it at a grand. You almost certainly wouldn't have any bids yet if you'd started with a higher price.
If it makes crap money on the last day, can I pull the plug? I covered my arse saying its advertised elsewhere.