Education is everything when buying a classic, the authorities don't seem to care. Neither do some profit minded dealers or at least this one at it would seem.
There are several states you don't even need a title to register a vehcile over 15 years old. I bet there are quite a few vehicles running around like that. I know a few trucks that have a different vin. They own both titles but haven't done a combined vehicle title yet. But they aren't selling it for thousands either.