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15 minute rule
razidog
Member Posts: 1 ✭
Can someone explain this 15 minute rule when bidding. I've read the rule but a little unclear regarding how it works. I understand the purpose of the rule. So, do bidders have to bid 15 minutes prior to the end on the schedule time? Can you place a bid under 15 minutes ? An example of the process would be helpful.. Thanks
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Comments
Every time a bid is placed near the end time the auction extends 15 minutes. Good for the sellers and good for GunBroker!
When you place a bid with less than 15 minutes remaining in the auction, the auction ending time resets to 15 minutes. If you bid with (say) five minutes remaining, the ending time resets to 15 minutes. The process can continue until there are no more bids, I've seen auctions extend for over an hour due to a series of late bids.
The 15 minute rule is awesome!
I have had auctions run over 3 hours on an Automag I sold. Was 3500 with 13 minutes left and I was a little unsettled on the rig cause it was world class complete outfit, before said and done 6400 dollars , pleasing it was-
I presume those who know more about behavioral science and marketing know more than the rest of us. EBay and other auction forums may have their own reasons for not using the 15 minute rule. When I worked in a related field we found that putting no "must return by" date on a sale nearly no one did a return, whereas putting a 10 day return resulted in a fair number of returns. The lack of a deadline, which most would intuitively believe causes more returns, reduced/eliminated them by a) removing the urgency to act and b) allowed the buyer time enough to consider the $$$ gone for good. Whether this was a good thing or bad - after all, the customer was still unhappy they just weren't sufficiently motivated to do a return - was a separate issue.
The 15 minute rule makes me set a price I'm willing to pay and forget it. Since I can't win by being the "lastest and the fastest" it eliminates the impulse to win by spending more $$$. It may be that the 15 minute rule doesn't bring in more $$$ per sale but creates more revenue overall by encouraging greater participation. I'll bet someone with GB has a definite answer on it.
Focus on the OP's question, which is an explanation of what and how the 15 minute rule works.
sometimes only a penny or two more than the previous bid.
That sort of bidding came to be referred to as "sniping".
Not long after that the 15 minute rule came into being.
Gotta love a guy that can state it clearly, even if he is not a great fan of rum.