Done listing at a penny!!!
Austringer62
Member Posts: 34 ✭
I just recently started to use GB to sell guns and other items I no longer need. After doing some research I decided to sell starting with a penny, without reserve. The consensus seemed to be that is a good way to end up with fair market value.
Well, my experience has been that my items sold for less than the exact same items in recently closed auctions, sometimes a LOT less.
I sold one item, a holster, for a penny!!! It was never used, in it's original bag, and the cheapest I could find it online was over $40.00.
My shotgun sold for $50.00 less than the same model two weeks prior. That one was damaged, and had some wear, mine was undamaged and in very good shape, the other one was missing a front sight.
My revolver, like new, sold for $150.00 less than the same model that was visibly used.
Today the final straw. High quality ammo, 40 S&W Federal HST. This ammo before the shortage sold for $0.90/round. Now it's crazy, between $1.40-2.40/round online, IF you can find it. I was thinking I'd get "fair" market value, from before the shortage.....NOPE. It sold for $0.73/round...rounded UP.
No more penny auctions for me.
Marc
Comments
I have had some of the same results. But also some very good results. You can never judge what an auction will bring. Sometimes i wonder do the high bids come from shill bidding like in real time auctions were people actually due up bids.
I have had a similar experience with some of my auctions over the years. Feedback and history of the seller is important, quality of pictures, how the item is listed all come into play. The main factor is someone needs to want it.....
If the penny thing does not work for you, list it for the least you would accept for it and go from there.....
This your auction? Did you have photos on your other auctions?
https://www.gunbroker.com/item/885642977
Pictures are the key to selling, As for me I list at the lowest price I want and let it go from there. Have had no issues doing it this way.
I feel your pain
as some one who sells off items no loner needed or used or rare occasion finds from a garage sale at deal and list it . had lost my butt too many times , I just do not have the $$ to absorb the losses or spread the losses and balance with the hopefully items that do well, I just do not enough items or sales to do that with . so I started years ago listing at what the least I would sell something for and hope it does better ( market value ) but at least that way I will not be so disappointed when it sells
to me if you like to gamble or do a lot of sales the one cent or one dollar start is great and most of the time does at least hit the market price , I decided years ago its just just not for me to sell that way .
as for feed back ( on another site I have well over 5k all 100% positive as a seller and customer on GB all have been 100% positive also do not remember my count on here
there is more that comes into play than feed back like how many are listed when your selling and prices ? what time of month start end middle when does the auction end evening morning weekday weekend , what's the current trends and panics
I bought a box of .38 Super here once for a penny. The shipping was $10 (also below his cost) so I sent him $20 and called it good.
He never asked for more money; if he had, I would have never given it. But since he didn't, I realized I was dealing with a decent guy and didn't want him to take too bad of a beating.
List for what you are willing to take and let it run it's course. IMO penny auctions are not smart. YMMV
Sellers with a strong history, and a lot of followers on GB, have a lot more flexibility in how they can successfully price auctions. Other important factors include scarceness and demand of the item. It is one thing to list a quality item at a low start that is in demand, with few if any similar items on the board. It is another thing altogether to low-start a common, low demand item that is an also-ran.
truthful nailed it.
Its an auction-high bidder gets it! You get rid of your junk.
If it ain't junk and you don't want to sell it unless you get a certain amount - starting bid or reserve!
If the starting bid is too much for me, I move along, nothing to see here.
If it has a reserve, I figure the seller does not really want to sell it unless a buyer pays the secret price- I move along, nothing to see here.
I would never ask for more if I entered it as a penny, a deal is a deal, so to speak.
Shootuadeal, yes, that is my newest listing. I was offered 750 locally, but he didn't want the holster/ammo pouch, so I'm trying it here. Not to mention I've seen used ones go for more when I did an "advanced search."
Yes, my other listings had even more pictures.
Thank you for all your replies.
I just recently did 22 auctions for excess & unneeded ammo. Not large quantities, box or two of different calibers. I haven't ever done ammo before and realized it had to ship by UPS, so I listed shipping at $8 to $10 dollars. All auctions started at a penny. Only a couple of auctions did OK, most I would have been better off throwing the stuff in the dump as none of the shipping cost were under $11.85. So I not only lost on the auctions, but had to pay some of the winners to take the stuff. Yep, I too am done with penny auctions.
Something that can affect penny (all) auctions - yep, I'm gonna say it; no one else will - shill bidding!
I have bid on guns on GB which gave me a hinky feeling. When that happens, I bail and look elsewhere.
Bids escalating well above an items true value (pre-biden/pre covid) could be a tipoff.
If a shill bidder should win an auction they most likely non-pay. Otherwise, someone must eat the fee (either way, watch for the relist).
Its obvious you don't employ a shill but something for buyers to watch for. (Years ago I worked with a guy that did it right here on GB).
I was one of your bidders on the .30 carbine ammo...(winner), saw several bidders playing around with cent bidding and I myself don't like to see anyone to get burnt I bid my max which I considered a good/decent price, I also had to keep the shipping charge in mind (which was reasonable). Sorry to hear you didn't make out too good on the auctions, your a good honest seller, so don't give up, we need more like you. Thanks
"Never do wrong to make a friend----or to keep one".....Robert E. Lee
I don't think there is near as much shill bidding as some of you think there is.
As to selling ammo profitably, single boxes will never do well with shipping costs. We normally won't even bother with ammo unless its either a case lot or something that is bringing an abnormally high price, and even then usually at least 5 boxes.
Thank you JB, even though I lost on most of the auctions, I did not do it for profit. When I commit to something, win, loose or draw, I will follow thru. After all, a man's word is all he's got in the end.
Shootuadeal said:
"I don't think there is near as much shill bidding as some of you think there is...."
I hope you are correct but there seems to be a rash of non-payers.
I also was having bad luck with penny auctions so I quit doing them a couple of weeks ago.
Hello All,
Thank you again for all the replies!
This all started for me a couple of months ago when I decided to clear out all the items I have in the safe that are just taking up space. I had items I haven't used in over 40 years!!! If this process has taught me anything, it's that I may have a bit of a problem when it comes to guns...and I'm not what you call a 'gun guy," I'm a hunter.
Over the years I have picked up guns I liked, but in the end I always seem to grab what I'm used to grabbing, in some cases for decades. An example is the Ruger Redhawk mentioned above. I bought it several years ago thinking it would be my new grouse hunting companion. We have a lot of bear, so when I go into our woods (Northern WA/ID) I carry a sidearm. I have carried a Glock 20, 10mm, forever, and when it came down to it, that's what I kept carrying. The Redhawk sat in the safe, never fired. In the end, spending time getting used to the Redhawk would have taken away from time in the field. I know the Glock inside out by now, and trust it completely.
That was a lot of babbling to get to the point.
I put the Redhawk in last night, I set the beginning bid at a level I could accept, and did a buy now price at what I think was a fair price. When I checked my email this morning it had sold.
No more penny listings for me.
I too found myself with firearms piled up all over the place. At my age thoughts are I can't take them with me, so I called Locust Fork this past summer, met her in Chattanooga and dropped off 58 guns & other items which she auctioned for me. All started at a penny and did reasonably well. These items I am doing now (small lots of ammo) was just to get rid of it. Just now sent out 5 payment reminders, next a NPB notice, all auctions ended 2 weeks ago. If I learned anything, it is to at least charge enough to cover the shipping.😉