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Novice Question re: Auctions
Lantern Legal
Member Posts: 4 ✭
I'm new to this platform. I noticed in some auctions I've been following that the same person will come in and bid consecutively within minutes. You will see like say three bids one right after the other.
Can someone explain to me why this happens? From my inexperienced position it seems like this would be to make the auction more attractive by increasing the number of bids. But maybe there is a more simple non-dubious reason for this. I just can't figure that out.
Much appreciated.
Comments
The bidder may bid (say) $505.06 and receive the "Congratulations, you are now winning" announcement, but still isn't convinced that he'll win the auction with that amount. In that case he'll come back and raise his bid accordingly. Remember, not everyone monitors the auctions minute by minute. Some will place a Proxie bid and wait to see what happens.
also if they don't bid enough to be the high bidder (someone previously set a higher max bid, "proxy bid" as Mark mentioned) and they try several times but still are not high bidder it will show that bidder each time they tried.... happens to me a lot lately trying to get ammo. Welcome to the forums.
In the example I've seen, the bidder places a bid, then within a minute or two places another, then another.
If you have a moment, take a look at the bid history here: https://www.gunbroker.com/Item/895107120/BidHistory
The bidder I am talking about is C***5 NR. Look at his bid patterns and maybe tell me if there seems a good reason for this.
I appreciate your response.
@Ruger4me
Oh, I see what you mean. They place a bid, but the system still has not recognized it as high bidder, then try again until they get the notice that they are high bidder?
Did I get that right?
Yes or they give up, I did that earlier today, set my max bid about 5 dollars above the current bid twice, but neither was high enough to take the lead, so it shows me as the next minimum bid amount up to my max, several times but never the high bidder.
@Ruger4me
Ok. That makes sense. I'm glad I asked and I appreciate your responses.
Correct, for instance I have a set amount I want to bid for a item, say 900.00 and walk away and hope the item sells for less.
If the previous bidder might be high bidder at 150.00, I bid 900.00, the auction show me as high bidder at 160.00 and will stay high bidder until I am out bid.
Any following bidder/bidders might bid 25 or more times trying to become high bidder hoping for a elcheapo price until he out bids me or gives up.
They will not be high bidder until they have reach a bid over 900.00
I have found a good way to bid is to set your top dollar and let it ride, win or lose. I use an odd amount like $737.86 to beat some bidders over mere pennies. I have won several auctions using this method.
Please make sure you look at shipping costs, they can bite you. If the seller says actual cost be sure to ask them for the cost to your zip code before bidding. If they won't give you an amount for shipping, be very concerned. Sellers may add what they think is cost, like boxes, packing material and travel to the shipper into the price. If you win you are stuck with what the seller says is his cost is. It is best to know that cost before bidding to avoid unpleasant surprises.
I do the same as Bpost, I set my max price and let it ride. Lots of "Last second Larry's" try to swoop in with an hour left in an auction to see if they can score a win and they'll often bid in $5 or $10 dollar increments to their max. If my early bid $$ amount is higher than their highest, they won't win. If not, they take it.
Another auction thing to look at is sales tax and whether or not the seller has a credit card fee. These can add a substantial amount to a purchase, so a $750 gun is now $845 before you even get the gun shipped to your FFL. (And then pay his transfer fees.)
Stay safe.