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Sunday, October 9, 2016

The myth of "Timing" an Auction.

Time Time Time
Your time is valuable, especially when bidding on items in our eBay Store. 
Sometimes you can get busy at the last minute and miss out on winning a good item by trying to "Time" an auction bid, so please bid what you are willing to pay and eBay will automatically increment your bids the minimum amount up to that price! It's so much easier than setting aside time at the end of an auction, or trying to "Time" a bid to save a few pennies. Your time is more valuable than that, right?

Here's an example...
Up for auction - The Keys To The Universe. Starting price 99 cents.
Three people want the Keys; Tom, Richard, and Harcourt.
Tom is going to win the auction cheap (he thinks), and every time someone bids, he's going to bid one only step higher. So he starts at 99 cents. Then Richard decides he is willing to pay 100 dollars for the Keys. So Richard bids 100 dollars to start. The price only moves up the MINIMUM amount, so Tom is outbid, and the new price is 1.05. So Tom gets an email that he is outbid, logs in, bids 1.10, eBay, for Richard, automatically enters the next minimum bid higher, Tom bids 1.15, etc etc ad nauseum. Tom drops out after a wasted amount of time, and now the price is say $25. Richard's 100 bid is still there, but he will only pay $25 if no one else bids. Now Harcourt sees the Keys are for sale and bids 90$. Well, Richard's bid will then automatically be entered at 91, see? Harcourt, who REALLY wants the Keys, then bids $125 and Richard is out of the way, unless he puts in a higher bid, which he won't, since he was only willing to pay 100. Harcourt wins the Keys for $101 (The minimum over the next highest bid, which was Richard at 100). See? Clear as milk!
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