Has the 99 cent auction gone the way of the dinosaur?

bobbyw8469 · July 19, 2014 10:31PM

Just wanted thoughts an opinions. As a collector/flipper, on Ebay, I have noticed alot of our 99 cent auctions being won by some of the bigger dealers on Ebay, who in turn mark them up significantly via BIN format. While I don't mind that, as I am trying to hold out being a 99 cent seller as long as I can, but yet constantly seeing items sell for less than I paid for them (when I though I got a good deal, the EBay dealer apparently got a GREAT deal), makes me second guess the way I try to market my flips on EBay. Are 99 cent auctions the way to go, or is a BIN/OBO offer the wave of the future?

dytch2220 · July 19, 2014 10:47PM

I still see a lot of them. But I also see even consignment houses adding BINs where the didn't previously offer such a thing. So, it seems like eBay wants to go there. Whether it sticks or not will probably be determined by the model's success.

tmgrnzx9r · July 19, 2014 11:10PM

You are correct, there are less and less .99 auctions around now. Personally 95+ percent of my auctions are ran this way. I have a few higher end cards that I put up on ebay with a bin/bo.

ChiefsFan1st · July 19, 2014 11:54PM

<< <i>Just wanted thoughts an opinions. As a collector/flipper, on Ebay, I have noticed alot of our 99 cent auctions being won by some of the bigger dealers on Ebay, who in turn mark them up significantly via BIN format. While I don't mind that, as I am trying to hold out being a 99 cent seller as long as I can, but yet constantly seeing items sell for less than I paid for them (when I though I got a good deal, the EBay dealer apparently got a GREAT deal), makes me second guess the way I try to market my flips on EBay. Are 99 cent auctions the way to go, or is a BIN/OBO offer the wave of the future? >>

Please, please tell me that there is a typo in here

"I have noticed alot of our 99 cent auctions being won by some of the bigger dealers on Ebay"

If not, I could lose faith in the human race

bobbyw8469 · July 19, 2014 11:56PM

Its true...most of the winners of our auctions ARE NOT collectors. They are dealers. When you see a 99 cent card sold for $10-$20, then relisted for $40+ as soon as the card is received, then yes, a dealer has won your card. We aren't against that at all....not by any means. It is a fact of life though.

ChiefsFan1st · July 20, 2014 12:08AM

I guess no typo was involved

I think you are missing my point, OUR.
Since when do "we" need to speak in plural when talking about "our" auctions?
Maybe im way off base here, maybe you are part of a company or big buying group or
something. If so, my apologies.

That really sounds like something Paul would write.

stormtrooper80 · July 20, 2014 12:13AM

<< <i>I guess no typo was involved

I think you are missing my point, OUR.
Since when do "we" need to speak in plural when talking about "our" auctions?
Maybe im way off base here, maybe you are part of a company or big buying group or
something. If so, my apologies.

That really sounds like something Paul would write. >>

He's referring to himself and this guy

Brick · July 20, 2014 9:08AM

It seems to me that PWCC and Probstein can start auctions at .99 but those with less of a reputation or following are asking for problems.

mtcards · July 20, 2014 9:34AM

With less bidders available, auctions are a good way to guarantee your item will sell for less than it would in a BIN situation. Usually, the only .99 auctions I run are for things I would gladly take 99 cents for and since those are usually free listings, there isnt any risk at all and might lead to some other sales. Ebay, as an auction site, is in the end days I believe, except for high end, hard to get items

bobbyw8469 · July 20, 2014 10:15AM

makes sense.....

MULLINS5 · July 20, 2014 12:39PM

I've been building a book business for a few years now and can say that books via the auction format are a great source for dealers to acquire inventory. Most popular classics consistently have bids from dealers in the item's bidding history. I imagine this is the same for cards, memorabilia and other markets.

rcmb3220 · July 20, 2014 12:50PM

I wonder how much graded and unopened prices would fall if it wasn't for BIN or "auctions" with a starting price that might as well be bin. I wait and wait for true auctions and then they become feeding frenzies and the price is bid up close to or more than bin prices, thus legitimizing bin prices.

MULLINS5 · July 20, 2014 10:53PM

<< <i>I wonder how much graded and unopened prices would fall if it wasn't for BIN or "auctions" with a starting price that might as well be bin. I wait and wait for true auctions and then they become feeding frenzies and the price is bid up close to or more than bin prices, thus legitimizing bin prices. >>

I think that the auction format is good for determining a wholesale value of an item. Your usual dealers will chime in with their usual bids, thus driving the price to a point where they either win or dropout because it gets in the way of their margins. I don't know how to determine a "retail value" for cards, but with books it's usually 2 to 3 times (minimum) where the auction closes.

My dad (amazing businessman) once told me one of the most important things to do in business is to safeguard how much you pay for an item. (Thinking as a seller) under no circumstance should the customer know what you paid for the item you're offering. With cards, this doesn't work as anybody can look at eBay's past 90 day sales, then there's worthpoint, VCP, message boards, etc.

While I'm grateful (as a customer) for the information of past sales, it can be discouraging at times, but it can also be a good tool to determine the fair retail value of an item.

Mapleleaf · July 21, 2014 3:56AM

It's not worth my time to list an auction for .99 for which there may be only 1 bidder.
I try not to list anything for under 9.99 in auction otherwise you're working for pennies.

Has the 99 cent auction gone the way of the dinosaur?

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