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Auction House Auto-Bid Question

70ToppsFanatic70ToppsFanatic Posts: 2,103 ✭✭✭✭

Had an autobid set in the REA auction last night, and realized that the way that they increment it seems to be very much to the disadvantage of the bidder.

Let's say I was the current high bidder on a lot at $1000 with an autobid set at $2000. Someone else comes in and tries to take the next bid at $1100. The way REA did it I still had the high bid, but it was now at $1200.

That doesn't seem right to me. I had already effectively bid $1100 by placing the autobid, so why does the second bidder's offer of $1100 get prioritized ahead of mine? It was made later. Shouldn’t the first bidder willing to offer a price get that bid?

If this was on eBay and I was high bidder at $1000 and a max bid of $1100 and someone else offered a bid of $1100 I would still be the top bidder at $1100.

Seems to me that the way the AH's are using the autobid capability is to get two increments for every bid, and until bidders start raising this as an issue they will keep doing it to drive up prices.

Anyone see it differently as to why I shouldn't see this practice by the AH's as being unfair?



Dave

Comments

  • daltexdaltex Posts: 3,477 ✭✭✭✭✭

    If you had an autobid of $1100 on REA what happens? I believe eBay works exactly the same way in your first scenario.

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