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57 posts

Master Geek


Topic # 18339 7-Jan-2008 13:59
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Recently I've been on the lookout for a stationary spin bike and came across a vendor on Trademe who sold a particular model that interested me. This vendor had a number of auctions listed at the time for this model, 4 of which were $1 reserves and another 3 with a Buy Now for $599 each.

So naturally I added all 4 of the $1 reserve auctions to my watchlist and kept an eye on each one hoping to score a bargain. But thats when the funny business started... Each auction was "won" with winning bids of no more than $350. But within seconds of each auction closing, they were then "offered" for a fixed price of $599.

I'm by no means a TradeMe expert, but my understanding of this process is that as they were all $1 reserve auctions, whoever placed the final bid should have won the auction. Only if they were unable to complete the sale would the vendor then have the option of offering the item for a fixed price to anyone else that was involved in the auction.

But what I can't understand:
1) Why were the fixed offers sent out so quickly? If the auction winner was unable to complete the sale, wouldnt this take a few days at least to ascertain?
2) What were the chances of the same thing happening on 4 different auctions, all within a week of each other, all with different buyers?

My original feeling is that the vendor was bidding on their own auctions and when they are unsuccesful in ramping up the price to a level they are happy with, they tried their luck with a fixed offer. Anyone elese have a take on this, maybe another explanation that I'm missing?

If they are indeed bidding on their own auction, I'm certainly not naive enough to think this isnt a common occurence, but if so, has anyone seen a case so blatant? And from a vendor apparently established as a TradeMe store as well?

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178 posts

Master Geek


  Reply # 103332 7-Jan-2008 14:23
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vindaloo: Recently I've been on the lookout for a stationary spin bike and came across a vendor on Trademe who sold a particular model that interested me. This vendor had a number of auctions listed at the time for this model, 4 of which were $1 reserves and another 3 with a Buy Now for $599 each.

So naturally I added all 4 of the $1 reserve auctions to my watchlist and kept an eye on each one hoping to score a bargain. But thats when the funny business started... Each auction was "won" with winning bids of no more than $350. But within seconds of each auction closing, they were then "offered" for a fixed price of $599.



 The person selling the bikes, has several bikes. The winners of the auctions will receive their bikes.  
 But the seller has the opportunity of offering a fixed price to other bidders or watchers.
 This only happens when a seller has more than one in stock. 

 

 

1262 posts

Uber Geek
+1 received by user: 166


  Reply # 103334 7-Jan-2008 14:29
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This is a common question at trademe forums, trademe should really make it clearer what is going on in the offer emails.  

As brucie said, the seller has more of the item and is able to make a fixed price offer to anybody else who might want one at the regular price, the $1 auctions are fairly obviously loss-leaders.




---
James Sleeman
I sell lots of stuff for electronic enthusiasts...


 
 
 
 




57 posts

Master Geek


  Reply # 103335 7-Jan-2008 14:33
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Ah ok, so thats what was going on.

Lucky I didnt get all self rightous and send off a complaint email to TradeMe with my obviously ill informed deductions... lol

Much appreciated guys, thanks for clarifying that for me.

1240 posts

Uber Geek

Trusted

  Reply # 103406 7-Jan-2008 18:46
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I used to think the same thing..."What is this guy playing at"

8 posts

Wannabe Geek


  Reply # 103991 10-Jan-2008 13:04
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Hey it does happen though, just without the $1 reserve.

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