EXCERPT FROM JAY'S NEW E-BOOK, ONLINE AUCTIONS BIDDING STRATEGIES,
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With online auctions, the most active bidding often occurs in the final moments before closing. It can be frustrating for bidders to get beat out by someone with faster fingers, Internet service, or simply better luck. As an auctioneer it’s frustrating to hear that bidders were willing to pay more, but couldn’t get their bid placed in time.
Timed Auctions take place without an auctioneer calling the sale. Each lot can be bid on for a defined time period. At the end of this period, the bidder who has submitted the highest bid wins the lot, (assuming there is no reserve).
In many states timed auctions are not governed or regulated. Anyone can conduct a timed auction. Timed auctions can put you at a disadvantage against other bidders as there is soft- ware available that essentially acts as a sniper to make certain your bid is placed at the absolute last nano second. You can only win the item if you are the last bidder when the auction reaches its end closing time.
Extended Bidding Auctions Most reputable auctioneers prefer online auctions with extended bidding. Any bid that is placed in the few moments of the auction will extend the auction by up to two minutes. For example, if a bid is placed at 11:58AM and the auction is scheduled to end at 12PM, the auction will be extended until 12:02PM. This will continue to extend the end time as long as bids are being placed on that item. This is the fairest way for buyers and sellers.
Simulcast Auctions Simulcast is an online auction and live auction conducted at the same time. Simulcasting lets the auctioneer extend the physical auction experience to you via the internet. The Simulcast video and audio streaming technology means you can see and hear all of the action live from the auction. You can attend the auction live in person or bid from your home. Some auctioneers will prefer to sell to onsite buyers vs online bidders, but simulcast is usually the best of both worlds. Not all Simulcast auctions will have audio or video.
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