.01 Bids?
Not sure, I'm new at this. Not sure where to ask but here it goes:
Seeing .01 starting bids with no reserve, is there a "catch" or something? seems too good to be true when seeing, say example; a firearm sells for 10.00 when it's worth so much more.
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Its a risk the seller is willing to take.
If you hang around long enough you will see that penny start no reserve auctions do very well. May even be safe to say that penny start no reserve auctions do far better than ones with a set reserve for the same product. Kasey aka Locust Fork one of GB highest ranking sellers runs most of her auctions with penny start no reserve. And the firearms Kasey offers up for bid are most often high quality, "high dollar" pieces.
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Welcome aboard @MillerFamily82
Deals can and have been made. However many penny start auctions end in a bidding war. A couple guys each want it, for just a couple dollars more than the other guy,and can go on for quite awhile.
My advise is, know the item you want.
Read the sellers ad several times.
Ask seller questions before bidding.
Know how much you are willing to pay for an item, to include shipping,handling,taxes,transfer fees, ,,,
Good luck.
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Thank you montanajoe. That gave me clearity on how that works. Just seemed kinda "off" to me when I first saw those. Started "watching" a few of those to see how it works. I'll eventually get into the bidding game too. Thank you for the reply.
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Welcome
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The penny start gets a LOT more attention than the starting price auctions.
If you have something that should sell for $2500, you start the bidding at $2000 thinking it is a "risk" because its $500 shy of what you expect to get….but you hope to draw in bids. That auction gets looked at, but no bids because everyone that looked thought "I'll come back to this one and check it out later"…..but they don't. You start that same thing at a penny and a hoard of people toss a ton of bids in. Your auction has 150 bids on it and all the other similar items have none…..people check it out….its on the hot list…..you have successfully drawn in a crowd. The chances you'll have a few guys bidding against each other is higher. If you did the auction correctly, good pictures and all you will do great with your sale.
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Starting at a penny is a bigger risk for an unknown seller. It works much better for sellers who sell a lot.
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…but, think about some of the penny auctions of other items, that get forgotten, overlooked, less attention.
Items such as accessories, holsters, parts, cleaning supplies,,,,,,,,😉😉
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BE careful of what you start at a penny, firearms usually ok. But I had a couple box lots of pretty good stuff that brought $6.00 and $8.50 with imo a wholesale value of between $90 and the second $125 roughly. The “buyer” got both lots and profusely apologized for such a low price- I said no problem and moved on-
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Several times I have bought single boxes of ammo for a penny, but the $15 or $20 shipping fee made it about what it would cost at a local store. At least it was delivered to my door and I did not have to drive anywhere.
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If it's something you really want get a maximum price in your head and bid it. Auto bid will bid it up for you. if it goes above that price, well so be it. Move on to something else.
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