15 minute rule
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Auction continues until 15 minutes elapse without any additional bids. 0 -
What bigcitybill said. I had an auction extend for an hour, which netted me an additional $100 on my sale. The rule stops a lot of what is called "sniping". 3 -
Yep. ^^^^ What those two said. ^^^^
Every time a bid is placed near the end time the auction extends 15 minutes. Good for the sellers and good for GunBroker!0 -
You can place a bid at any time.razidog said:So, do bidders have to bid 15 minutes prior to the end on the schedule time? Can you place a bid under 15 minutes ?
When you place a bid with less than 15 minutes remaining in the auction, the auction ending time resets to 15 minutes. If you bid with (say) five minutes remaining, the ending time resets to 15 minutes. The process can continue until there are no more bids, I've seen auctions extend for over an hour due to a series of late bids.3 -
Ricci's rule for food left in the Sonic Drive through parking lot.
Wait,...............What?
Yes, the 15 minute bidding rule is good for all involved. Resets another 15 minutes when final bids are made at the very end of the auction. Win/Win.
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Best thing ever for an auction. Fleabay has lost zillions of dollars from their auctions by not using it. More commission for the auction company when the item brings the most . 3 -
The 15 minute rule is awesome!
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To be clear, the 15 minute rule is great for SELLERS, but SUCKS for buyers! As a buyer, I love getting a deal by "sniping"! Of course, many people would rather pay more, but I'm not one of them.Merc aka Cheap Charlie
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I have had auctions run over 3 hours on an Automag I sold. Was 3500 with 13 minutes left and I was a little unsettled on the rig cause it was world class complete outfit, before said and done 6400 dollars , pleasing it was-
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i have played the game for 2 hours once i bid wait he bids wait last man standing 0 -
IOW, It ain't over til the fat lady bids. 0 -
Mercury said:To be clear, the 15 minute rule is great for SELLERS, but SUCKS for buyers! As a buyer, I love getting a deal by "sniping"! Of course, many people would rather pay more, but I'm not one of them.Merc aka Cheap Charlie
I presume those who know more about behavioral science and marketing know more than the rest of us. EBay and other auction forums may have their own reasons for not using the 15 minute rule. When I worked in a related field we found that putting no "must return by" date on a sale nearly no one did a return, whereas putting a 10 day return resulted in a fair number of returns. The lack of a deadline, which most would intuitively believe causes more returns, reduced/eliminated them by a) removing the urgency to act and b) allowed the buyer time enough to consider the $$$ gone for good. Whether this was a good thing or bad - after all, the customer was still unhappy they just weren't sufficiently motivated to do a return - was a separate issue.The 15 minute rule makes me set a price I'm willing to pay and forget it. Since I can't win by being the "lastest and the fastest" it eliminates the impulse to win by spending more $$$. It may be that the 15 minute rule doesn't bring in more $$$ per sale but creates more revenue overall by encouraging greater participation. I'll bet someone with GB has a definite answer on it.
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Pretty much negates the "bid sniper" often seen on other auction sites. 3 -
We are not going to debate the pros and cons of the 15 rule in this forum. The 15 minute rule is GB policy and GB policy isn't a subject for argument or debate...at least not for those who plan to remain members in the forum.
Focus on the OP's question, which is an explanation of what and how the 15 minute rule works.0 -
In years past, it wasn't uncommon to see a bid come in within the last few seconds of the end of an auction,
sometimes only a penny or two more than the previous bid.
That sort of bidding came to be referred to as "sniping".
Not long after that the 15 minute rule came into being.3 -
mark christian said:
You can place a bid at any time.razidog said:So, do bidders have to bid 15 minutes prior to the end on the schedule time? Can you place a bid under 15 minutes ?
When you place a bid with less than 15 minutes remaining in the auction, the auction ending time resets to 15 minutes. If you bid with (say) five minutes remaining, the ending time resets to 15 minutes. The process can continue until there are no more bids, I've seen auctions extend for over an hour due to a series of late bids.
Gotta love a guy that can state it clearly, even if he is not a great fan of rum.0 -
Answer is clearly stated.......closed. 0
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