The island is a one week rental with 14 friends. We have planned on taking a few losses here and there. As all auctions do. When a penny auction sells an xbox for $0.17. Did they make a profit? Butr when the next item a ipod selld for $28.18 they do. Same concept here. Some auctions have a very very low reserve. While others have a set profit built in. Hence you win some and lose some, but over all the company turns a profit, and the user gets a high value item for a very low price. If the user places a bid and the clock starts, they win and pay the current price of the auction. We understand it will take much longer for an auction to end. But NO other auctions have this type of items.
Why buy 100 bids on another site to win a $50.00 gift card when you could just as easy win a new Camaro. Our site also makes it impossible for schill or fake bids. This is a huge prolem in the industry. Since the auction ends when the reserve is hit, nobody can run up the price on fake bids, and of course it only hurts us if we were to bid up the price without collecting the pirice of the bid. You know the auction is run in a fair and transparent way. We enjoy the feedback and welcome more questions
Sites that use reserves do not need "shill or fake bids" A shill bid is a bot used to drive up an item(basically a reserve) So you technically are just doing it out in the open
. I still am against the whole everyone has to pay a certain amount of money before they can win. I like the fact that no one can jump in, but I thought about doing reserves myself open and honest and even letting people know what the reserves were, and people were very much against it. You might be able to get away with a seat style format, as long as you don't get greedy like some sites i've seen lately Example: 80 seats, at 30$ a seat, for an item worth 1800$ They make 600$ before the item even starts to auction. You also need to remember you're not a site thats been around for a year, neither am I, if you'd like to see some bidding traffic for a newer site check out our closed auctions. Yes they are gift cards, but again with an alexa rank in the 5,000,000s and not very good traffic ratings, and the fact that you have around 100,000$ worth of items for "auction" What you consider a low reserve may not be soo low when it comes to amount in bids. Also how long do the auctions go if they don't hit reserve? What if they never hit reserve do you refund bids?