posted on January 30, 2004 06:42:46 AM new
Had a heated discussion about what is reserve price w/n the auction bidding process. I said it was the "high bid" within the auction bidding price; someone said no, you can keep bidding after the reserve price has been hit.
Example: Start auction price @ $100
Reserve at $150
BIN: $200
(this is an example)
Reserve to me, means that whoever bids at the $150 gets the bid within the auction cycle.
Who is right?
http://lwright.biz/index.html
posted on January 30, 2004 06:54:38 AM new
what do you mean by get the bid??
everyone who bids will get a bid,to be outbidded by someone who comes in with a higher bid.
as soon as someone bids 150 or more,ebay will have a message next to bid item saying reserve has been met.
but the auction is still open,until someone comes in with a BIN price.
lets say bidders are all veteran smartasses and wait till last minute to outbid the 150 price,in the last minute,they bid the item to 175,bingo,the one who bid 175 won the item.
175 is still under the BIN price but over the reserve of 150,and the bidder won the item,seller must sell him the item at 175.
for the seller to have both BIN and reserve price just add to his listing fee,in this case as reserve has been met,his reserve fee would be refunded by ebay.
-sig file -------the lobster in the boiling pot of water who tries to prevent the others from climbing out.
posted on January 30, 2004 08:42:17 AM new
The reserve price that you put on your auction is what you will sell your product for, not necessarily what you will get. It is not an ending bid. If someone would take the BIN then the auction stops and that person wins the auction. Reserve only protects the seller so that they can get the price they want. If the reserve isn't met than then the auction is null and void. Once that reserve is met doesn't mean the auction is over, it means the seller gets his wanted price but it still can go higher until the auction closes on the 7th day.
