GL Auctions Extending?

[v8turbo]

What is the deal? I have 2 different auctions I am bidding on... and I waited to the last few minutes to bid.. and then they extend out 10-15 minutes more... thus allowing more bid and more revenue.

is this standard?

**********
Just did it again... this is the 3rd extension on an auction that "closed" 33 minutes ago.

 

[maddawg308]

The 15 minute rule. It's standard for GL auctions, no need to worry, just prepare to have more cash reserve than you initially planned....

 

[SixSpeed]

Just another way for them to get more money out of the auctions.

 

[hklvette]

It seems simple to me, get the bid to spike when everyone thinks it should end, then extend it a little more to get more $$$

 

[Green_gator]

I have to say that I like the way GL runs the auctions using an extension. I can not always watch every thing at exactly 4:59:59 to make sure that I am winning. My thought is that you have two options with GL on bidding. You can put in the max that you are willing to pay for an item, or multiple items and walk away. With this you risk not winning anything or winning more items then you need or can afford. The other option is to have a bid or bids in on items and then watch them. I use this method when there are multiple items up for auction and they are the same or close enough to the same for my needs (see recent trailer auctions), in this case someone may have an auto bid on one that I am watching that goes above what I am willing to pay so I can then look at option B, C, or D to win. At the end of the day you have to know how much you are willing to spend on an item and then not exceed your budget.

 

[v8turbo]

4th extension!!! lame.

 

[markmontana]

What is the deal? I have 2 different auctions I am bidding on... and I waited to the last few minutes to bid.. and then they extend out 10-15 minutes more... thus allowing more bid and more revenue.

is this standard?

**********
Just did it again... this is the 3rd extension on an auction that "closed" 33 minutes ago.

First- you should read the terms of an auction before you bid-

Have you ever been to a real auction? They don't end the auction at a certain time- they end the auction when the bidding stops- don't like the price- don't bid any further .

Now that's out of the way, welcome to the dark side.... (this forum)

 

[Elwenil]

One very big advantage to the extension rule is to prevent people from "sniping" an auction like is done on Ebay on anything of value. While it does allow the price to go up and GL to make more money, it also allows everyone a fair chance to pay what they want for something. Remember, you never "win" an auction. You are still paying for your item so being outbid doesn't mean you are losing and the auction being extended doesn't mean you are being cheated in any way. The only way you lose is if you pay more for an item than what it is worth to YOU.

 

[ryan77]

I put a bid on a m1009 and the auction was extended by 15 min to i still won it at my price but they do that when you put a bid in a under 2 mins i belive i might be wrong though.

 

[Warthog]

I put a bid on a m1009 and the auction was extended by 15 min to i still won it at my price but they do that when you put a bid in a under 2 mins i belive i might be wrong though.

The bidding will start extending at 15 minutes till closing ie 4:45pm.

For each additional bid it will now close 15 from that time, ie 4:46 now 5:01, 4:52 now 5:07, until the last bidder enters a bid and it will close 15 minutes from then.

GSA also works that way.

If you want to play in their sandbox, you play by their rules.....

 

[doghead]

If you didn't like waiting for 15 minutes for the extension, I Can't wait and see how you like waiting 60 days for your EUC!

 

[lebel1886]

Sniping

It happens all the time somebody thinks they can snipe an auction, it extends and then more people jump in. I try to leave enough time after I bid to let other people get a bid in without extending the time, if you extend it you decrease your chance of winning.

 

[TIGERFANS2]

4th extension!!! lame.

You waited till the last minute to snipe an auction and you call the extension lame?

I'd break into song..... Poor, poor, pitiful me ...... but no one would want to hear my voice

 

[dozer1]

In my opinion, either format is OK as long as you understand it ahead of time. On E-bay, if you REALLY want an item, you will learn to snipe bid. Snipe or be sniped. It is less effective on GL with the 15 min rule, but still if you Really want it, ya better be there at the end.

 

[area52]

Call me an old fart but I have seen quite a few new people complain about how GL does their business along with "how do I xxx?"


READ the rules people!! Don't like, don't play!!

 

[mikeroot2]

One very big advantage to the extension rule is to prevent people from "sniping" an auction like is done on Ebay on anything of value. While it does allow the price to go up and GL to make more money, it also allows everyone a fair chance to pay what they want for something. Remember, you never "win" an auction. You are still paying for your item so being outbid doesn't mean you are losing and the auction being extended doesn't mean you are being cheated in any way. The only way you lose is if you pay more for an item than what it is worth to YOU.

I'm confused. You say it allows people to pay what they want for something? The very moment the auction begins everyone gets that chance, correct? If you bid what you think is a fair price, or the max you want to pay and someone else bids with 10 seconds left and out bids you how did they do something wrong? You bid what you wanted to pay and they bid what they wanted to pay. It doesn't matter if the bids come with two days or 10 seconds left. Bidding early(repeatedly) drives the price up. Everyone wants wahat they want for the cheapest price possible. On ebay I do not bid until the last seconds of the auction, ever. I bid the max I want to pay and if someone before me bid higher they get the item. Neither form of bidding is wrong, just different technics to get to the same end.
That being said, the auctions being extended would be great for someone watching multiple items that "end" at the same time.

Please understand that I am not calling you out or trying to rag on you. I know MANY people share your opinion. This is just mine.

 

[Elwenil]

I'm confused. You say it allows people to pay what they want for something? The very moment the auction begins everyone gets that chance, correct? If you bid what you think is a fair price, or the max you want to pay and someone else bids with 10 seconds left and out bids you how did they do something wrong? You bid what you wanted to pay and they bid what they wanted to pay. It doesn't matter if the bids come with two days or 10 seconds left. Bidding early(repeatedly) drives the price up. Everyone wants wahat they want for the cheapest price possible. On ebay I do not bid until the last seconds of the auction, ever. I bid the max I want to pay and if someone before me bid higher they get the item. Neither form of bidding is wrong, just different technics to get to the same end.
That being said, the auctions being extended would be great for someone watching multiple items that "end" at the same time.

Please understand that I am not calling you out or trying to rag on you. I know MANY people share your opinion. This is just mine.

It's an auction. If you go into an auction expecting to get something, you are probably in the wrong frame of mind especially when dealing with GL. What I meant by everyone one pays what they want is everyone has a chance to bid on an item and they bid what they want to pay. If someone tries to snipe it at the end, they have the opportunity to consider paying more for the item. If they have already bid what they consider their top price, they walk away. If people want to play the game, so to speak, and bid low in hopes of getting a good deal, which is pretty much the point of an auction, they all get the opportunity to increase their bid during the 15 minute extension. In either case there is the chance that you will not "win" the item if you are not babysitting the end of the auction and have room to increase the bid.

Personally I much prefered the idea old auctions with the sealed bids to anything GL or Ebay have going, but this has been discussed to death a number of times here on SS over the years.

 

[m16ty]

It happens all the time somebody thinks they can snipe an auction, it extends and then more people jump in. I try to leave enough time after I bid to let other people get a bid in without extending the time, if you extend it you decrease your chance of winning.

If your're bidding on something you don't want it to go into OT if at all possible.

I've seen it happen too many times. When a item goes into OT all the bidders that were bidding on other lots of the same thing and lost out in regular time get one last chance in the OT items. It brings alot of attention to the item because there are few still available. More times than not a OT item will bring a premium over similar lots that closed in regular time.

I know some times you're already committed to an item and have no choice but it's really better if you don't go into OT. It becomes a real balancing act sometimes when you're bidding on multiple items near auction close.

 

[Flyingvan911]

The auction is a gamble. Place your bet. You might win, you might not. If you win, then you find out if the truck is a winner or a loser.

 

[frodobaggins]

I bid at 4:40 every time. I've had good luck with that