Reserve on auctions?

[rickf]

When did they start putting a reserve on auctions? I am looking at generators and they all have a reserve, a fairly high one for what I am looking at from the looks of it.

 

[SLOrazorsedge]

Pretty much after they lost the rolling stock auction contract to Iron Planet. They've adopted the business model of IP to boost their bottom line....

 

[98G]

Except they apparently don't know the market as well as IP does. GL's reserve prices are frequently as high as full retail. They had set reserve prices on a bunch of well used warn 24v winches that was higher than retail on NOS ones elsewhere. Not a single winning bid on any of them. $1k didnt meet the reserve. They reappeared a few weeks later without a reserve.

The reserves they're placing on the remaining 5ton trucks are frequently higher than what resellers are asking for a similar truck....

The death throes of a dying company....

 

[gimpyrobb]

Pretty much after they lost the rolling stock auction contract to Iron Planet. They've adopted the business model of IP to boost their bottom line....

NAH, GL has had reserve prices for a long time. There is no rhyme or reason as to where they apply them. When they first came "online" they didn't have reserve prices and lots of folks won stuff for one bid! Then they went to $50 minimum bid and higher on everything. Once stockpiles started filing up, they removed a lot of the minimum bids, or changed them to $25.

 

[porkysplace]

NAH, GL has had reserve prices for a long time. There is no rhyme or reason as to where they apply them. When they first came "online" they didn't have reserve prices and lots of folks won stuff for one bid! Then they went to $50 minimum bid and higher on everything. Once stockpiles started filing up, they removed a lot of the minimum bids, or changed them to $25.

A couple years ago gl raised them to $150 for awhile then lowered it back down . It doesn't really cost them anything to re-list them so put a high minimum and see if anybody bits .

 

[rickf]

I am not talking about the minimum bid, I am talking about reaching a reserve before the bid is accepted. Looks like over a grand on MEP003's! Ain't getting it from me!!!

 

[m16ty]

The surplus market as a whole is moving more toward a retail market.

 

[rickf]

The surplus market as a whole is moving more toward a retail market.

And the bottom line is probably less money at the end of the year for the government. Either way, not good for us.

 

[Gunzy]

Mtnsnow and I picked up 2 rebuilt MEP804A 15KW gensets in April in the $2300 each range with fees and taxes and no reserve. Then we see a MEP804B 15 KW genset at the same location with a reserve that was $4k that sold at $4500 before fees and taxes. We figured they were pissed at having to let two near new gensets go that low and slapped reserves to stop it. I am no longer in the gen market as I have what I need and got a killer deal that I don't see happening again.

 

[rickf]

I don't know what the going price normally is on the later gen-sets but I would say that was a good price IF and only IF they ran. That is the key to buying stuff here, there are no guarantee's. What would you have said if you got them home and it was seized? I would bet you would not have been so happy. That is why I do not like the reserve, there are still no guarantee's that this stuff is any good when you get it. It is still a crapshoot.

 

[m16ty]

That's what they are trying to do, retail prices without retail responsiblity. On the surface, it looks like you're buying a good item, but when you read the fine print, you realize that you may be getting a pile of parts.

I've all but quit surplus buying. I'll still throw out a bid on GL from time to time but although I'm signed up with GP, I have yet to place the first bid.

 

[Gunzy]

Both of our gensets were listed as rebuilt and started and ran. Upon pickup they did start and ran fine with voltage output, one had 23 hours the other 26 and they had both been rebuilt at 2.7 hours, so no problems other than mounting them on trailers. I don't think I would bid very much on one that was a big ? I have bought more from GP since the first of the year than from GL and that is likely to continue. GL may be running themselves out of the market. JMO

 

[rickf]

Well, all the ones I was looking at all sold. Some crazy prices too. I guess as long as people will pay it then the prices will stay there. Look at generator prices in Hawaii if you want to get bummed out, unless you are in Hawaii that is.

 

[Suprman]

I don't see how GL can legally put reserves on gov items I believe the contract specifies selling the item to the highest bidder at public auction.

 

[rickf]

More money to GL means more money to the govt.. Budgets are tight, who is going to say anything? Us? Yea right, like anyone is going to listen. And technically they are still selling to the highest bidder. If the bids do not reach the reserve they just lower it for the next round................... or not. The stuff seems to be selling, I have not looked at the smaller stuff like ammo cans and personal gear. Don't know if they are putting reserves on that stuff, I doubt it. They know what the big ticket stuff is and what people are paying for it. They are watching what the resellers are getting for gen-sets and trucks and they are following suit. Thing is, with resellers you can get your money back on a bad deal. I was looking through sold generators on GP and saw a MEP 112. I never see them sell and it went for like 1100.00! I am thinking someone saw a 10K generator and bid the minimum and they are in for a surprise when they find out that they just fried there new fridge with 400 Hz.. Think GP will give a refund? About as much as GL is going to on these reserve auctions. I'm telling you guy's, the fun has gone out of it.

 

[Suprman]

GL is in bad shape they lost their cash cow the trucks and other rolling stock. Now they are trying to milk out every penny they can. Before it didn't matter it was just move the stuff out more is coming. GP gives the gov a large percentage like 74% after expenses or something like that. GL does not give the gov much. Either way at the rate the gov spends money a few mil here or there is meaningless to them.

 

[98G]

GL has been putting reserves on ammo cans, even small lots of them.

 

[Piper Cub]

I'd really prefer not having reserves on surplus auctions but I can deal with it if that's what they think they need to do. I avoid live auctions with reserves like the plague though. A couple years ago I went to an estate auction to bid on a dining room table and chair set that was supposed to be one of the main items of the auction. Looking at it I figured it would be worth about $4-500 but I'd maybe go 600 just because it would be more complete and a lot more solid than what I had. Just as it started the auctioneer casually mentioned that the table had a reserve of $1200. Not a single person bid on it and several people even walked out of the house and got back in their cars. Of course I stayed after that and bought a bunch of stuff cheap (including some neat Battle of Britain memorabilia) because so many people had left. Even with all the deals I got it really left a bad taste in my mouth to be wasting so many people's time by not advertising that some items had reserves until the item was about to sell.