Originally posted by PCplay
WebCat,
I like your idea and I want to give it a shot. But I am assuming there is little interest in my name (only a few select people, which is different than no value).
So if I were to set the starting bid at say $1 and a $50 reserve. I am assuming that the first person would only bid $1/$2 when they would be willing to bid higher if I made it start higher. So where would I start the bidding?
PCPlay, good question! Here's how it's SUPPOSED to work:
you put
pcplay.com up with a $50 dollar reserve (which I can't see).
All items have either a 1 or 2 dollar starting bid.
I like your name, but am not sure what it's worth, but I might be willing to go up to say 25 to 30 dollars. There are 2 other people who feel about the same. NONE know your hidden reserve.
a (me) bid 1.00
b bid 2
a bid 4
c bid 5
a bid 8
c bid 12
b bid 18
a bid 20
by now, we are getting frustrated and a little excited. We know your name is in-play! That makes us want it more. THIS is auction psychology!
c bid 22
a bid 25
c bid 30
going.... going.... NO SALE
However, YOU know know of THREE people who are willing to buy your name for up to $30.00!! You can PM them and offer it to them, and if they accept, you complete the sale. For less than your reserve, but you still made the sale!
Also, we could build in to the script the ability of the seller to release the name to the highest bidder DISPITE their reserve! Instead of NO SALE, it says:
going.... going..... RELEASE? and counts to 10 for you to give permission to sell to Mr. C at $30.00!
THIS is how live auctions all over the United STates are conducted every day. This process works very well! The main difference is..... there is a live auctioneer, not a script, LOL!
I can tell you I would bid on MANY more domains if I did not know the reserve price!
Hope this Loooong post helps answer your question!