15 Minute Live Auction Rule.... Pretty cool?

[SIGNGUY]

I found this rule on GunBroker.com... yes I'm a gun lover too...
but on there bidding site they have a 15 minute rule... I wonder what ebay would be like if they did this... read about it below... thoughts, comments?

15 Minute Rule - What is it?
(last updated on 5/31/2005 1:51:36 PM) 
 
All of our auctions use something known as the '15 minute rule'.

In a typical auction setting, there is always a called out counting that happens to allow buyers time to decide to place higher bids. This 'final call' is reset each time someone places a bid. "Going Once, Going Twice, Going Three times" - someone places a bid - "Going Once, Going twice" - another bid placed - "Going once, going twice".. and on and on until the auctioneer completes the entire phrase "Going Once, Going Twice, Going Three times, SOLD to the highest bidder"
So this rule is no different, but because of delay caused by the internet and other possible technological speed bumps, we have a 15 minute final call time.

15 Minute Rule:
When the seller lists an item, he specifies the number of days the auction will run. The auction listings display the scheduled closing time for the auction. If there is bidding activity on the auction within fifteen (15) minutes of when the auction is scheduled to close, the auction automatically switches into a special mode analogous to the 'going, going, gone' period of a live auction. In this mode, the auction is automatically extended until there have been no bids placed within fifteen (15) minutes. When fifteen (15) minutes have passed with no bidding activity, the auction closes.

The 15 minute rule makes auctions more fair, by allowing all bidders an equal opportunity to place their best bid. In other online auctions where an auction ends exactly at a given time, some bidders will hold their bids until the last minute or so, in the hope of winning an item on the cheap. This is referred to as 'sniping'. The 15 minute rule gives all bidders an equal opportunity to place their best bid on an item before the item closes. This way, no bidder loses an item to sniping, and the seller can be assured that he has gotten maximum value for the item.

Our auctions are more like a live auction. In a live auction, bidding continues until no one wishes to place another bid. The auctioneer does the 'going once, going twice' routine, and if someone places a bid the bidding resumes. Since all persons bidding on an auction are connected by the Internet which can be slow and cranky at times, we picked 15 minutes as a reasonable amount of time to overcome any slowness or technical problems.

In a 'live' auction, the person who is willing to pay the most wins the item. Why should it be different on the Web? We certainly don't hide the fact we do this - you will find the 15 minute rule described in our Help Center, User Agreement, etc. It is also why our auction listings say "Ends On or After".

In a recent survey, a feature similar to our '15 minute rule' was the #1 most-requested feature addition that eBay (R) users would like to see added to the eBay (R) site.
 

[GreginNM]

Wow, haven't seen that on an online auction before.  I guess my initial thoughts is it would be good on ebay...
I know I get really frustrated when I get sniped for something I really want.  Granted, I should be placing my highest bid and that be that.  However, almost all of us place our "highest bid" and then place another one when we've been outbid!  That's the nature of how an auction works.  I used to go to auctions all the time when I was in Illinois and North Carolina, so I know how you can get caught up in the bidding war.  Something like this would require you to be at your computer within the last 15 minutes, and may mean you will pay more for something if you want it.  On the flip side, you may make more money as the seller in this same case!  The primary drawback being you have to be present for that last 15 minutes if you want to play the "game", which we can't always do, meaning no more worries about being sniped 3 seconds before the auction ends!

Thanks for the interesting post!  It should generate some good discussion.

[vend_dr]

When Yahoo had their auction site they used something similar but I believe theres was if a bid came in during the last 5 minutes the auction would be extended.

[davethebirdman]

For the seller - A great Idea..

For the buyer (sniper) the end of a great deal of fun and satisfaction as you sweep in with 3 seconds to go and grab it from the unsuspecting arms of the high bidder who sits there with a smug look on his face thinking he'd won. (I've been the swiper and the swiped) 

As I buy more than a ever sell and subscribe to a sniping site .... it would be a disaster.

Dave

[Kilroy]

I agree with Dave on this one. I've  sniped and been sniped countless times, as long as I force myself to stick to my guns, and  say "this is the most i want to pay, if someone outbids me,    welll i  have to wait for the next one". 

For a seller ,  having the ability to  receive higher bids is a great thing,

[SIGNGUY]

I agree, as I too have been sniper and sniped.. I sell more on ebay than buy, so for me... I like it. Apparently it's the most requested feature that ebay users have requested.

[collecture]

Everybody snipes!
It is the same deal to me. You come in at the last second with your absolute highest bid and sometimes somebody else comes in too with a higher bid.
Sometimes you get it and sometimes you don't - Sometimes you get an awesome deal and sometimes you get a fair deal.
The problem I have with putting in a high bid at first is some joker comes along and eats away at your bid until they are the high bidder - are they a true bidder or a shill bidder??
Wouldn't this feature open the door wider for shill bidding?

[BrianB]

Yes, everybody probably does "snipe". I have zero problem with it. That's the nature of it. I almost never bid on something until the very end. Why would I want to drive the price up and show interest in something and make it more attractive thus costing more?? A lot of folks are like Lemmings, they see something with a ton of bids and they jusy have to bid as well, why feed that? I like the exciting nature of it I guess!

[cormy]

I've seen this with other auctions on line. I personally dont like it, sometimes auctions take forever to end. GOOD for seller, Not so good for bargain bidders who want to get it as cheap as possible--which includes me.