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Our 'unique bid' auction
system is basically the
reverse version of conventional
auction sites' systems. In conventional
auctions, bidders try to 'out-bid'
other bidders which causes bid
values and the auctioned item price
to rise rapidly.
However, in our auction system, it is the lowest 'unique' (unmatched) bid that wins, not the highest bidder.
Also,
since we have a max bid rule,
our auctioned Gas Cards will
always be sold at at least 90-95% below
its face value.
For example, we could feature a
$500.00 Gas Card with a max
bid rule as low as $4.34.
Users can enter bids in one cent
increments between $0.01 and
$4.34 with an admin fee of
$2.00 per bid.
Let's say three people each bid
$4.34, one person bids $4.33 and
two persons each bid $4.32. Then the
"lowest unique bid" (LUB)
would be $4.33. Even though the
$4.32 bids have a lesser value.
This means the winner will only pay
$4.33 for a $500.00
Gas Card.
There are no other hidden fees!
You only pay the
$2.00 bid fee per bid. You will
NOT have to pay for your entered bid
value(s), shipping fees or the face
value of the Gas Card. |
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