what is dutch auction? I left the auto log on and my son thought itwould be neat to bid something ................. well he bid twice on the same item ......... and then sent a cancel on one of them.... let me know what is up ....... I will no longer have the auto log in on........
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Check out this this free event.
Dan Flynn,got a stupid question fer ya....
- Thread starter Dan S
- Start date
What is a Dutch Auction and how does it work?
The Dutch Auction format is used to offer mass quantities of one item. If the item comes in quantity and all the items are identical, you can list them as a Dutch Auction with a minimum opening bid that matches your selling price. For example, suppose you have 500 widgets, all identical. Let's say you would like to sell them for $5.99 each. You would list them as a Dutch Auction with a quantity of 500 and an opening bid of $5.99.
Bidders on a Dutch Auction do not use the proxy bidding system - that is, there are no hidden maximum bids. What the bidder bids is what is displayed on the bidding history. In Dutch Auctions, the current standings are always displayed in the bidding history during the course of the auction, and the complete bidding history (including unsuccessful bids) is available as well.
Dutch Auction bids must have a higher Total Bid Value than previous bids. The Total Bid Value of the bid is determined by multiplying the dollar amount bid by the number of items bid on. Reducing this Total Bid Value in subsequent bids is not permitted, and your new bid will be rejected. This rule protects sellers from unscrupulous bidders who bid for the entire quantity (thereby discouraging other bidders from participating), and then reduce their quantity at the last minute.
Bidders in a Dutch Auction will not receive Outbid Notices if they are scrolled off the list of successful Dutch Auction bidders. Dutch Auction bidders must actively monitor their bids in order to rebid if necessary.
If someone can explain this better go ahead
The Dutch Auction format is used to offer mass quantities of one item. If the item comes in quantity and all the items are identical, you can list them as a Dutch Auction with a minimum opening bid that matches your selling price. For example, suppose you have 500 widgets, all identical. Let's say you would like to sell them for $5.99 each. You would list them as a Dutch Auction with a quantity of 500 and an opening bid of $5.99.
Bidders on a Dutch Auction do not use the proxy bidding system - that is, there are no hidden maximum bids. What the bidder bids is what is displayed on the bidding history. In Dutch Auctions, the current standings are always displayed in the bidding history during the course of the auction, and the complete bidding history (including unsuccessful bids) is available as well.
Dutch Auction bids must have a higher Total Bid Value than previous bids. The Total Bid Value of the bid is determined by multiplying the dollar amount bid by the number of items bid on. Reducing this Total Bid Value in subsequent bids is not permitted, and your new bid will be rejected. This rule protects sellers from unscrupulous bidders who bid for the entire quantity (thereby discouraging other bidders from participating), and then reduce their quantity at the last minute.
Bidders in a Dutch Auction will not receive Outbid Notices if they are scrolled off the list of successful Dutch Auction bidders. Dutch Auction bidders must actively monitor their bids in order to rebid if necessary.
If someone can explain this better go ahead
Larry L.
PWN TEAM - Moderator Emeritus
hmmmmmmmm,huh I didn't even understand the widgets did you Shorty but I think I know what he's talking about don't you,I sorta got lost for a min. in all that biding thingy but A high roller like you should break sons finger neatly or he too will be wondering "what happen",,he's just a "click" away from being a chip off the old block,dad.
Duch auction examples,
Example 1:
Mark has 20 race car tire pumps to sell, and wants a minimum of $5 each for them. He Puts them up for auction(Dutch) Quanity of 20 @ $5 each. Say 10 people want 1 each and place the minimum bid of $5 and 2 other people want 2 each and bid $5 each and there are no more bids till the auction closes. Each bidder would get the quanity they wanted for $5. And mark would be left with 6 unsold.
Example 2:
Later Mark puts the remaining 6 race car tire pumps up for auction(again Dutch) for a minimum of $5 each. This time 3 people bid $5 for 1 each and one person bids $5 each for 3 of them. Now all 6 are spoken for for $5. Now I come along and want 2 of them and bid $6 for each. Since there are only 6 of them the last 2 people that wanted 1 each at $5 dolars have now been out bid.
If the auction ended at this point all the winning bidders would still get the quanity they wanted for $5, since that was the lowest successfull bid for the quanity spoken for.
But the auction hasn't ended and Dan decides he wants 5 of them and bids $7 each. Now the remaining person that wanted 1 @ $5 and the person that wanted 3 @ $5 have been out bid.
If the auction ended now, Dan would get the 5 he wanted and since there are only 6, and I wanted 2, I could take the 1 remaining or turn it down because I wanted 2 and there arent't 2 left, but the winning price is now $6 because that was the lowest successful bid.
The auction continues on in that manner till the auction time expires.
That is about the best I can explain it. It seams more confusing than it really is. Just remember, You are bidding on the number of the items you want and that the bid amount is for each item, not the total quanity you want, and all winning bidders pay the same price — which is the lowest successful bid.
Hope that helps,
Example 1:
Mark has 20 race car tire pumps to sell, and wants a minimum of $5 each for them. He Puts them up for auction(Dutch) Quanity of 20 @ $5 each. Say 10 people want 1 each and place the minimum bid of $5 and 2 other people want 2 each and bid $5 each and there are no more bids till the auction closes. Each bidder would get the quanity they wanted for $5. And mark would be left with 6 unsold.
Example 2:
Later Mark puts the remaining 6 race car tire pumps up for auction(again Dutch) for a minimum of $5 each. This time 3 people bid $5 for 1 each and one person bids $5 each for 3 of them. Now all 6 are spoken for for $5. Now I come along and want 2 of them and bid $6 for each. Since there are only 6 of them the last 2 people that wanted 1 each at $5 dolars have now been out bid.
If the auction ended at this point all the winning bidders would still get the quanity they wanted for $5, since that was the lowest successfull bid for the quanity spoken for.
But the auction hasn't ended and Dan decides he wants 5 of them and bids $7 each. Now the remaining person that wanted 1 @ $5 and the person that wanted 3 @ $5 have been out bid.
If the auction ended now, Dan would get the 5 he wanted and since there are only 6, and I wanted 2, I could take the 1 remaining or turn it down because I wanted 2 and there arent't 2 left, but the winning price is now $6 because that was the lowest successful bid.
The auction continues on in that manner till the auction time expires.
That is about the best I can explain it. It seams more confusing than it really is. Just remember, You are bidding on the number of the items you want and that the bid amount is for each item, not the total quanity you want, and all winning bidders pay the same price — which is the lowest successful bid.
Hope that helps,
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where is everybody???
looks like just dan flynn and i are the only ones bidding.............come on you people lets make it happen........what's the matter a lil scared r ya....hmmmmmmmmm let me see ........ahhhhhhhhh........... where ya @ big boy did you fall in the swamp????????????????????
looks like just dan flynn and i are the only ones bidding.............come on you people lets make it happen........what's the matter a lil scared r ya....hmmmmmmmmm let me see ........ahhhhhhhhh........... where ya @ big boy did you fall in the swamp????????????????????
Bigboy got scared when you beat him out of the race car (he he)
I guess this auction allows a reserve price in the ducth auction and it really shouldn't. It also says that 2 of those machines were sold and they were not. Because the reserve has not been met.
I will check into that for the future. So look at the dutch auction as a regular auction with more than one item that is the same. You still need to meet the reserve. Or even better. Auction one item at a time with or without a reserve and there will be no confusion. Skip the dutch it's stupid anyway.
I guess this auction allows a reserve price in the ducth auction and it really shouldn't. It also says that 2 of those machines were sold and they were not. Because the reserve has not been met.
I will check into that for the future. So look at the dutch auction as a regular auction with more than one item that is the same. You still need to meet the reserve. Or even better. Auction one item at a time with or without a reserve and there will be no confusion. Skip the dutch it's stupid anyway.
so do you think im going to get a p/wer for 500.00$$??????????
how does that work if the reserve does not make it to the reserve then what? the auction is over and the one who bid cant buy for the price?
is that how it works?
so that means that on that surface cleaner we could be bidding back and forth having a good ole time and the reserve didnt make it ......now we got no item untill the reserve is meant???
for some reason im not getting it...
I thouh=ghjt that if ya bid ya bid...................
can you tell I dont get out much>?
have no clue about auctions..............
how does that work if the reserve does not make it to the reserve then what? the auction is over and the one who bid cant buy for the price?
is that how it works?
so that means that on that surface cleaner we could be bidding back and forth having a good ole time and the reserve didnt make it ......now we got no item untill the reserve is meant???
for some reason im not getting it...
I thouh=ghjt that if ya bid ya bid...................
can you tell I dont get out much>?
have no clue about auctions..............
Jon
New Member
Dan F.
If as I understand Dutch auction there is no reserve then how could Fleetwash put up those machines as Dutch and still put a reserve on them?
Sounds like they are getting the best of both here and that is not suppose to happen the way I read it.
I read it as there is either a Dutch auction or a reserve auction, they are not one and the same.
What gives?
If as I understand Dutch auction there is no reserve then how could Fleetwash put up those machines as Dutch and still put a reserve on them?
Sounds like they are getting the best of both here and that is not suppose to happen the way I read it.
I read it as there is either a Dutch auction or a reserve auction, they are not one and the same.
What gives?