The Unique Bid Auction Strategy

in Auction

Online auctions are a dime a dozen, but no matter where you go it's essential that you have some form of strategy to your bidding, otherwise you wind up putting your money and your bids at risk of being lost to more experienced bid auction users.

Before detailing the strategy, let's define the concept of the unique bid auction.  This type of auction is what's known as a reverse auction.  Like many auctions the basis is that you have a single seller and numerous buyers that are competing against one another in order to win the item that is being listed.  In a reverse auction such as this the competition between the buyers is to get that product at the lowest possible price.

In order to place a bid during one of these unique bid auctions the participants will have to purchase a bid pack.  This gives them a bulk number of bids to use when they begin the bidding process.  These bids are used to set the price that they are willing to pay for that particular product.

So what should you know about the unique bid auction in order to set your strategy up for winning?

Know the Value

You need to do your homework so that you understand the value of the item you're bidding on.  If you know the retail cost of the goods you're after then it's extremely easy to overpay.  This defeats the purpose of trying to save through online auctions.

Know the Item

Since people can sell their goods in this kind of auction, take the time to carefully read the description of the item so that you truly know what you're bidding on.  You can use this information to see if the item has been sold during a unique bid auction before, and perhaps even look up trending information on the average sale price at final auction.

Watch the Time

If you're interested in bidding on one or more items during the auction process then you need to take note of when the auctions begin and of course when they end.  This will play a part in your overall strategy for bidding.

Coming into these types of auctions early on, right when they begin, may give you some advantage to hitting a low unique price but this isn't necessarily true.  Some inexperienced bidders may look at an auction that's going to end soon and feel as though all the unique spots would really be taken – thus there would be no point in bidding.

It's always worth it, even at the last few minutes of this type of auction, to create a bid spread in a unique bid auction that lets you spend a few credits to try and hit a unique price.  It is indeed a game of chance but if you're willing to spend a fair number of bids there's a good chance that even in a user-heavy unique bid auction you still come out with the most unique bid in just the last few minutes.

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Derek Cromwell has 1 articles online

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The Unique Bid Auction Strategy

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This article was published on 2011/01/03