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BIDDING STRATEGIES


Due to the nature of doing business on the Internet, there are certain strategies Internet bidders may use to insure their bids are executed in the most efficient way. Although most Internet bidders use the Live Internet Bidding method to bid successfully, there are factors that could benefit or hinder your ability against other online bidders or onsite bidders.

The auction clerk monitors Internet bids during the auction event. The clerk is always located at the auction site and always communicates directly with the auctioneer. As an item comes up for bid, the Internet audience, as well as the live onsite audience, has an opportunity to bid. Internet bids are executed in the order they are received. For example, if the bid is at $100.00 and seven Internet bidders click the bid button at the exact same time, the auction clerk will execute the first $100.00 bid received. The speed and location of your Internet connection could affect your bid. Although the time frame from when an Internet bidder clicks his/her bid button to when it reaches the auction manager only takes about a second on the average, a bidder with a slower Internet connection or a more remote location could equate to a live event auction participant sitting in the front row or in the last row in the live audience at the auction gallery.

Absentee bids are recorded before the auction item goes on the block for bids. These bids are recorded, sorted, printed, and appear on the auction manager's clerking screen instantaneously when the item is brought up to the auction block. There is no factor other than the bid amount to inhibit your bid. Even if the Internet should have connectivity problems your bid will be executed. Although absentee bids reflect the maximum bid a bidder will bid on an item, it is not necessarily the amount an item will sell for if the absentee bidder is successful. Bids are executed in a fair manner. For example if three absentee bids are placed for the same item and the values of the bids are $100, $200, $300 and the auctioneer uses $25 increments for these price ranges, the auctioneer would start the bidding at $225 on behalf of the $300 bidder. If the bidding should stop before the maximum absentee bid is reached, the absentee bidder will be successful at the price where the bidding stopped even though his/her maximum bid was greater. The dilemma with many absentee bidders is to determine the maximum bid. Many times bidders are willing to go one more bid for an item they desire.

LuJohns Live Bidding tools incorporate safety measures that will prevent an Internet bidder from bidding against himself regardless of how many times an Internet bidder presses his bid button. When an Internet bidder's live bid or absentee bid is the current high bid, that bidder's bid button is disabled until he has been outbid. Then the button becomes active again.

Most bidders enjoy the excitement of live Internet bidding. Others with a busy schedule or conflicting functions optimize absentee bids. And, of course, there are those who want to enjoy the live entertainment inherent to the live event.

Our goal is for our audience to participate using one or a combination of methods best suited for them. Bidders may leave absentee bids and monitor the live event to see how their bids fared, or maybe even increase their bid again with live Internet bids if they have been outbid. Regardless of your strategy; the excitement, convenience, and efficiency of Internet bidding will certainly enhance your auction experience.

 

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