Buyers Choice Auction

Where the Buyer is in Control!

Buyers Choice Online Auction
Where the buyer is in control!

Product Description:

Buyers Choice Online Auction is a NEW approach to online auctions.

It includes all the features we’ve come to expect with online auctions but adds several

NEW FEATURES.

· Buyer has the CHOICE to switch to any lot in the offering if he is outbid.

· Buyer has the CHOICE of bidding live online (including Proxy Choice bidding or manual bidding) or possibly even requesting telephone bidding.

· Buyer can make the CHOICE to setup his own personalized “watch list” with the click of a button.

· Buyer has the CHOICE of watching the entire auction on a “big board” format or, with a click of a button, seeing just his “watch list” on the “big board”.

· These CHOICES are possible because all lots are offered and bid on simultaneously.
 

Buyer Advantages

· Buyer can bid on his choices.

· Buyer does not have to deal with the seller’s order of sale because all lots are offered and bid on simultaneously.

· The buyer has the choice to switch to any other lot in the offering if he is outbid on his current choice.

· This method gives the buyer true choices and more time to make decisions.

· The buyer should have “no regrets” when the auction is complete. This results in higher buyer satisfaction.

· The option of ProxyChoice Bidding (example given below) bidding allows the buyer to determine ahead of time what lots he is interested in, how many he wants to buy, how he would prioritize them and what maximum price he would pay for each individual lot on his PriorityChoice ticket. The computer does the rest automatically.

· Bidding is very simple and clear.

· The auction-end “extended time” (example given below) feature gives buyers ample time to make a purchasing decision.

Examples

Auction Extended Time

This means that the Auction is not declared closed until there has been a certain number of minutes of inactivity. Seller determines Auction End Time and Period of Inactivity.

· Example: End Time: 7PM CST, Inactivity Period: 10 minutes.

o Scenario 1: No bidding has occurred from 7PM to 7:10PM. At 7:10PM, auction is closed and all lots are declared sold.

o Scenario 2: Last bid placed on a lot at 7:05PM. At 7:15PM, auction is closed and all lots are declared sold.

o There will be a countdown timer that will reset to 10 minutes whenever a bid is placed after the original end time.


ProxyChoice Bidding 
 ProxyChoice bidding allows the buyer to determine ahead of time what lots he is interested in, how many he wants to buy, how he would prioritize them and what maximum price he would pay for each individual lot on his PriorityChoice ticket. The computer does the rest automatically.

§ Bidder chooses several lots and inputs each lot on his ProxyChoice ticket.

· He prioritizes his choices.

· He assigns a maximum price to each individual lot.

· He indicates how many lots he wants to buy.

§ Bidder can have multiple ProxyChoice tickets (groups).

§ When the bidder submits his “ProxyChoice” ticket(s), the computer bids for the bidder.

· Example: Joe would be willing to purchase any of 5 lots but he only wants 2. He creates the following ProxyChoice ticket.

 

# of Lots desired

2

 

Priority

Lot #

Max Price

1

39

$ 2,000.00

2

22

$ 1,750.00

3

16

$ 1,500.00

4

2

$ 1,250.00

5

6

$ 1,250.00

· Joe submits his ProxyChoice ticket and the computer immediately starts to find Joe 2 lots.

· The current bid for Joe’s 1st choice, Lot#39 is $600 (bid increment is $50).  The computer will then put in a bid for Joe of $650.  (By the end of the auction, there have been several other bids but Joe does win this lot for $950.)

· Concurrently, the bid on Joe’s 2nd choice, Lot#22, is $2,000 so computer can’t put in a bid for Joe on this lot. The computer moves on to choice 3, Lot#16 which is currently selling for $800.  The computer puts in a bid for Joe for $850.  (At auction end, there have been no other bids on this lot so Joe buys the lot for $850.)