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What Is The Best Online Auction Bidding Strategy?

Friday, September 21st, 2018
bidding tips for online auctions

If you are looking for a great deal on almost any item, an online auction is the best source for finding what you need. You can find all types of things including vintage and antique items, auto supplies, household furnishings, farm equipment, houses, and vehicles.

Once you‘ve found an item you want, you need to have a strategy in place for bidding and winning the auction. These are a few tips for you to follow so you can develop a great online auction strategy.

Go for the less active items

There are often many items up for bid in an online auction lot that are similar or the same. When you find an item and it has too many bids, scroll down the page to see if there is another being offered in the lot. For example, if you see that there is an antique toy up for bid, there may be one more of the same toy up next.

Begin with a high bid

You might think putting your lowest bid in first is the best starting point, and sometimes it is for both in-person and online auctions. This plan doesn’t always work, though, because it invites more buyers to start bidding. If you have a set price in mind you are willing to pay for an item, bid an amount close to that to stop potential competition.

Another method of placing a high bid is to use a “bid and forget it” strategy. Most online auctions will let you enter a max amount so the system can make bids on your behalf in increments. This strategy, called absentee bidding, will stop when your high bid amount is reached.

The absentee strategy is useful if you find yourself getting caught up in auctions and placing bids higher than you planned or can afford. It also allows you to go on with your day and let the system bid for you. This is helpful if you do not have time to track your bids.

Auction squatting

Auction squatting, or marathon bidding, involves you placing bids early and watching the site all day for other bids. If you choose this online auction bidding strategy, you will have to be available until the auction is over. But, you will be able to match any increasing bids as they happen. If you bid faster and more often than other buyers, they will know how serious you are about winning the item and may become intimidated. This strategy is a psychological tactic to scare off other bidders.

Wait until the very end to bid

The strategy of waiting until the bidding is almost done is known as “auction sniping.” If you know what time the last bid will be accepted, you can check back right before the clock runs out to put in your bid. The hope with this strategy is to outbid everyone at the last second.

Check the policy on the auction and what happens if higher bids come in during the last few minutes. Some sales will extend their end time if this happens.

Live and online auctions at High Plains Auctioneers

High Plains Auctioneers are your auction experts in the Texas Panhandle. If you would like to learn more about Buying or Selling at auction, call us today at (806) 244-6776 or Contact Us via email. You can also view our Upcoming Auctions to see what we have available.