Hello,
Buy It Now aka BIN is the act of purchasing the item for sale immediately for the price fixed by the seller.
BIN used in auctions are used unfairly at certain circumstances. For example, an auction
Consider the following scenario,
Consider on Jan 9 when the seller drops BIN to $62 with highest bid of bidder2 at $60, bidder2 is offline and bidder3 is online and claims BIN, bidder2 comes online only to see he lost by $2 and that too by BIN?
IMO: It is unfair to the highest bidder for a seller to set such a close BIN. BIN should never be lowered to less than $10 difference to the highest valid bid. Also, BIN should be lowered only a fixed number of times (for example 3 times per auction).
If the highest bid is $60 the BIN should be $71 or more. This value can/should vary depending on the increments of the auction. If the increments is at $5 and the highest bid is $60 then the BIN should be $81 or more and so on.
Please do share your opinions and suggestions.
Thank You
Buy It Now aka BIN is the act of purchasing the item for sale immediately for the price fixed by the seller.
BIN used in auctions are used unfairly at certain circumstances. For example, an auction
starts $1
increments $1
end-time 72hrs after last bid (3 days)
BIN $99
Posted: Jan 1, 2016
Consider the following scenario,
bidder1: $1 [Jan 1]
bidder2: $5 [Jan 1]
bidder3: $25 [Jan 2]
bidder1: $30 [Jan 4]
Seller: BIN lowered $88 [Jan 4]
bidder3: $31 [Jan 4]
bidder1: $45 [Jan 5]
seller: BIN lowered $75 [Jan 6]
bidder3: $46 [Jan 6]
bidder2: $60 [Jan 7, 9:20PM]
seller: BIN lowered $62 [Jan 10, 5:00 PM]
Consider on Jan 9 when the seller drops BIN to $62 with highest bid of bidder2 at $60, bidder2 is offline and bidder3 is online and claims BIN, bidder2 comes online only to see he lost by $2 and that too by BIN?
IMO: It is unfair to the highest bidder for a seller to set such a close BIN. BIN should never be lowered to less than $10 difference to the highest valid bid. Also, BIN should be lowered only a fixed number of times (for example 3 times per auction).
If the highest bid is $60 the BIN should be $71 or more. This value can/should vary depending on the increments of the auction. If the increments is at $5 and the highest bid is $60 then the BIN should be $81 or more and so on.
Please do share your opinions and suggestions.
Thank You