Domain name auctions - The last 5 minutes

[AEProgram]

For those who used GD Auctions, Snap Auction, NJ Auctions etc. you will be able to relate to this and maybe chime in.

So its the last 5 minutes of a domain auction, you have a proxy bid in for 100 dollars. The current price is 80 dollars.

Now in the last 30 seconds someone comes along and bids 85, the auction is now extended to 5 minutes again, you are still the high bidder.

The bidder does nothing, once again, last few seconds of the auction he puts in a bid for 90 dollars and once again it extends the auction but does nothing for him, it simply ups the price of the item.

This can go on and on for hours and is usually done by one bidder.

I would like to suggest something to auction sites, a minor change that would stop this nonsense.

If someone enters a bid and it does not outbid the current bid, only extend the auction for 30 seconds as thats enough time for the bidder to decide do I go higher or not.

If he outbids, at that point extend for 5 minutes to give the first bidder time to get an alert etc.

But if the first bidder isn't outbid, why the need for another 5 minutes? The only thing that's happening here is abuse.

And if someone does a bid and wait, bid and wait, after 3 times ban them from the auction as their only goal there is to antagonize.

Imagine if this is how auctions worked in the real world, people would run out of the auction house.

At a recent auction where as a domain went for 40+k (I wont mention the name but will be happy to mention it by PM) the last hour of the auction was complete abuse by a certain bidder. He kept waiting for the last second to place a bid just to extend the auction time another 5 minutes and kept doing this for over an hour and it took the auction up another 7k.

If the guy isnt outbidding why extend 5 full minutes? Why allow the practice of simply bidding over and over again just to get the current guy up higher? If you are serious about the domain outbid.

 

[NameOmnia]

I see your point and I agree with what you said but it's also true that the first bidder is not forced to go on increasing the bid. In the last example you named the price was pushed for 7K because the original bidder had a proxy bid covering that amount, meaning he was willing to pay that amount anyway!

So I agree with the 30second / 1 minute extension of time but if you don't want to over pay a domain simply don't put a crazy proxy bid in!

Beside that we all know that many of those auctions are not genuine as driven by the seller who has friends or double accounts bidding on the name. This happens everywhere.

Another thing I will never understand is those bidders ( real or fake I can't tell ) who start bidding rediculous amount of money when there are still 4-5 days left for the auction ( Godaddy for example..) : it drives me insane..it is that people don't know how to bid or it's all fake and we all should go home!!!!

 

[AEProgram]

I see your point and I agree with what you said but it's also true that the first bidder is not forced to go on increasing the bid. In the last example you named the price was pushed for 7K because the original bidder had a proxy bid covering that amount, meaning he was willing to pay that amount anyway!

So I agree with the 30second / 1 minute extension of time but if you don't want to over pay a domain simply don't put a crazy proxy bid in!

Beside that we all know that many of those auctions are not genuine as driven by the seller who has friends or double accounts bidding on the name. This happens everywhere.

Another thing I will never understand is those bidders ( real or fake I can't tell ) who start bidding rediculous amount of money when there are still 4-5 days left for the auction ( Godaddy for example..) : it drives me insane..it is that people don't know how to bid or it's all fake and we all should go home!!!!

lol youll find that more on gd than on nj, youll see it on snap too, many are not domainers just end users doing things thats causing them to pay 50x more than if they would of just waited

 

[NameOmnia]

lol youll find that more on gd than on nj, youll see it on snap too, many are not domainers just end users doing things thats causing them to pay 50x more than if they would of just waited

Yes it's more of a Godaddian thing than a NameJettian ..I don't use CrapSnapNames because they have the worst support service in the history of humanity.

 

[hookbox]

If someone puts in a bid and doesn't outbid your proxy bid and you only give them 30 seconds to decide if they want to keep bidding you will guarantee yourself a bidding war because it will create a frenzy between you and him. By giving them 5 minutes to think about it you are almost guaranteed for them to drop out at some point because they will probably lose interest. I think the 5 minute rule goes in your favor more times than you think.