"FirstBidWins allows sellers - both retailers and individuals - to tap into the lucrative online market with a simple transaction format that is safe and easy," said Larry Schwartz, president and general manager of Auction Universe.

As a result of the introduction of FirstBidWins, Auction Universe is the first site to give sellers the option of choosing a pricing model - fixed or variable. Auction sites such as OnSale (Nasdaq:ONSL), eBay (Nasdaq:EBAY) and Yahoo! Auctions (Nasdaq:YHOO) offer merchants and liquidators the auction process as the only selling mechanism. Many merchants and consumers are not comfortable with the auction process and would prefer a set price for an item as they always have done. Now, through FirstBidWins, sellers have access to a larger base of potential customers made available through the Internet while maintaining a traditional retail pricing model.

Moreover, FirstBidWins is covered by Bid$afeÔ, Auction Universe's unique security and money-back guarantee feature. Through Bid$afe, both buyers and sellers know that they will complete the transaction easily and securely. An additional advantage for buyers is that they no longer need to be concerned about waiting for the auction cycle to close or wonder how high a price can rise for a desired item.

"We designed FirstBidWins for sellers when they have an item they want to sell quickly and not wait for an auction to close," added Schwartz. "This service was created in response to a need we heard in the marketplace from local merchants and our affiliate newspaper sites. This is the first of a number of initiatives we will be taking in the coming months to expand our business by offering sellers and buyers the most innovative ways to buy and sell merchandise on-line."

posted by neomax
 

We're selling First Bid Wins as a fixed price format but, between you and I and everyone else on the board, it doesn't have to be that way.

I saw a post on the "outlook" across the way entitled "new auction format!! Dutch" http://www.auctionwatch.com/bb/Forum2/HTML/000727.html that sets the stage for what "First Bid" can really mean.

On its face, all first bid wins means that a deal is done at the stated price the instant the bidder bids.

If the price remained the same -- if it were engraved in stone -- it would be a true fixed price format.

But the price is totally under the control of the seller using AU's auction managment.

Thus, the seller could do a traditional -- some call it a real -- "Dutch" auction and regularly lower the price.

For example an enterprising seller could start an item at $300, drop the asking price a day later to $290; then a day later $280, etc. until the item is bought -- just like in a real Dutch "declining bid auction."

Still another way to accomplish the same thing is to spy one of the First Bid Wins auctions and post the seller with an offer.

If he agrees and posts you a time when the price will drop to your asking price, you bid and you win right then.

And, because it is on AU, you'll be able to use your credit card and you'll have all the protections of AU BidSafe escrow service, including the return priviledge.

This is a powerful new auction format that I'm just as excited as I can be about.

neomax