posted on June 14, 2002 11:30:35 AM new
I just got an email from Bidz.com Auction and it mentions a "5 minute Auctions!" and "$1 no reserve" auction format.
An interesting twist to the online auction game.
DEAR BIDZ.com PREFERRED MEMBER: * If the links on this page do not work, copy the link in parenthesis and paste it into the browser 5 Minute Auctions! - $1 No Reserve - Start to Finish in just 5 Minutes! - 24 hours a day, 7 days a week
Plus! Special 2 hour line-ups of our most exclusive selections: - Extremely Expensive Afternoons (11am - 1pm PST) - PrimeTime Auctions (7pm - 9pm PST)
posted on June 14, 2002 12:15:57 PM new
I really do not understand how bidz.com makes any money on these very fast auctions. Most items go for almost nothing. To try it out I won a suggested retail priced ring of $100+ for less than $8. There were only 3 bids. The items are all jewelry/watches and apparently bidz.com owns all the items and the s/h is set at $8.95 Fed Ex Express on most items. They allow PayPal payments as well as credit cards.
Very unusual way to sell items. Even with a cable modem it takes a while to make & confirm the bid but they add an extra minute if a bid is made in the final minute. I can see users with dialup connections going nuts with this format.
posted on June 18, 2002 08:57:29 AM new
Oh not it's not. It's been around for at least two years for everyone. The 5 minute no reserve auctions with $1 start bids is a fascinating thing to watch and bid on. It's all jewelry and watches and music boxes and all of Bidz own stuff. There appears to be about 40 different items but there are different ring sizes auctions for the same ring. The auctions run 24 hours a day and there are at least 12 auctions running at one time. Any auction with a new bid in the final minute gets extended by another minute.
It takes a very good computer and fast internet connection to use the 5 minute auctions for more than a few minutes. There are a few computer glitches that let bidders get great items at $1 sometimes.
I still can not figure out the Bidz angle on this format as everything goes for very low prices. They do make a lot on s/h as the first item ( up to $100 final bid ) shipping is $8.95 for Fed Ex 3 day delivery and each addition item is $3 more. 10 items that averaged $5 each would be $50 plus $36 shipping and it may take a week to get your order ready. Most of the jewelry items seem unattractive and may be closeouts from major manufactures that are looking to dump the items and write off the loss.
