Important Updates From REA Including a Modern Take on the Auction Closing Method

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#25

09-28-2016, 11:51 PM

prewarsports prewarsports is offline

Member

Join Date: Apr 2009

Posts: 1,571

We have been ending our auctions this way for over a year (RMY Auctions). We start extended bidding at 6:00pm with the 15 minute rule and with a hard ending at 2:00am regardless of the bidding activity so bidders know exactly when it ends and can plan their evenings. We don't do nearly the volume of REA, but I can say from experience in doing this that I dont feel we leave any money on the table. People know to head back to the computer fifteen minutes before the auction ends and there is always a flurry of activity at the end. We have not had any complaints about it at all and it has been one of the best things we ever did because we get some sleep too!

It is a win-win for everyone and I think it is a great idea for REA.

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