| Auctions have usually been a way for consumers to purchase items at discounted prices. Often we may find that they many of us are unable attend auctions due to scheduling conflicts, family obligations, or geographic location which can prohibit the attendance of such an event. With the availability of the internet, consumers now have access to auctions businesses that they would have missed out on in the past.
Bid Blab LLC hopes to solve this problem by introducing consumers to our unique virtual auction website. BidBlab.com auctions will provide the winning bidder the opportunity to purchase items won during our auctions well below the conventional retail price. Unfortunately, most of the time when someone thinks of an auction they assume all auctions are the same. The bidder with the most money will win the item every time by bidding the highest amount. This is not the only kind of auction available and there are better ways to bid on sought after products. If you are not aware of this there is a variety of auction formats that a consumer can choose to attend.
The most commonly recognized auction is the English Auction where the bids are always ascending and the highest bidder wins the item. Although popular this is not the only format that is available to consumers; another format is the Reverse Auction where the price starts out high and then drops in price until someone places that first bid and that will be the sale price of the item.
There is a good chance that you have may have heard of or even attended a Silent Auction where bidders place the bids by writing down the amount they are willing to pay on a sheet of paper near the lot they are bidding on. All bidders can see who has bid and what the bid amounts are and consumers can easily loose an auction by a penny or a just few dollars. Unless you continually check the sheets lying around you may miss a great item and find yourself the losing bidder. Losing by a penny or two can be a frustrating feeling.
A Sealed Bid Auction is an auction where bidders place bids that are unknown to everyone else that is participating in the auction. It is an interesting format that keeps bidders from overbidding for items due to the hype and excitement that participating in an auction can create.
BidBlab.com offers a Unique Fusion Auction, which combines the English Auction, Silent Auction, and the Sealed Bid Auction. All auctions will have a limited amount of virtual auction seats available per auction. BidBlab.com provides a bid by proxy service where bidder can place bids online and come back later to check on their bid status. This eliminates the need to have to be in a particular location in order to bid.
Each auction will always have a Bid Blab Price that is defined as the highest amount that a bidder can bid. The winning bidder will be the bidder that has the highest unique unmatched bid at the close of the auction. That unique price will be the amount that the winner will purchase the item for.
This means that during the auction you cannot see the other bids that have been placed and you know that there are boundaries of a max price that cannot be exceeded. By offering this unique fusion of the various styles of auctions we are confident many consumers will be glad to blab to their friends and family what a great auction format we offer.
How much does it cost to bid on a BidBlab auction?
BidBlab sells auction credits for the virtual auctions. The cost per auction is clearly displayed on every auction. Premium auctions use premium credits and bonus auctions use bonus credits. You cannot use bonus auction credits on a premium auction. Once you are a registered member you can purchase these credits through the user login area: |
