Online Auction: What do you think?

[Air gator]

I was bidding on some embryos on an online auction. When the clock hit the scheduled end time I had the highest bid.
There were no bids on my lot at the last minute but the sale was extended. At the end of the first 5 minute extension I still had the high bid. The sale was extended again for another 5 minutes. After the first extension I thought I was the winner.
They extend the ENTIRE sale if someone places a bid on ANY lot. There has to be no activity for 5 minutes on the entire sale for it to be over. What do you all think?

 

[bse]

If that was in the rules of the sale I guess I'd go along, if it wasn't I'd try to pull my bid somehow. At that point doesn't seem like an auction, its keep extending until there price is paid. I'd be out.

 

[Boot Jack Bulls]

Pretty standard format. That said, it can really stink to have high bid on an item for an hour, then loose it because another item has active bidding and holds up the show.

 

[js1234]

Not a fan.
I buy often and from time to time sell on internet auctions but they run in the same live auction format we all know and love.

 

[Lucky_P]

So-called 'horse-race'(or is it racehorse?) finish. Can be good, but we had bad experience with one earlier this spring - was the high bidder on a bull - and kept having to 'refresh'...every time someone else bid on anything... for about two and a half hours... then, half of the bulls in the sale just 'disappeared' off the site... sale report was posted, showing us as the high bidder on that bull. Checked back in several hours later... we were no longer listed as the buyer... but the new buyer's purchase price was still lower than our proxy bid. 'Sorry for your trouble' was about all we could get out of the seedstock producer or the sale manager; they claimed the auction went on for another 2-3 hours... but couldn't explain why half the bulls disappeared off the screen and were listed on the online sale report. Probably won't consider them for a walking bull again.

Visited with a classmate last weekend who's in the purebred Shorthorn business, and was discussing this very sale format; he doesn't like it either. They were in one a year or so back, bidding on a heifer they wanted. Accidentally placed a $10K bid on a bull that they did not want. Yikes!!! Scrambling, scrambling, trying to get hold of someone, anyone, to retract that bid... somebody 'outbid' them on the bull... whew! But they did get a text message, shortly, from the breeder or sale manager... "Thanks for that 'courtesy' bid!"

 

[Air gator]

What is the point of having a stopwatch countdown to zero if ALL the lots are extended?
My intent was to buy more than one lot. It annoyed me because every other time that you are outbid you get an email giving you the chance to make another bid. So, if I am outbid then if I am notified I would have 5 minutes to increase my bid. That's not what happened. The final email said that my bid was "surpassed". So, by the rules, the moment I am outbid then the sale is extended 5 minutes but I wasn't notified. How does that help the seller if someone is prepared to increase their bid (if necessary) but they are not notified they have been outbid? Why would the process of notification change during the extended time? If I had received an email giving me a chance to increase my bid I would not have been annoyed. I would have increased my bid.