Re: IML: Why no Reveal the Reserve Price?

[randalpark@xxxxxxx]

I think we all have our own auction methods, kind of like a set of 
"lucky numbers".

I set a Reserve around the price I want, Starting Bid at next to 
nothing, and have a BUY IT NOW price that will be around the high 
market value. Lately, I have been including packing and shipping if 
they select BUY IT NOW.

Mid-auction, after there are some bids, I usually Lower the Reserve to 
the least amount plus packing and shipping that I will accept, and also 
to encourage more bidding to meet the Reserve. All current bidders are 
notified of this automatically and it also appears in the auction. Once 
the Reserve has been met, the BUY IT NOW price disappears.

I don't believe that the rules allow the seller to disclose the 
Reserve, although, I don't know how they would know that, as long as it 
is done via a response to a private question, unless someone complains. 
I don't sell cars, but everything I have put up for online auction has 
sold, and many times at the BUY IT NOW price. Also, remember the 
listing and payment servicing fees add up fast.

Selling an Imperial in an online auction can be tricky, but like has 
been already mentioned, the more quality pictures, the better. A keen 
eye can pick up on incorrectly re-upholstered seats, a cheap "cover up" 
paint job, and overall condition. It really is "buyer beware", but 
obviously the seller has a responsibility to be honest and disclose as 
much as he knows about the true condition of the car. Most auctions 
have a system of Feedback, so the objective is to have as many happy 
buyers as possible, NO unhappy ones if you can help it.

Paul W.

-----Original Message-----
From: Bogart3147@xxxxxxx
To: mailing-list@xxxxxxxxxxxxxxxx
Sent: Wed, 18 Apr 2007 6:55 PM
Subject: Re: IML: Why no Reveal the Reserve Price?

The reserve price on E-Bay is basically the LEAST you will accept.  The 
reason people don't want to let their reserve price be known is that 
they may get more as bidding may pass the reserve price, but often they 
don't know by how much.  I got my 1965 Crown on E-Bay that way.  I had 
set a limit that was below the reserve and no one outbid me.  During 
the last minute of the auction, I put in two more bids that I hoped 
would reach the reserve price, but, also be an amount I was willing to 
pay.  Luckily, I hit both.

Also, sometimes, a reserve price is set, but the seller is actually 
willing to take a little less.  As you said, they don't want to sell it 
for $37.00, but, may take less than $5,000.00, although that's what 
they've set the reserve at.  You may have bid up to $4,800.00 with a 
set reserve at $5,000.00, but the seller may be willing to take 
$4,500.00, and, if you're the highest bidder, accept it.  The reserve 
mainly says that they are not obligated to sell and you are not 
obligated to buy until the reserve is reached.

I have seen some sellers put the reserve right in their ad, but not too 
many.

I hope this helps,

Timothy Callaway
1965 Crown 4-door



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