1 Reply Latest reply on Apr 8, 2015 4:43 AM by Vilas Swamy

    Forward auction with multiple lots

    ciabell Expert

      Hello,

      We recently started doing forward auctions, a powerful tool to sell-off units to interested buyers worldwide.

      Forward auction were with 1 lot

      Last week, we created a forward auction with 2 lots.

      Each lot contained a list of units that we were selling.

       

      Rules we used:

      Preview: YES

      Bidding begins and ends: PARALLEL

      Must participants improve their bids: YES

      Must participants bid on all items: NO

      Show lead bid

      Improve by nominal amount

       

       

       

       

       

      Lot rules:

      initial value:$25,000

      limited range

      range: $25,000 to blank

      use initial value as: default

      bid increment: $500.

      upward bidding

       

      In the preview the participants selected the lot(s) they wanted to bid on.

      However, you had to select both lots to view the list of units in each lot.

      If you only selected one lot, only that lot is presented with the list for that lot.

      Participants who selected both lots to view both lists, found that during the auction, the app forced them to bid on both lots.

       

      Even though in the Rule section we entered :  Must participants bid on all items: NO

      My questions:

      Why was the participants forced to bid on both lots during the auction?

      How would we be able to have the participants select all lots in the preview, but have them bid only on the lots they want to bid on, and not be forced to bid on all lots presented?

      Any suggestions or tips on conducting forward auctions with multiple Lots?

       

      Thank you

      Dominic

        • Re: Forward auction with multiple lots
          Vilas Swamy Master

          Hi Dominic,

           

          If participants are not forced to submit bids for selected lots, there are chances that they might unintentionally miss out on the ones they wanted to bid.

           

          The select lots(Step 3) option that is provided to participants to let them choose specific lots that they want to submit bids for. If a participant does not want to participate in a particular lot they should uncheck that lot and proceed to submit bids (Step 4) and this should be handled through training. Have you considered Staggered lot opening instead of Parallel for "

           

          Alternatively, when you create your content, as a event owner, you can choose to invite only specific participants at lot level i.e. if you have 3 lots and 6 participants for the whole event, you can specify that in lot 2 you want only 4 participants.

           

          Regards

          Vilas