Jan 12 2010
What is a Lowest Unique Bid Bid Auction
Bidding is the usual way in which a product is sold in the presence of multiple buyers in an standard auction . The person making the highest bid, usually wins.
The concept of reverse bidding in a unique bid auction is new and different from the traditional form of online auction. The main idea behind reverse bidding is to make it unique. In this case, the bidder quoting the lowest price for a bid becomes the winner.
For example, a digital camera is quoted at a price of $300. Now, two people make a bid of $1.60, three people bid $1.50 and only one person makes the bid for $1.55. In this case, the winner will be the person who has made the bid of $1.55. Even if there are people bidding a lower price than this, the bidder of $1.55 is the unique one as no one else has made an equal bid.
Reverse bidding is an unusual concept but it is interesting and profitable too as it enables bidders and auction visitors to get items at a considerably lower price. Reverse bidding auctions have gained much popularity amongst the more usual Internet auction sites. Many Australian online auctioneers are now choosing to make the lowest unique bid the winner for their products..
In this line, Youbid.com.au has emerged as an eminent name in the world of Australian online auction sites. Providing a variety of categories to choose from, Youbid can be joined exclusively by Australian and New Zealand nationals.
Joining is absolutely free of charge. To become a member, you just require to fill up a registration form. You must 18 years and above in age to bid on this unique bid site
Now since the idea of a lowest unique bid action new to many people here are some quick tips that can be followed to help you win..
1.Sign up for taking part in an online auction - Become a member and read the FAQs to get a clear idea about the bidding process. I most cases, you can sign up for free at one of the many Internet auction sites, such as Youbid.com.au. Once you are a member, start by making a few bids in the beginning. Practice is the only way to be a perfectionist in the bidding game.
2. Find something you want to bid on. Keep in mind you're not bidding against others on the retail value of the product. It might be worth many thousands of dollars but be sold for less than one dollar. You just want to get the lowest bid that no-one does ( ie a lowest unique bid)
3. Unlike traditional auctions you do not need to wait till the end to make a bid. So as soon as you have decided on the item, make your the bid.
4.Make multiple bids to cover as many possible bid values as possible.
5.Keep an eye on your bids. Most sites will keep its bidders updated through email about the status of their bids. Being the bidder, you should strictly keep a track of the bid status so that the lowest unique bid can belong to you.
These are the five main tips that if followed will help you emerge as the winning bidder at a lowest bid auction.
Want to find out more about the unique bid auction system then visit our site and see some live online auctions. You can also read how the lowest unique bid is worked out, and maybe even make a bid!
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