Memory lane's Autobid

[Rhotchkiss]

As most of you know, Memory Lane Auction has an "Auto Bid" feature. The way it works -- and I just learned this by reading "what is autobid": "if someone outbids you, the AutoBid acts as your agent and raises your bid to the next acceptable winning bid. "

So, if I autobid several increments up from the current bid, shouldn't I own each increment up to my Autobid limit? For example, if the increments are $10, and the card is currently at $100, and I put in an autobid of $170, shouldn't I own each position between $100 and $170? But this is not how it works. Instead, the guy who bids $110 gets that position (not my autobid) and then I get the $120 spot (because of my autobid). How is it fair that the AH can push me to the second to next increment when I have already, beforehand, said I would take the next increment. Shouldn't I have "dibs" in this case?

Is this normal/how other AH's do things? I do not think Heritage works that way (I think you get dibs).

[Leon]

Nope, you own every other position up to your max. That is the way it is done at most AH's I believe. At least that is the way I remember it. :). BTW, most AH's, if not all, will let you put a straight bid in and take any increment you want but that is an actual bid and not an "up to" placeholder.

As most of you know, Memory Lane Auction has an "Auto Bid" feature. The way it works -- and I just learned this by reading "what is autobid": "if someone outbids you, the AutoBid acts as your agent and raises your bid to the next acceptable winning bid. "

So, if I autobid several increments up from the current bid, shouldn't I own each increment up to my Autobid limit? For example, if the increments are $10, and the card is currently at $100, and I put in an autobid of $170, shouldn't I own each position between $100 and $170? But this is not how it works. Instead, the guy who bids $110 gets that position (not my autobid) and then I get the $120 spot (because of my autobid). How is it fair that the AH can push me to the second to next increment when I have already, beforehand, said I would take the next increment. Shouldn't I have "dibs" in this case?

Is this normal/how other AH's do things? I do not think Heritage works that way (I think you get dibs).

[ubiqty]

That's not how I've seen it done. Memory Lane should fix that.
Scott.

[Rich Falvo]

Isn't that how ebay works, too? If I have the current bid at $10 and a max of $20 and someone comes in and bids $11, then it bids $12 on my behalf, and so on.

[rainier2004]

Hmmm...some lines crossed here.

Leon - You are right for most AHs but ML actually gives you ALL the spots up to your max. This eliminates having to play the game to bid in the appropriate order to get your max. For example, in REA I only got every spot and the bid was at $1200. I wanted to max at $2250, but I could base on the current bid and maxed at $2000...and lost the lot as someone else got $2250.

To the OP, this is how its done at every AH, ebay, live auctions, whatever. If someone else bids then you must top it, not tie if your bid allows. Ties always goes to whoever bid first.

[Leon]

This from their website...(I could have it backwards and each spot might be able to be had so it could be different at ML. but this is what it says)

"An explanation of AutoBid

The AutoBid feature is an optional feature that allows you to place a blanket bid on an item. This way you do not have to be present to raise your bid to the next acceptable bid level should someone else outbid you. If someone outbids you, the AutoBid acts as your agent and raises your bid to the next acceptable winning bid. This will continue until your AutoBid limit is reached. In the event of a tie, the AutoBid is the winning bid. Please note, our company will never know what your AutoBid is or even know that you have placed an AutoBid. The information is completely private to you only."


.

[rainier2004]

Leon - I guess I am missing where that says alternating spots...when I bid in this ML auction I go every spot up to my max and had to recheck it...

[Leon]

It doesn't. As I said after my first post, ML might let you take every spot as a max bid, but in my experiences, from what I remember, it's every other one at other places. I don't care very much one way or the other. The highest bid is going to win.

But to your thinking more, if you have a max bid of $1000....the bid increments are $100 ea ....the bid is currently at $300 and you have the up to bid of $1000. If I bid 400 then your bid would have to go to 500, not 400, usually. But you are saying ML will give YOU that 400 spot and not me?

Leon - I guess I am missing where that says alternating spots...when I bid in this ML auction I go every spot up to my max and had to recheck it...

[rainier2004]

It doesn't. As I said after my first post, ML might let you take every spot as a max bid, but in my experiences, from what I remember, it's every other one at other places. I don't care very much one way or the other. The highest bid is going to win.

But to your thinking more, if you have a max bid of $1000....the bid increments are $100 ea ....the bid is currently at $300 and you have the up to bid of $1000. If I bid 400 then your bid would have to go to 500, not 400, usually. But you are saying ML will give YOU that 400 spot and not me?

They give you the spot but the 400 bid would still bump it up $500. It only really matters and differs when placing the max bid. Most AH only OFFER every other slot, ML offers every slot. I suck at wording sometimes...

So in your scenario if I was high bid at $300 and wanted to raise my high bid, or auto bid, I could pick $400, $500, $600, etc. opposed to $500, $700, $900 like in other AHs.

[Rhotchkiss]

ML gives you every other sport, or at least you must top the next bid with your autobid even if you had the increment below. I guess that's normal but I really thought at least another major AH (REA, Heritage, etc, all of whom I have bought from), gave you every increment up to max bid, but I could be wrong (wouldn't be the first time). Thanks

[Snapolit1]

I thought you bought every spot too. If I bid $1000 and do max $3000 I assume if someone bids $1100 they tell that dude he has been outbid by a previously placed bid and move me up the ladder to $1100. And send me an email saying a new bid has been placed for me. I know that's how it works some places.

[Rhotchkiss]

That's exactly what I thought, but with ML not the case (not that it affects my participation in their auctions, as the current one is great)

[RedsFan1941]

I thought you bought every spot too. If I bid $1000 and do max $3000 I assume if someone bids $1100 they tell that dude he has been outbid by a previously placed bid and move me up the ladder to $1100. And send me an email saying a new bid has been placed for me. I know that's how it works some places.

please cite one. i know of no major auction house that specializes in sports cards and memorabilia that does this. every one I know of will accept the second bid (after someone elses max bid has been placed) and bump the already-placed ceiling bid (or autobid) to the next highest increment. that has been standard practice for decades. eager to learn about the exception(s).

[rainier2004]

please cite one. i know of no major auction house that specializes in sports cards and memorabilia that does this. every one I know of will accept the second bid (after someone elses max bid has been placed) and bump the already-placed ceiling bid (or autobid) to the next highest increment. that has been standard practice for decades. eager to learn about the exception(s).

This is correct.

I used a poor choice of words. ML allows you to choose any slot for a high bid unlike lost AHs who only allow you the alternating spot like REA.

[Aquarian Sports Cards]

This from their website...(I could have it backwards and each spot might be able to be had so it could be different at ML. but this is what it says)

"An explanation of AutoBid

The AutoBid feature is an optional feature that allows you to place a blanket bid on an item. This way you do not have to be present to raise your bid to the next acceptable bid level should someone else outbid you. If someone outbids you, the AutoBid acts as your agent and raises your bid to the next acceptable winning bid. This will continue until your AutoBid limit is reached. In the event of a tie, the AutoBid is the winning bid. Please note, our company will never know what your AutoBid is or even know that you have placed an AutoBid. The information is completely private to you only."


.

You guys are working too hard here! An autobid is NOT a standing bid it is an agreement to OUTBID someone who OUTBIDS the current bid. So if you are at $100 with an auto bid to $170 the next person who bids is the new top bidder at $110, THEN your auto bid kicks in and bids $120. Think of it as an automated version of you watching the auction and placing a bid every time you are outbid. This is how every auction house I have ever bid with does it. Ties only come into play if your TOP autobid and the top bid otherwise are exactly the same, then the autobid is counted as having been placed first.

[Snapolit1]

I guess I wasn't the only one who didn't grasp that. Probably doesn't matter at the end of the day, but not what I thought the process was. I could, of course, carefully read auction rules but life is short.

[Sean]

You guys are working too hard here! An autobid is NOT a standing bid it is an agreement to OUTBID someone who OUTBIDS the current bid. So if you are at $100 with an auto bid to $170 the next person who bids is the new top bidder at $110, THEN your auto bid kicks in and bids $120. Think of it as an automated version of you watching the auction and placing a bid every time you are outbid. This is how every auction house I have ever bid with does it. Ties only come into play if your TOP autobid and the top bid otherwise are exactly the same, then the autobid is counted as having been placed first.

Best explanation I've seen.

[RedsFan1941]

certainly not rocket science

[Aquarian Sports Cards]

Best explanation I've seen.

10 weeks of auctioneer school paid off lol.