Quote:
Originally Posted by Matt
Blair - Qualifying bids are expected. What is surprising is that people have already entered their ceiling bids on day 1. I got the 'your bid was automatically outbid' message several times yesterday. It doesn't bother me, because in the end whoever is willing to pay more will win the lot, but it is surprising.
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Hi Matt,
I wonder how much of this is a "blocking" strategy. By this I mean that I would much rather go into overtime with only one or two other qualifying bidders against me than 5-7. So if I personally place a number of those preliminary "under market" bids, that blocks another person from putting in that bid as a marker bid to qualify for O/T.
Not knowing what is going on with other bidders - such as how their other bid lots are running up, how their finances are looking, how much they really want the lot etc. - I'd rather face fewer competitors, despite the fact that I know it only takes one other to run up the price.
(Barry S. and I debated the usefulness of this kind of strategy last year...he doubts it makes a difference, but I feel it might.)
Cheers,
Blair