I do not use auto response, figuring that any dialog is better than none. As I get more and more jaded to silly offers, I will perhaps change my mind. Since I am one of those idiots that has a good percentage of items up at very aggressive prices (like the euphanism?) I expect some perceived value descrepency. That is not what I consider a silly offer.
I always try to respond with a counter (almost never decline) but sometimes I screw up and miss some correspondence.
James G. is correct that most counters are met with silence, so being professional and polite sometimes gets you a kick in the ass when the other side does not exhibit the same propensity.
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