Auction closing methods - individual vs. simultaneous lot closing

[Archive]

Posted By: Richard Masson

The "close everything at once" method is an archaic holdover from the days of phone auctions. With the capability of the internet, shouldn't there be a way to closely mirror a live auction on line? Perhaps lots should close using the 30 minute rule but do so sequentially. That way, uncontested lots close and those with multiple bidders get resolved over time. There is just no logical reason for it to be a contest of who needs the least sleep.

If REA keeps this format, they need to find a way to entice bidders to get closer to their bottom lines sooner. Otherwise no one makes a real bid until well after the expected closing time.