Bid Auction Script is a tool which offers items for sale by a auction process. Rather than the bidder with the highest bid winning (as is the case in traditional items auctions), this script can be set where the person wiin who has the “Lowest Unique Bid”.
Bids may be any amount between $0.01 and $10,000, allowing people to buy a item at an incredibly low price. The cost of the item is covered by the administration/bid fee you pay to make a bid.
How is the Lowest/Highesgt Unique Bid Determined?
The “Lowest Unique Bid” is an amount of money between $0.01 and $10,000. The amount closest to $0.01 where no other bidder has bid the same amount of money is deemed the “Lowest Unique Bid”. The amount closest to $10,000 where no other bidder has bid the same amount of money is deemed the “Highest Unique Bid”.
This is a representation only.
|
Bid |
$0.01 |
Not Unique |
|
Bid |
$0.01 |
Not Unique |
|
Bid |
$0.03 |
Lowest Unique Bid |
|
Bid |
$0.04 |
Unique, but not the lowest |
|
Bid |
$0.05 |
Unique, but not the lowest |
|
Bid |
$0.07 |
Unique, but not the lowest |
|
Bid |
$0.10 |
Highest Unique Bid |
Example of a possible result at the end of the Auction.
In this example the Bid of 3c is the Lowest Unique Bidder and is awarded the auction result and would have to pay only 3cents. He/she has therefore purchased a items for $0.03 (Bid Amount) + the Admin Fee paid when he/she placed the bid.
If the Bidder of the successful bid had more than one bid they would need to add .00 for each additional bid placed.
Lets say as an example they placed a total of ten bids during the auction their total outlay to own the items would be 10 X .00 = 0.00 (initial Admin Fees) + $0.03 = 0.03.
Remember: During the Auction the Lowest Unique Bid is constantly changing, if in this example someone else was to bid $0.03, then $0.03 would no longer be a “Unique” bid, meaning it would no longer be the Lowest Unique Bid, $0.04 would now become the Lowest Unique Bid. However if someone Bid $0.02, as this has not been bid previously by anyone else, it would then become the Lowest Unique Bid.
Strategic Considerations
It is important to note that the strategy of waiting to place a bid is not necessarily the most successful one for example:
If at the close of the auction we didn’t have a single lowest unique bid the successful bidder would be determined by the two lowest exact same bids however the bidder awarded the items would be the bidder that placed the first bid.
So in that scenario it is very important to get your bid in early.
Start Bidding in just 4 Easy Steps
1. Register – complete the registration form. Your password will then be emailed to the email address you provide us. It is vital you keep your username and password confidential, otherwise you may allow others to access your Bid Bank and place bids from your account.
You are fully responsible for all activities that occur through your subscription and under your password and account.
2. Login - once you receive your password via email, login using your email address as your username and your password. You can change your password once you have logged in by typing a new one in the password field on the Edit Profile page.
3. Purchase Credit – Buy Credits from your account.