Reserve Price vs. Asking Price
I'm a little confused as to how the whole reserve price vs. asking price works for auction ads. First, here is what the form says when you try to list an auction ad:
Asking price? (Numbers only, enter 0 for Best Offer):
If this is an auction you may enter a reserve price to allow users to buy the product and end your auction. (Numbers only!)::
Now if I create an auction ad, and I put say $100 in the asking price and $500 in the reserve price, I assume the ad gets listed with a starting bid of $100 correct?
If so then people could all bid and drive up the price. My question is what happens when $500 is hit? Let's say there are still 3 days left on my auction. If the $500 is hit, will the person bidding that $500 be able to close the auction and force the sale of the item at $500?
I would hope not. I would hope that the auction (like on Ebay) would continue until the time ran out, and if people wanted to bid higher than $500 to try and get the item they could and at the end whomever is high bidder wins the item IF and only if it matched or exceed the reserve price.
It seems that you've combined the terms "Reserve Price" and "Buy-it-Now" price which are 2 very different things, and I'm concerned that the auctions are not functioning like Ebay auctions.
On Ebay you could set your starting price at $100, your reserve at say $500 and a Buy-it-Now price of $1000. Meaning I want people to start bidding at $100, but I won't sell it unless it reaches at least $500, but I want bidding to continue beyond that but you know if someone shows up with $1000 then ok I'll let the auction end for that price.
Am I making sense and can you tell me how to properly set:
1) Opening price
2) Reserve price
3) Buy-it-Now price
Last edited by KenDude; December 27th, 2008 at 12:35 PM.