ED Magedson – Founder
Silvertowne auction & Proxibid128 E Main St Leipsic, Ohio USA
Silvertowne auction & Proxibid Pre-bids maximums used against pre-bid leader to open item at pre-bid max Leipsic Ohio
Auction site uses Proxi-bid to accept online bids, both live and left bids. When leaving a bid a user can enter a maximum bid amount. Often times a pre-bidder will be the high bidder at a price well below their maximum. When the item comes up for bids on the floor the auction house uses the max bid amount to bid against the very same bidding leader. For example, a recent item had a leading pre-bid of $17 and a max bid of $45. The auction house opened the bidding at $40 assigning this bid to the same person who was the leading pre-bidder essentially forcing him to bid against himself. No other bids were placed and the item ended at that one bid. I actually saw this very same thing occur at least 5 times in the short time I was watching the live action. The only way the leading pre-bidder should open the item is if there is a reserve or it gets down to his leading pre-bid amount.
This report was posted on Ripoff Report on 05/16/2013 06:22 AM and is a permanent record located here: http://www.ripoffreport.com/r/Silvertowne-auction-Proxibid/Leipsic-Ohio-45856/Silvertowne-auction-Proxibid-Pre-bids-maximums-used-against-pre-bid-leader-to-open-ite-1051344. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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