The 3 Minute Auction and Minute Auction Explained

by Renee Matt

Am I the only person who doesn't know what a 3 minute auction is? Looking for fresh content for my site, I discover that "minute auction," or even a 5, 10 and 30 minute auction is a popular item. Some auction sites may refer to a minute auction as a "Live Bid." The "minute auction" or "3 minute auction" actually comes the closest to duplicating the excitement (and anxiety) of a real auction. No, it is not the same as an Ebay minute auction. I will give the example of Bidz.com. Bidz.com uses Flash technology to constantly update in real-time auction bids right before your very eyes! The price goes up, up, up and the time clicks away ... down, down, down!. Add flashing green highlights for added new bids and red flashing for the ominous approaching 0 minute and to say the least, it is quite thrilling. On the Bidz home page, there is a link that says 3-minute auctions. This is a separate category all by itself. If you click that link you are taken to the 3 minute auctions, usually consisting of jewelry. (Note: See end of article for "The 3 minute auction - too good to be true?") A word of caution: It takes a little finesse to bid at these fast-paced auctions - and I mean FAST! You must be EXTREMELY CAREFUL when bidding. The highest bid I came across on my visit was for $1500. My advice would be to practice on the dollar starting bids. Bids quickly escalate to $15 and $30. In the words of BidZ: "If you are bidding on items in the 3 Minute Auctions category, you will not be notified if you are outbid. These auctions move very quickly, so you have to monitor your winning bids very carefully." Back on the 3 minute auction page of BidZ, what do you see? >From left to right: the product picture, the item number, title, price, bids, and time left. The "bids" and the "time left" are where the auction action is at. But just as its nearing 0 minutes left, it jumps up to more time left - what gives? According to Bidz.com: "If the bid is placed during the last minute of an auction, the auction will be automatically extended for an additional 1 minute from the time of the latest bid. The auction will close once all bidding has stopped for a period of 1 minute." OK - I decide I am going to get in on this action. Registering is free (username must be a combo of numbers and letters). I have to click on the picture to go to the listing to actually bid according to Bidz.com directions below: 1) Simply use the "plus" and "minus" graphic keys to select the amount you would like to bid. The amount of the next bid is automatically one dollar more than the current bid. If you only want to place a one dollar bid, you can just click the Bid button without any adjustments. 2) Click the bid graphic button to register your bid. PROBLEM: I click the Bid! button and then find out I have to register my credit card in order to bid - but they didn't tell me that when I was registering (even though I quite expected it). Another problem I encounter is a sluggish modem. By the time I reach the listing page and the picture and bid button loads, the auction can be over (sigh...). Its not hard to become giddy over the amazing deals of a 3 minute auction...too good to be true? 3 minute auctions "typically offer expensive items, such as Cartier watches, Beanie Babies, computers, and cars at prices that are low enough to dull the scam alarm in most people." This was taken from an auction fraud article. The same article reports that the Federal Trade Commission has identified a scam email that includes "Live 3 minute auctions" in the subject line. See the details of the 3 minute auction scam at http://www.chiff.com/a/fSCAMauc.htm For a list of minute-auction websites, refer to: The 3 minute auction list at http://shmyl.com/dpzison My final words: The 3 minute auction and minute auction are the epitome of auction entertainment. So pop some popcorn, invite some friends over, and have yourself some Friday night auction fun! Renee Matt maintains AuctionTongue.com, a review site of auction tool, free auction templates, auction software, auction sniper and image hosting services. AT focuses on auction websites outside of Ebay. Sign up for their FREE Auction Freebies newsletter: http://www.auctiontongue.com/. renee@auctiontongue.com

eBay Thieves Make Auctions Tougher

by Sydney Johnston

The online auction world was shocked by the biggest eBay fraud in its seven year history. What made it even more astonishing is the fact that the crooked seller has a five history of successful sales on eBay, accompanied by thousands of glowing testimonials from satisfied buyers. Stewart Richardson, owner of a Michigan store called Retired Figurine Exchange Inc., sold small figurines to eBay collectors, some of them costing thousands of dollars. The heart of eBay's seller-honesty system is "Feedback", which allows buyers and sellers to rate each other. Mr. Richardson earned 6,185 positive feedback points since he started selling on eBay in 1997, with an additional 58 negative and 56 neutral ratings from buyers who bought from him. These scores mean that 98% of the sales Mr. Richardson made resulted in satisfied buyers. Richardson posted large numbers of auctions which concluded early in January, supposedly selling hundreds of figurines from an estate sale. He apparently sold items he didn't possess, listed the same item multiple times and even contacted losers in the auctions, informing them that the winners didn't pay and offering them the opportunity to buy. Then on January 17, he left for lunch and hasn't been seen since. Estimates of his stolen money range from $225,000-$400,000. Investigators later discovered that Richardson spent a total of about eight years in prison during the late 1950s and 1960s for a number of felonies, the most serious of which was assault with intent to commit murder. Nor is he the only high-profile crook. Brian D. Wildman was convicted of wire and mail fraud for selling valuable sports card sets ? but not delivering them as promised. Other sellers were indicted for attempting to sell a fake painting for $135,805. In another case, sellers themselves turned into a vigilante group, seeking justice from a 35 year old man who sold computers and then failed to deliver. The angry buyers apparently broke the law in their attempts to retrieve their money back from the dishonest seller. You and I are damaged by these reports. There are many people who are uneasy about internet sales in general, and these kinds of high-profile stories make it tougher for honest people. In truth, eBay claims that fraud includes only .01% of its transactions, but that isn't reassuring to a nervous buyer. What can we do? 1. Plaster your identity everywhere. Put full contact information where all potential buyers can see it. Give as many ways to contact you as possible. Include your picture (and perhaps the dog and cat. :-) Choose anything that will let buyers see you as a real person with a stable life. If you have testimonials and feedback from happy customers, tell the world. It's true that Richardson had these advantages, too, but he is newsworthy simply because he is an exception and not the rule. Generally, the feedback system works very well. If you have special credentials, let buyers know. For example, perhaps you are a nurse who sells nutritional supplements or you are an antique dealer who has been in the business for 30 years and can prove it. This kind of credibility is much more reassuring than a one page website and a free hotmail address. 2. Credit cards are the safest way to purchase anything. These days, it is possible for most entrepreneurs to accept credit cards through the auction sites or 3rd party processors, even if they don't have their own merchant account. Go even further and explain the safety of credit cards to your buyers. In my one and only personal experience with auction fraud, there were dozens of other sellers who never received their merchandise. Those who paid by credit card, like I did, received their money back. Those who paid with cash or cashier's checks simply lost their money. eBay has fraud protection, but it only covers $175. 3. Escrow is a great safeguard, although it is most practical for higher priced sales. It works like this: a. The buyer sends the purchase price to the escrow company, who then verifies the funds b. The escrow company notifies the seller who ships the merchandise to the buyer c. When the buyer is satisfied, the money is released to the seller d. If the buyer isn't satisfied, he can return the merchandise to the seller and receive his money back. These kinds of conditions are usually specified in advance. That is, "I changed my mind" usually isn't grounds for return of the merchandise. It normally has to be misrepresented in some way for a buyer return. According to news stories, one of Richardson's buyers sent a registered check for $20,000. That money is lost for good. If the buyer had been careful enough to use an escrow company that loss would not have occurred. If you sell expensive items, always mention this option to buyers. Even if they choose not to use it, they will know you have nothing to hide. About the Author Sydney Johnston, the AUCTION QUEEN, was one of the original sellers on eBay.com back in 1996. She is the author of Make Your Net Auction Sell!, published by Dr. Ken Evoy and sitesell. She is the originator and teacher of the famous Auction Genius Course, a powerful 16 hour seminar on the internet that teaches everything necessary to build a powerful and wealthy online auction, and includes software and numerous other aids. http://auction-genius-course.com

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