Penny Start NR vs Higher starting NR vs ?

GaryHK · Feb 10, 2021

So most of us will turn to other auction sites or whatever to meet our needs whether as buyer or seller. Even those of us that sell on local boards or here can't always fulfill our needs.

In structuring your ad, what is the best strategy?

I've heard penny start with no reserve are the best but as a seller, these scare the begeezus outta me.
I usually do the "minimum" I will accept as a starting bid with no reserve and a buy it now.
I will rarely do a "straight buy it now only". Usually only if I need to sell something quickly and am reasonably certain someone will find the price attractive.
Personally I find penny start with a reserve to be plain stupid with no point.

What are the pluses and minuses you've seen to each method and which do you use?

***Per forums rules, please do not point to or imply reference to specific ads, just use general or hypothetical terms***

M29since14 · Feb 10, 2021

I’m not taken in so much by penny-start auctions. Not being the auction-minded type, in general, I always look first at the buy-now listings when they are available. I don’t mind paying a fair price for something, and I dislike waiting 10-14 days to possibly buy something at a price dictated by someone other than the seller. JMHO.

twodog max · Feb 10, 2021

I do not do penny starts. I usually just put my absolute bottom dollar as a starting bid. A friend did a penny start a few months ago and it turned out OK in the end but until the last couple hours he was sweating blood.

Protocall_Design · Feb 10, 2021

I have always thought that the penny start auction was an attempt at getting a bidding war going, so 2 or more bidders will get emotionally invested in "winning" the auction, and hopefully hang in there longer than objective decision making would dictate. I'm not sure how effective that strategy is, but I've seen some ending sale prices that would make it seem to work. I think a lot of it has to do with the personality of the bidders on that particular item.

Ackley1952 · Feb 10, 2021

I only scan penny start no reserve. And I actually buy guns .

delcrossv · Feb 10, 2021

Penny start can be really good for the buyer. It can be a good hook for the seller IF the seller has a reputation and a following customer base.

STCM(SW) · Feb 10, 2021

The Big Gorilla had many auctions on GB start at a penny.
But all his guns were top end stuff and I don't think he ever got burned.

GaryHK · Feb 10, 2021

delcrossv said:
Penny start can be really good for the buyer. It can be a good hook for the seller IF the seller has a reputation and a following customer base.

Yes I have noticed that everytime I click on higher than normal ended auctions, it's always the same few sellers that get top dollar. They all start @ $0.01 and ALL have fantastic photos.

Rammer Jammer · Feb 10, 2021

I avoid most auctions with reserves. Penny starts don't do much for me but I think starting at a fair if not lower than the value starting price with a high Buy it Now can be good.

Say the gun is worth $500. Start at $400 to attract more bidders. Have a Buy it Now of say $650 and maybe some impatient bidder will just snap it up.

hittman77 · Feb 10, 2021

I tend to skip auctions that aren't really auctions ..... like when your starting price is basically retail. It's also kinda insulting to start an item at retail or your minimum and the tag it "No Reserve". Of course there's no reserve .... you're getting your asking price! LOL

Auctions are meant in spirit to be whatever the market will bear.

Sgt911 · Feb 10, 2021

I only got slightly burned once. All mine are true auctions, what I get, is what I get. I had an original m16 barrel with a slightly canted FSB, which I had a disclaimer about, otherwise the barrel was perfect. It went for lower than I had hoped. The buyer turned around immediately and sold it for twice as much, and never disclosed the cant. He wanted free parts from me too, I sent them for free, never even got a thank you or any feedback.

LVSteve · Feb 11, 2021

Sgt911 said:
I only got slightly burned once. All mine are true auctions, what I get, is what I get. I had an original m16 barrel with a slightly canted FSB, which I had a disclaimer about, otherwise the barrel was perfect. It went for lower than I had hoped. The buyer turned around immediately and sold it for twice as much, and never disclosed the cant. He wanted free parts from me too, I sent them for free, never even got a thank you or any feedback.

Jerks are everywhere, and the Internet has given them an ever expanding prairie in which to roam.

I'll bid on any type of auction if it's something I really want. Some are really "sales", but if the price is about fair that's OK. If another bidder gets lively, then I say "enjoy your gun" once my max is exceeded. You've just gotta be ruthless about it.

There seems to be rashes of bankrupt/NOS stock on GB lately, usually priced buy-it-now. Scored an unusual pistol that way couple of weekends ago as $379 for a modern pistol with three mags is a steal in the current climate. Got my Arsenal Strike One for about half the going rate that way last summer, too.

bushmaster1313 · Feb 11, 2021

I do not have the nerves to put a valuable item up for auction with a penny start. My strategy is to list with a minimum bid that would leave me a bit disappointed — but not upset, and a buy it now that would make me very pleased to see it go for that.

H Richard · Feb 11, 2021

I have been selling my collection off a little at a time via local auctioneer (on Proxibid). All start at 0.00. There are a few that don't come up to what you might want (but so far all over the original price), but most are well above my desired price point. In a couple cases I have been astounded by the actual price obtained (15-2 4" for $2800, 32 Safety Hammerless Bicycle gun $2500). and within the last 6 months every gun way above expected. I still have several years worth to go but I'm happy.

sheepdawg · Feb 11, 2021

I'm sure there are quite a few out there that watch Brokegunner and wander off to see what firearms we have or have sold bring. I do and I would bet penny start sales usually bring more money. Something about getting the bidding going.

It does make it interesting when that nice model 66 starts off at a penny. I'll put some low ball number in there just in case the world is asleep.

bushmaster1313 · Feb 11, 2021

The professional dealers who start for a penny with high quality items always seem to get top dollar.

If I started an auction low I would probably end up in negative territory!

GaryHK · Feb 11, 2021

bushmaster1313 said:
I do not have the nerves to put a valuable item up for auction with a penny start. My strategy is to list with a minimum bid that would leave me a bit disappointed — but not upset, and a buy it now that would make me very pleased to see it go for that.

Same philosophy here

GaryHK · Feb 11, 2021

bushmaster1313 said:
The professional dealers who start for a penny with high quality items always seem to get top dollar.

If I started an auction low I would probably end up in negative territory!

It's all about presentation which is what I lack. I'm not so bad as to have my feet in the pics (I don't understand how this happens so often. Either get your feet out or crop the pic) but I'm no photo studio either.

BillBond · Feb 11, 2021

In my experience a low starting bid and no reserve works well on starting a bidding war.
BUT, you have to be sure that you are selling something that is in demand.

Something that is in low demand, I post it at my minimum price and see what happens.

Penny Start NR vs Higher starting NR vs ?

Member

SWCA Member

Member

Vendor

Member

SWCA Member

US Veteran

Member

Member

Member

Member

Member

Member

US Veteran

Member

Member

Member

Member

Member

Similar threads