NOL Introduces SmartBid!!
Numismatists Online
Numismatists Online Introduces
SmartBid(sm) - The Intelligent Auction Agent
** Improved Bidding System **
On April 15th, Numismatists Online will launched SmartBid, an improved
bidding system. SmartBid lets you bid your High Bid from the start but
still win the lot for less.
* No need to stay around to submit bids at the last minute;
* Never pay more than 5% above the second highest bidder;
* Submit one bid and let SmartBid do the rest of the work for you.
HOW IT WILL WORK:
When you submit a bid, you become the high bidder at the Current Bid plus
5%, instead of full amount of your bid, known as your High Bid. Then
SmartBid enters bids on your behalf again, and again, and again up to your
High Bid.
Example 1: Say the Currrent Bid on a lot is $100. You would love to win it
for $105 but would be willing to pay as much as $150. Submit a High Bid of
$150 and SmartBid will enter a bid at $105 (5% above Current Bid). If
another bidder then enters a High Bid of $120, SmartBid will enter a bid
$126 (5% above $120) on your behalf. If the bidding ends there, you win
the lot for $126. If someone bids more than $150, you receive an outbid
email notice.
Example 2: Sometimes when you bid, you may be competing against a bid
placed by SmartBid for another bidder. Say you are the second bidder in
the above example. If you enter a High Bid $120 when the Current Bid is
$105, SmartBid instantly will enter a bid $126 on behalf of the first
bidder with the $150 High Bid. You will be asked immediately to bid again.
Instant feedback ... no waiting for emails.
NEW BID STATUS REPORT
Want to know where you stand? The Bid Status Report has been modified to
show you the Current Bid as well as your High Bid (but no one else will
see your High Bid). With our new faster database system, you'll be able to
check your bid status in seconds.
PREFER THE OLD WAY?
No problem, you can still enter as many bids as you like at the minimum 5%
increment right up to the closing bell.
PRACTICE?
We encourage you to use the Mock Auction to practice using SmartBid. Give
it a whirl!
MORE INFO:
A more detailed explanation of SmartBid is included on the Bid Sheet and
in the Information area. Further questions? Send an email to
nol-co...@numismatists.com.
THANKS!
SmartBid was developed with the close support and suggestions of many
Numismatists Online members. A big THANKS goes out to all those who
contributed.
Enjoy the auctions!
--
Numismatists Online
http://www.numismatists.com
Jon Hamkins
> Numismatists Online Introduces
> SmartBid(sm) - The Intelligent Auction Agent
> ** Improved Bidding System **
>On April 15th, Numismatists Online will launched SmartBid, an improved
>bidding system. SmartBid lets you bid your High Bid from the start but
>still win the lot for less.
Good idea. I've had this on my web auctions for several months and it
works well. Every feature you describe in SmartBid is exactly how mine
has been operating-- 5% increments, automatic rebids up to high bid,
bid status report, instant notification on web page for bids that don't
take effect because of other high bids, etc. I'm glad to see that the
people you talked to liked the way I've been doing business enough to
recommend it.
I noticed you didn't really explain some of the more technical details
about whose bids take precedence. For example, suppose the current
high bid showing on the board is $100. If I submit my high bid of $115
and the highest high bid submitted up to now is $111, do I own the high
bid at $115? There isn't an easy answer because:
1. To me, $115 is more than 5% over the high bid of $100, and higher
than anyone else's high bid, so $115 should win the lot.
2. On the other hand, when I submit $115, my bid could be entered as
$105 (5% over $100), the other bidder's high bid kicks in and enters
$110.25 (5% over $105), and now my bid of $115 is not 5% over $110.25.
So, perhaps $110.25 should win the lot for the other bidder.
I hope you have thought of this problem, as it happens frequently.
I solved the problem by omitting the 5% rule for high bids--- basically
whoever submitted the highest maximum bid got the lot, regardless of
whether it was 5% over anyone else. The only requirement is that the
bid be at least 5% over what currently shows on the bid board.
For those of you interested in my auctions, I am sorry to report that
it will be dormant at least for several months while I try to prepare
my thesis. Between the thesis and the job search, I've had little time
for coins, which is why I've been scarce around here lately. I may
have a new auction in the middle of the summer, but I'm not sure yet.
You are welcome to check out how the auction operates, if you care to,
by directing your browser to
http://tesla.csl.uiuc.edu/cgi-bin/auction?display
(Yes, that's a question mark there.)
----Jon Hamkins
Tim Irvin
Hamkins) wrote:
> I hope you have thought of this problem, as it happens frequently.
> I solved the problem by omitting the 5% rule for high bids--- basically
> whoever submitted the highest maximum bid got the lot, regardless of
> whether it was 5% over anyone else. The only requirement is that the
> bid be at least 5% over what currently shows on the bid board.
According to the rules, which I just read, this is the case. The
example cited is that if you put in a maximum of $350 when the current
high is $200, and if someone later bids $345, you will then automatically
enter a $350 bid, even if it is less than 5% over the previous bid.
--
Tim Irvin, zig...@netgate.net <== note the new locations!! //
WWW: http://www.netgate.net/~ziggy29/index.html <=========//
Softball '96: 2G / 1-1 / .667
Brian Koller
to only allow bidding in fixed increments, as Teletrade does.
When an "illegal" bid is entered, the software would gently
inform the bidder of the lower and higher legal bids.