I have been watching DealDash auctions for the past couple of weeks, participating in a few, but trying to figure out the best system to aid in winning.
A few observations I’ve recently noticed:
- $10 Burger King gift cards – closing over $8.00 not counting the number of bids the winner had to place. I have closing costs of $9.95, $9.79 and $9.05. Where is there a deal in that? I give up on bidding on those for now.
- New bidders seemingly do not equate bids with money. They waste bids, run up the cost for everyone and do not allow the clock to run down so everyone can earn free bids. If you look at the most frequent bid jumpers and see the date they joined it is normally within the last few days.
- High value item auctions can go for days. The auctions eventually get down to 3 or 4 bidders in sequence. Once the auction closes I will check AllPennyAuction.com and most of the time, the last bidders will have come close or gone over the value of the item itself. I really question the math ability of some.
I come at this entire venture from an accountant’s point of view. If I can get an item for no more that 25% of value (bids & final cost combined) then I know I got a bargain. The most I will go is 50%. So anytime I see something I want, I figure what my max will be, enter the fray and watch what happens. If I see it will go for more than I am willing to spend I leave.
I know that there is no way for DealDash to monitor or shut down abusive bid jumpers, but I can hope that someday, DealDash will set something up so that when a person joins, they must view all the hints and tips, plus suggestions from this blog, before they can bid on anything. At least they will read what is said on the various methods of bidding before they start.
I will keep watching and taking names so I know if a name pops up in something I am bidding on, I may just leave and wait for the item to come up again.
Happy bidding everyone, and lets be successful!