How to Not Fall Victim to The Winner’s and Loser’s Curse

How To Not Fall Victim To The Winner’s And Loser’s Curse

How not to fall into the winner’s and loser’s curse?

  1. The Winner’s Curse
  2. The Loser’s Curse
  3. How to Beat the Curse
    1. Compare retail price with auction prices
    2. Set a bidding limit
    3. Inspect the items
    4. Take into consideration repairs before bidding
  4. Tips to Remember When Selling at an Auction
  5. Tips to Remember When Buying at an Auction

If you find yourself dabbling more and more into the world of car auctions in the Philippines, then it may be time for you to learn about the winner’s and loser’s curse. These are psychological mistakes that could be made amidst the adrenaline rush that comes with bidding at auctions. In order to prevent the curse from affecting you, there are certain things you can take note of.

Read on to learn how to not fall victim to the winner’s and loser’s curse.

The Winner’s Curse

The Winner’s Curse

In order not to fall into the winner’s curse, you must first be aware of what exactly it is. The winner’s curse is an occurrence that happens when a bidder overbids and wins, but suffers a huge loss in the process. This happens more often than not when the bidder is not aware of the market value of the vehicle they are bidding for. As the bidder simply resorts to estimating the value of the car, the person will tend to spend more than what is usually bid to that certain vehicle. The particular bidder will win, but will suffer a huge loss because of their lack of information.

Another curse you can fall into is the exact opposite of the winner’s curse.

The Loser’s Curse

The loser’s curse is when a bidder loses their desired vehicle to another bidder because of the low amount they offered. Falling victim to the loser’s curse could happen for a number of reasons. One could be that the bidder underestimated the item they were bidding for, and could have even underestimated the other bidders aiming for the vehicle. Another reason for underbidding could be that the bidder is afraid to take large risks. And lastly, you could bid below the optimal bid if, similar to the winner’s curse, you are unaware of the market value of the vehicle you are aiming for.

Scared to fall into one of the curses? Not to worry! Read on to learn the secrets to beating the curse.

How to Beat the Curse

How To Beat The Curse

Beating the winner’s and loser’s curse can be done by being a more intelligent bidder. This means being in control of your emotions and being organized and smart with your bids. Here are other ways you can beat the curse:

Compare retail price with auction prices

In order to find the most ideal bid, it is important to compare retail prices with auction prices. Search for the vehicle’s different prices online and in market reports. Finding the sweet spot between the two can ensure that you are not overspending nor underspending. It can also highly increase your chances of winning the auction.

Set a bidding limit

A trick you can do to not fall into the winner’s curse is setting a bidding limit. Even after doing thorough research, your competitiveness to acquire the vehicle may cause you to overbid in the end. Set a bidding limit early on in order to protect yourself and your bank from spending too much.

Inspect the items

Besides searching the market value of the vehicle, it is also important to inspect the vehicle itself. The market values you will see in your research will most likely be in terms of a brand new car. Vehicles in car auctions may be second hand cars in different conditions. Some can be well maintained, while some may need drastic repairs. This can help prevent you from bidding too much for an item that may not be up to par with what you want.

Take into consideration repairs before bidding

After finding a vehicle that fits into your standards, compute for any possible repairs you may need to do and compare it to your overall budget. If the cost to repair it is greater than the value of the vehicle, it would be for the best not to push through with the bid. This is also another way for you not to overbid for a vehicle you have your eyes on.

Tips to Remember When Selling at An Auction

In order to help reduce bidders falling into the winner’s and loser’s curse, a seller can keep these key things in mind.

Do not make your auction price too high or too low

Be aware of the market price of the vehicle you are trying to sell. Try not to make the auction price too high or too low. This way, you can help reduce the number of people trying to overbid or underbid.

Be honest with your vehicle

Be honest if your car needs any repairs or renovations. This type of honesty can help bidders make a smart bid that takes into consideration the repairs neededa hre. This can also help your image as a seller in the long run, with more people trusting the items you are auctioning out.

Tips to Remember When Buying at an Auction

Tips To Remember When Buying At An Auction

Do not let yourself fall into the winner’s or loser’s curse. Remember these two tips.

Do your research well

Be aware of the vehicle you are interested in bidding on. Be practical with your decisions and you may just walk away with a brand new car. Make sure that you read up on the market value of each item you will be bidding on.

Do not overbid or underbid

Do not spend too much money on a bid and do not spend less than the optimal amount on a bid. There are auction databases available for you to look through in order to find the best amount for you. Set up a bidding limit to prevent yourself from going overboard. And do not underestimate a vehicle, you may not know who else is bidding for it.

Key Takeaway

The winner’s and loser’s curse can be broken by simply knowing all of the information needed. Before a car auction in the Philippines, do your homework to ensure that you do not get carried away by your emotions in the middle of a bidding session. Take note of as many details and specifications for your desired vehicle in order to fully understand its cost and value. Be a smart bidder and you will not fall victim to the winner’s and loser’s curse.

6 Types of Online Auctions You Can Sell Your Car In

6 Types Of Online Auctions You Can Sell Your Car In

What are 6 types of online auctions you can sell your car in?

  1. Dutch Auction
  2. Chinese Auction
  3. Sealed-Bid First Price Auction
  4. English Auction
  5. All-Pay Auction
  6. Reverse Auction

 

A car auction in the Philippines could be held online, which could help you reach a larger number of potential bidders all over the world. Similar to live auctions, online auctions are managed by a company that specializes in this particular kind of trade. The process of selling your car is relatively the same online as it is in real life, with the auctioneer opening your car up for bids to be sold to the highest bidder. However, the actual process of bidding comes in a variety of forms.

Read on to learn more about the types of online auctions you can sell your car in.

Dutch Auction

In a dutch auction, the auctioneer opens the bidding for one item with a high price. They subsequently lower the price until a buyer bids on it. The first bidder immediately wins the car you have put up for sale. This is different from the usual kinds of auctions you may be used to, which is where prices go up the more bids are acquired.

If you are interested in selling more than one vehicle, then you can avail of a type of dutch auction called multiple item auction. In this format, bidders will specify how many items they would like to purchase as well as how much they are willing to pay per item. The winning bids are determined by whoever has the highest bid. The difficulty with these two types is that the bidder has the final choice when it comes to how much they would like to bid on. The next type of auction will give you a better chance to earn more money.

Chinese Auction

Chinese Auction

A Chinese auction is also called pick-a-price and is similar to a raffle. In this type of online auction, bidders will purchase tickets which they will use in order to bid. The winner is picked in a raffle-like style. Which means that the more tickets they bid, the higher the possibility of them buying your car. These are usually held in charity or fundraising events if you are interested in donating a percentage of your earnings from your vehicle for a good cause.

Although this kind of auction may be good fun, there are other types of auctions wherein you can get an even higher value for your car.

Sealed-Bid First Price Auction

A sealed-bid first price auction is where bidders submit their bidding amounts at the same time. The winner is whoever bid the highest amount. Take note that no bidder can see how much their competitor bid. The cost you will receive for your car will depend on the highest bidder.

Another type that you can apply for is the sealed-bid second price auction. In this kind, the highest bidder still wins the vehicle, however, they will only need to pay the amount given by the second highest bidder. The difference with this kind of auction is that the prices cannot keep increasing the more bidders there are.

English Auction

English Auction

The most traditional type is the English auction. Bidders bid higher and higher in order to secure their slot and purchase your vehicle. After a set amount of time, the auction house will close the bids and award your vehicle to the highest bidder. To ensure that you make the most out of your money, you can choose to set a reserve price. This will be the first and lowest amount that you are willing to sell your vehicle. This is considered as one of the most common kinds of auction around the world and is the kind usually showcased in media.

One of the most common problems for the bidders in this type of auction is overbidding. The heavy competition can make them spend more than they were expecting, which could be a good thing for you but not for them. There are other forms of auctions that could also make bidders overspend.

All-Pay Auction

This is a kind of game theory wherein bidders will have to pay for the amount that they bid regardless of if they were the highest bidder or not. Due to the silent bidding property of this type of auction, people tend to overspend in order to have the highest bid. Similar to English auctions, the all-pay auction can bring out the competitiveness of a number of bidders.

If you are interested in this kind of auction, make sure to discuss with the auction house the rules as to the percentage of your shares.

Reverse Auction

Reverse Auction

A reverse auction is unlike anything else on this list. As the name implies, this is the complete opposite of a traditional auction. Multiple sellers will now battle it out for their item to be purchased by a buyer. Instead of a buyer bidding on a single item, the item will be offered to them. They are offered a price and will renegotiate until they are willing to pay. The choice of the buyer will depend on their preferences. They may opt for one of the higher priced cars if they believe that it is in better condition than the other vehicles.

Choose the type of auction you want to sell your car in well to get the most out of your vehicle one last time.

Key Takeaway

The type of online car auction in the Philippines you choose to sell your car in will depend entirely on your preferences. Each type has its own benefits which will surely help sell your car to the highest bidder. Trust your vehicle to a professional auction house in order to ensure that it gets sold as quickly and as efficiently as possible.

Make sure to do more research on the different types of online car auctions in order to sell your car to its next rightful owner.

The Most Affordable SUVs at Car Auctions in the Philippines

The Most Affordable SUVs at Car Auctions in the Philippines

What are the most affordable SUVs at car auctions in the Philippines?

  1. 2019 Hyundai Tucson
  2. 2017 Kia Soul
  3. 2017 Chevrolet Trailblazer
  4. 2013 Toyota Fortuner
  5. 2018 Ford Everest
  6. 2017 Ford Explorer

Vehicles of all shapes and sizes can be found in car auctions in the Philippines. From live auctions to online auctions, you will have a number of options to choose from if you are looking for a car to buy on a set budget. Sports Utility Vehicles (SUVs) are popular in the Philippines because of its roomy interior and its ability to withstand off-road adventures. However, these vehicles can be pricey when bought fresh from car dealerships. Try to take a look through auctions in the Philippines to find the same vehicle properties at a lower price.

Here is a list of the most affordable SUVs at car auctions in the Philippines.

 

2019 Hyundai Tucson

2019 Hyundai Tucson

Source: Wikimedia Commons

Price: Php390,000

The Hyundai Tucson is one of the smaller types of SUVs. However, it can easily withstand a number of challenges the driver may put it through. It is considered one of the safest SUVs on the road as engineers specially designed a number of safety features into the car itself. This Hyundai Tucson is the ideal car for you if you are looking for a small but spacious vehicle. Take a look around car auctions to find a good deal on a 2019 Hyundai Tucson.

 

2017 Kia Soul

2017 Kia Soul

Source: Wikimedia Commons

Price: Php410,000

The Kia Soul is an SUV Crossover that has an iconic exterior look. This kind of vehicle has better comfort in terms of upholstery and better fuel economy compared to other SUVs in the market. However, the additional comfort was able to be added by lessening the vehicle’s off-road capabilities. The 2017 Kia Soul is already known to be an affordable car, however, look through the right live or online auctions to find an even sweeter deal.

 

2017 Chevrolet Trailblazer

Price: Php650,000

The 2017 Chevrolet Trailblazer is one of the bigger affordable SUVs on this list. The engine of this model gives it the ability to perform extremely well in various terrains. It is also specially designed to have lower emissions as well as a better fuel economy. The whole exterior of this vehicle exudes toughness, with its large body and prominent angular lines. This is the vehicle for you if you are looking for a tough car that can withstand a number of adventures with your friends.

 

2013 Toyota Fortuner

2013 Toyota Fortuner

Source: Wikimedia Commons

Price: Php650,000

The Toyota Fortuner is a stable sight to see on the roads of the Philippines. It has an incredibly wide interior that could easily fit in every member of your family. Its all-terrain performance combined with its accurate steering makes for an easy and comfortable drive. The upgraded suspension of the Toyota Fortuner also make for a smoother ride no matter where you bring it. This is the car to invest in if you are looking for a safe vehicle to take your kids in.

 

2018 Ford Everest

2018 Ford Everest

Source: Wikimedia Commons

Price: Php750,000

Another one of the bigger vehicles on this list, the 2018 Ford Everest is a 7-seater SUV that combines rugged aesthetic design with a number of capabilities. This vehicle offers water wading abilities until 800mm, more than other standard SUVs. The 2018 Ford Everest is the perfect vehicle to rough through the different Philippine mountain ranges. The car has been specially designed with different kinds of technology to aid the driver. The vehicle has advanced driver assist, active park assist, and even wi-fi hotspot.

 

2017 Ford Explorer

Price: Php1,250,000

Aside from the Toyota Fortuner, the 2017 Ford Explorer is another example of a vehicle typically seen on the roads of the Philippines. Its interior is a three-row seating arrangement with comfortable seats. The inside is so large that it can give comfortable leg space for guests of any height. This vehicle has a Terrain Management System with a specialty in Hill Descent Control, which makes it easy to drive back down a steep mountainside.

 

Key Takeaway

Car auctions in the Philippines are ideal places to look for vehicles with differing price ranges. Different kinds of Sports Utility Vehicles can be found in a number of auctions, whether online or live. Different auction houses may have different price ranges depending on the seller’s wishes. Make sure to carefully inspect the vehicle before bidding at a car auction in order to ensure that you are getting the most out of your money’s worth.

Consider purchasing these vehicles if you like bringing your friends and family along for road trips around the different provinces of the Philippines. Go through raging rivers, rocky terrain, and brave through extreme weather with these durable cars. Or go through a 3-hour road trip to the nearest beach to have a fun time with your family.

No matter what terrain you will be driving on or what activity you will be going through, be ensured to have a fun and safe time when riding in one of these affordable Sports Utility Vehicles. Take a good look around auctions to find the SUV best suited for you.

10 Things You Didn’t Know About Buying and Selling Cars in an Auction

10 Things You Didn’t Know About Buying And Selling Cars In An Auction

Infographics 10 Things You Didn’t Know About Buying And Selling Cars In An Auction

Buying and selling at a car auction in the Philippines can be quite the experience. It can help to be prepared in a number of ways before finalizing your bids. This is in order to maximize the amount of money you are willing to shell out. Make sure that you thoroughly inspect a car’s interior and exterior parts to ensure that you are really getting what you paid for. If you are hesitant with your examining skills when it comes to a car auction in the Philippines, feel free to bring a friend or a professional mechanic to help you out.

Here are 10 things you didn’t know about buying and selling cars in an auction:

 

Each auction is catered to specific cars, eras, and audiences

Each Auction Is Catered To Specific Cars, Eras, And Audiences

If you are interested in buying and selling cars at a car auction in the Philippines, it is important to find a professional and reliable auction house. These companies have had enough experience with auctions that they only showcase vehicles that would benefit the bidders. Employed in these auction houses are auctioneers that are knowledgeable about anything and everything regarding cars, and could easily answer any inquiries that you might have.

If you are looking for a specific kind of vehicle or are interested in looking at models created during a certain era, there are a number of specialty auction houses you can look at. These companies can hold auctions that showcase a variety of vintage cars made from the 1960s. In these auctions, specialized auctioneers can suggest models that could be the right one for you. Some auction houses also do specialty auctions revolving around a certain car brand, such as an auction that specializes in the buying and selling of BMWs.

Besides live auctions, there are also a number of online auction houses that you can search through. These companies give their bidders an easier time selecting through numerous vehicles all at the touch of a button. However, in an online auction, the bidder will not have the luxury of physically inspecting the vehicle right away.

 

There are different kinds of auctions

There Are Different Kinds Of Auctions

There is quite a number of different kinds of car auctions in the Philippines. Each kind has its own respective advantages and disadvantages. Car auctions can be a great opportunity for you to find a high-quality vehicle at a lower price. These second-hand cars can be a good deal, but should always be well-examined to find out its history. Here are two notable types of car auctions.

Public Car Auctions

Public car auctions are open for anyone to buy and sell cars in. This provides bidders with a number of options to choose from. There could be a variety of car types, brands, and models being sold. These also have different price ranges, depending on the car’s seller. This is where you could get a good deal for a second-hand car.

However, not all public car auctions are 100% reliable. Some car auctions sell repossessed or unsellable vehicles. These are polished and repainted to make the car seem aesthetically pleasing enough to bid on. This is why it is important to thoroughly check if a car is true to its description or not.

Government or Police Auctions

The cars sold at government and police auctions can vary depending on the kind of vehicles they acquire. The cars sold here have usually been impounded and failed to be picked up by their owners. These could be impounded due to illegal parking, traffic violations, and crimes.

These auctions are also good places to find unique vehicles. These auctions can sell city or county vehicles such as police cruisers, buses, and utility trucks. More often than not, these city vehicles have been used and worn down. This could be useful for bidders who own scrap yards or are in the car part trading industry.

 

The vehicle you are interested in could be a repossessed or impounded car

The Vehicle You Are Interested In Could Be A Repossessed Or Impounded Car

Are you on the edge when it comes to bidding on repossessed or impounded vehicles? Well, you don’t have to be anymore. These kinds of vehicles, once properly examined, can be safe to bid on and could potentially be high-quality deals. Here are a few things you need to know when thinking of buying a repossessed or impounded vehicle.

Repossession

In order to purchase a vehicle, you may opt to get a car loan. There are a number of places that you can get a car loan from, all with differing payment procedures. Once the lender accepts your loan and pays for the vehicle, you will then have a set number of monthly payments. Failure to pay for the monthly car loan can give your lender the right to repossess the vehicle. These are the second-hand vehicles that can be found in public auctions.

There are a number of reasons why the previous owner of a repossessed car could have had trouble paying for their car loan. Repossession does not equate to neglect in terms of the vehicle’s upkeep. These vehicles could be in good condition once it ends up on the auction floor.

Impounding

A car auction in the Philippines that is controlled by the government or the authority of the police could be selling impounded cars. Impounding is when the police seize a car from its owner for violating multiple traffic laws or for being convicted. These are also where abandoned cars are sold. These vehicles are sold in police auctions after a certain amount of time and when the owner fails to retrieve it or pay for the impounding fees.

To ensure that a vehicle is safe to bid on, one of the most important factors is to check its Vehicle Identification Number (VIN). This can let you know about the history of the vehicle and its previous owner. Similar to repossession, impounding also does not equate to the vehicle’s neglect in terms of its maintenance. There could be a number of reasons as to why the previous owner failed to retrieve their impounded car. Do your research diligently and you could land a good vehicle.

 

Everything is not always as it seems

Everything Is Not Always As It Seems

As has been discussed earlier, a vehicle found in a car auction in the Philippines may not always be as it seems. Sellers will always try to renovate their vehicles in order to make them more appealing to the bidders. Do not let yourself get charmed by a vehicle’s exterior right away. Make sure you pop open the hood to check out the engine and other important car parts hidden inside. To be ensured that the items you are looking at are of good quality, only trust professional and experienced auction houses for your bidding needs.

Vehicles being sold at auctions may look pleasing to the eyes, but may actually need certain parts repaired. Take a look at the car’s history through its VIN in order to learn about how the previous owner made use of the car. Expect car parts to be worn if the owner constantly made use of the vehicle for their daily life. Make sure to find out if the seller has done any renovations or modifications on the car. Honesty is key to developing trust between seller and bidder.

Besides asking the seller detailed questions, it is also important for you to do your own research. Illegally sold vehicles may sometimes slip through the screening process of certain auction houses. Make sure they have the complete paperwork available, and research on their serial numbers as well. Make sure that all the numbers match across all forms of paperwork as well.

 

Some vehicles being sold are unsellable cars

Some Vehicles Being Sold Are Unsellable Cars

What makes an unsellable car? There are different factors that can deem a car as ‘unsellable’. Here is a list of factors that you should look at in order to determine if a vehicle is unsellable.

Failed maintenance

One major factor is the failure to maintain the vehicle throughout years of use. This could include a buildup of dirt in the interior of the vehicle and the failure to fix scratches and bumps on the car’s exterior.

Large amount of miles

If the vehicle has a large number of miles on it, make sure to bring along a professional mechanic to inspect it before placing your bid. Vehicles with a large number of miles may cost you a lot of money to repair if it has not been properly maintained. If you are lucky, you could find a vehicle with a large number of miles that is also still well maintained.

The cost to renovate is higher than the cost to purchase a new car

In relation to failed maintenance, an unsellable car is one that costs more to renovate than to purchase a new car. These could be vehicles with rusted car parts or vehicles with broken and damaged areas that are far from being fully repaired. These types of vehicles may better be suited for junkyards or for traders of car parts.

 

Sellers may choose to keep details from you

Sellers May Choose To Keep Details From You

As discussed earlier, sellers may choose to keep certain details from you. If you do not have a lot of experience at auctions, it would be best to gain more experience by attending other kinds of auctions. Observe how auctions typically run and what kind of items are considered good deals. These would lessen your susceptibility to sellers with hidden agendas. Learn how to ask the right questions, and learn what makes a good second-hand vehicle.

If you are struggling to learn things on your own, bring along a friend who is more knowledgeable about cars or even an expert. They can help you see through the different masks and facades sellers may place on their vehicles that would want you to buy it.

 

You will need cash or a car loan

You Will Need Cash Or A Car Loan

In order to purchase a vehicle at a car auction in the Philippines, you will need to have payment options prepared. There are a number of choices you can choose from, one being payment with cash. This could be possible for second-hand cars that are cheaper in price compared to newer cars. However, the difficulty in this would be the fact that you would need to bring around a large sum of money.

If you prefer a different payment option, you could also choose to get a car loan. You can discuss the terms of your loan depending on the company that you choose to do business with. Each company has different terms when it comes to car loans. Professionals can help draft a monthly payment plan with various price ranges depending on the capabilities of your income. However, loans require you to have a good credit score. It would be difficult for a bidder to get a car loan with a bad one. Do more research to find other payment options that would be the most suitable for you.

Besides your bid, there are commission and taxes

Besides Your Bid, There Are Commission And Taxes

Besides the amount of money that you have bid, take into account that buying a car in an auction also means paying for commission, taxes, titles, and registration fees. Car insurance can also be asked of you if you opted to get a car loan. These additional fees can add up to a huge cost. Make sure that you save up and prepare more than your maximum bet at the auction.

There is an influx of buyers during tax refund season

There Is An Influx Of Buyers During Tax Refund Season

During tax refund season, a lot more people are willing to spend more than what they usually do. This causes an increase in the number of bidders as well as the amounts they are willing to bid. Take note of these months as you could end up bidding more than you expected when you are up against a number of other interested bidders. To prevent yourself from overspending during a car auction in the Philippines, set a bidding limit for yourself. This will prevent the urge for you to spend more than you can.

Take note that due to the increase of interested bidders, auctioneers may increase the car prices during tax refund season. Do your research to find the true value of a vehicle and compare it to the sale prices in multiple auction houses. If you are looking to find a cheaper investment opportunity, it would be for the best to bid for vehicles outside of this busy season.

During the pre-holiday season, there is an increase in auction inventories

During The Pre Holiday Season, There Is An Increase In Auction Inventories

Besides tax return season, the season before the holidays also sees an influx of auctioneers and sellers at a car auction in the Philippines. In order to gather more funds for holiday shopping, a number of people will choose to sell their unused second-hand cars at auction houses. These greatly increase the inventories in car auctions and give bidders more options to choose from.

This could also be good news for people looking to purchase a car as a Christmas gift. They can choose from vehicles with different makes, types, and brands. The prices of these vehicles will also have a wide range that could surely fit into your budget.

 

Key Takeaway

A car auction in the Philippines can be overwhelming if you come in unprepared. Make sure that you do your research well regarding vehicles that you are interested in beforehand as well as the different auction sites around your area. Do not be afraid to ask the seller multiple questions. The more honest they are, the more ensured you are of the vehicle’s pros and cons.

Make sure to also thoroughly inspect a vehicle, as you can start to think of the cost needed for any renovations or tune-ups. These steps will make you a more intelligent bidder and will increase the chances of you getting the most out of your money’s worth.

What to Look for When Buying a Secondhand Camera

What to Look for When Buying a Secondhand Camera

What should you look for when buying a secondhand camera?

  1. History
  2. Exterior condition
  3. Working capabilities
  4. Lens mount
  5. Lenses
  6. Accessories

 

A secondhand camera is ideal for those who are looking to get into photography or videography for the first time. Purchasing a camera from an auction in the Philippines can also better fit your budget as compared to buying a brand new one. The crucial part is carefully examining the camera to make sure that it is still good for use. Here is a list of factors to look at when buying a secondhand camera.

 

History of Its Use from Owner

History of Its Use from Owner

The condition of a camera will greatly depend on its owner. There is a larger chance that the camera body and lenses are more worn out if the owner is a photographer or videographer for a living. This could also be the case for cameras that are used by families, as the item can be damaged from constant use.

Make sure to ask the owner if they have done any renovations on the camera so you can inspect it properly. It is better if the owner is honest with you regarding their use of the camera to ensure that you are getting the most out of your money’s worth. If you are buying the camera from an auction, similar to those who buy and sell cars, you may ask the auctioneer for more information regarding the item.

 

Physical Exterior Condition

Carefully inspect the camera body and camera lenses for any sign of physical damage. This can include scratches, cracks, or dents. Check how deep the damage goes, as this could be a cause of more severe issues on the inside of the camera. Check the functions of the camera’s different parts to ensure that they are working properly. Click the buttons and spin the wheels found around the body. Check that these are working well. If there is a pop-up flash, check if it still pops up properly.

Make sure to check the connections of the camera as well. Problems in terms of plug-ins are harder to spot than buttons because the issues are not visible. Make sure to try the HDMI plug, memory card reader, and microphone jack to ensure that they still work well. It is also imperative that the battery and its charger work properly, check if the charger lights up green if it is fully charged or red while it is still charging. 

 

Working Capabilities

Working Capabilities

Besides the physical attributes of the camera, it is important to check its working capabilities. Check the LCD screen to see if it is working properly. Note if there are signs of damage such as scratches or cracks as well as dead pixels. Check the camera’s live view option as well, it should be able to give you a clear image of your surroundings. The viewfinder is also important to check for any cracks or dust.

Check the camera’s aperture, exposure, and shutter speed to ensure that it is working. Test out different combinations and observe their results.

 

Lens Mount

A lens mount is crucial in any camera. This ensures the safety of the lens attached as well as the clarity of your product. Make sure to check the interior of the lens mount for any scratches or cracks. The most important part to check is its mirror box. It should be clean and free from dirt, scratches, or any stains.

Try to take a sample picture with the camera to spot any dead pixels. If there are any, then the product is damaged and should not be bought. Check to see if the shutter is working well. It is important the shutter makes a sound when you take a picture. Try to also plug in your memory card and check if the camera captures crystal clear image and video.

 

Lenses

Lenses

A camera will come with a camera body and lens. It is important to check the quality of the lens that is being sold. If you are offered multiple lenses, carefully inspect each one for any signs of damage. Check the autofocus feature of the lens. Make sure that it can adjust to the subject that you choose accordingly. For manual focus, check if the lens adjusts smoothly. Any sign of rigidity or roughness may be a sign of damage.

 

Accessories

Just like when you buy and sell cars, it is important to lay all the cards on the table. Be open about any damages or renovations that the item acquired. In terms of secondhand cameras, it is important to be aware of all the accessories that come with the camera itself. Do your research well in order to see if the accessory fits the camera model. These can include cables, memory cards, or straps.

 

Key Takeaway

It is key to carefully inspect any item that you may get from an auction in the Philippines. This is to ensure that you are getting a good deal from a reliable source. Do your research well on the different places that sell secondhand cameras to find the best one for you.

How to Spot a Good Deal at an Auction in the Philippines

How to Spot a Good Deal at an Auction in the Philippines

How can you spot a good deal at an auction in the Philippines?

  1. Check the catalog
  2. Compare other prices
  3. Personally check the quality
  4. Can it be improved?
  5. Reliable auctioneer
  6. Other bidders
  7. History of the item
  8. Does it fit into your bid limit?

 

A good deal at an auction in the Philippines is a quality item being sold for a reasonable price. To find the right item for you, make sure you do your research and are only doing business with experienced and reliable auctioneers. It is important to be aware of the product you will be bidding on, as well as your limitations in terms of cost. Here are factors you can check to find a good deal at all kinds of auctions.

 

Check The Catalog

Before an auction, auctioneers give out a catalog listing or inventory of items up for bid. Ask for a copy for your own personal research. Carefully read the details given for each item and take note of those that you are interested in bidding on. To learn more about the item, feel free to ask the auctioneer for more information or to search for the item online.

 

Compare Other Prices

Compare Other Prices

Before setting your bid limit, take a look at the local listings of the item you are interested in. Search the item on different shops locally and online to compare the difference of its worth. Draft the maximum amount you are going to bid depending on the results of your research.

 

Personally Check the Quality

If the auction has the option, go to viewing days to thoroughly inspect the item you are interested in. These are days set for interested parties to come and inspect the item. If it is an auction that buys and sells cars, check out the exterior look of the car and look under the hood for any signs of repairs or damage. For real estate auctions, go to the location to take a look at the surroundings and the condition of the property itself. It is important to do a thorough examination of these items to ensure that your bid will not go to waste.

 

Can It Be Improved?

Can It Be Improved

If the item or property has been worn from years of use, try to estimate how much the cost of its restoration would be. Some bidders for auctions that buy and sell cars make it a hobby to restore vintage automobiles. If you are interested in properties, you can bring along your architect or interior designer to viewing days in order to estimate a cost for its renovation or furnishing.

 

Reliable Auctioneer

Conduct a background check on the auctioneers in charge of the bidding. Ensure that it is a trusted organization that has experience in multiple auctions. Certain companies specialize in trading certain kinds of items. If you are looking for something specific, do your research well on which auctions would be the best place for you to bid on. This would ensure that all the items you are bidding on are high-quality deals that you are interested in.

There are also two main kinds of auctions to choose from: live auctions and online auctions. Here is a comparison of its positive and negative aspects.

  • Live Auction
    • PROS: can physically see the product, knows how many others are bidding, good for networking
    • CONS: auctions are area specific, can overspend when emotions are high
  • Online Auction
    • PROS: can be done from anywhere, payment is done online, easy to use
    • CONS: online sniping, could be against more international bidders

 

Other Bidders

Other Bidders

Good deals attract a lot of bidders. Try to go to other auctions to take a look at items that get a lot of offers. Take note of where other bidders are from and how much they are willing to spend. Try to observe what items have a lot of bids as it shows what are considered good deals. Try to see what makes the item special and what makes them want to place their bids on it.

 

History of the Item

It is important to do your research on the history of the item you want to bid on. Take note of its previous owner and any repairs or enhancements they may have done to the item. This is to ensure that you are placing your bid on a legitimate product. If you are looking into auctions that buy and sell cars, it is important to check its Vehicle Identification Number (VIN) to ensure its legality and history.

 

Does It Fit into Your Bid Limit?

Does It Fit into Your Bid Limit

Auctions can be a place where your emotions can get the best of you. You may feel the inclination to bid above your set limit – it’s always best not to. The best deal is one that fits within your budget. If you get outbid for a certain item, you can easily look through other auctions to find it: live or online.

 

Key Takeaway

Choose only the best deals at auctions in the Philippines by keeping these factors in mind. Do your research, inspect the item, and do not go past your limits. Be ensured to get the best deals that your money can buy by only bidding on items from professional auctioneers.

Best Two-Door Second-Hand Cars You Can Find at Auctions

Best Two-Door Second-Hand Cars You Can Find at Auctions

What are the best two-door second-hand cars you can find at auctions?

  1. Suzuki Jimny
  2. Ford Mustang
  3. BMW 2 Series
  4. Chevrolet Corvette Stingray
  5. Honda Accord Coupe
  6. Toyota 86
  7. Lexus RC 350
  8. Mercedes Benz C-Class Coupe

 

If you’ve been dreaming of owning a particular car model in the Philippines, car auctions are the best places to look. You have the option of going to a live auction or scrolling through online auctions in search of the right car for you. Check out the 8 best two-door second-hand cars you can find at auctions.

 

Suzuki Jimny

Suzuki Jimny

The Suzuki Jimny is the perfect off-roader for adventure seekers. It can withstand trips through difficult terrains such as forests, mountains, and even the perimeters of a volcano. What makes this vehicle impressive is that its compact and lightweight body can handle any kind of obstacle you might throw at it.

  • Displaces 1.5 liters
  • 102 Horsepower
  • 130 Ft. Lbs. of Torque

 

Ford Mustang

The Ford Mustang is the epitome of American machismo. Its beefy exterior matches the power it holds within its engine that is guaranteed to pack a punch. If you’re also into customizing your car, then this is the right one for you. Custom parts that you can pair with the Ford Mustang are available in multiple markets and auctions in the Philippines. One thing’s for sure, this vehicle is a classic no matter what model it may be.

  • Displaces 3.7 liters
  • 300 Horsepower
  • 280 Ft. Lbs. of Torque

 

BMW 2 Series

BMW 2 Series

The BMW 2 Series is one of the newer vehicles on the market. It shares the same engine as the BMW 3 Series. Thanks to its shorter wheelbase, this vehicle has better handling. It is also incredible of quick acceleration, going from 0 to 60mph in a few seconds. This refined vehicle gets its power from the choice between two engines.

  • Displaces 2.0 liters
  • 240 Horsepower
  • 255 Ft. Lbs. of Torque

 

Chevrolet Corvette Stingray

The Chevrolet Corvette Stingray is more refined than any that have come before it. Also called the pinnacle of American sports cars, this vehicle was the epitome of class in the 60s. A fun fact is that it was also standard issue for astronauts to have this car. If you want to feel like royalty, then this is the car for you.

  • Displaces 6.2 liters
  • 455 Horsepower
  • 460 Ft. Lbs. of Torque

 

Honda Accord Coupe

Honda Accord Coupe

The Honda Accord Coupe may look practical and simple on the outside, but this is a true performance car. It is one of the most affordable luxury two-door cars you can get. The practicality of this car also includes low costs for its maintenance. If you want a car that is aesthetically pleasing as well as trustworthy, then this is perfect for you.

  • Displaces 2.4 liters
  • 190 Horsepower
  • 162 Ft. Lbs. of Torque 

 

Toyota 86

Another affordable sports car is the Toyota 86. Besides the vehicle itself being low cost, it also has a sensible gas mileage for a sports car. This is the vehicle for you if you’re looking for more stability and better handling when driving. One fun fact is that the Toyota 86 was made as a successor to the Corolla 86.

  • Displaces 2.0 liters
  • 205 Horsepower
  • 156 Ft. Lbs. of Torque

 

Lexus RC 350

Lexus RC 350

The Lexus RC 350 is ideal for people who enjoy long road trips. It’s catered to create a lifetime positive user experience through comfortable seats, a quiet cabin, and easy handling. This is also a good choice if you are looking for a quality sporty and luxurious car.

  • Displaces 3.5 liters
  • 306 Horsepower
  • 277 Ft. Lbs. of Torque

 

Mercedes Benz C-Class Coupe

The Mercedes Benz C-Class Coupe is a classic Mercedes car. It combines European style with Japanese practicality. This specific series is also a style that can cater to all ages. This is a European car that can take you anywhere.

  • Displaces 2.0 liters
  • 255 Horsepower
  • 273 Ft. Lbs. of Torque

 

Advantages of Two-Door Second-Hand Cars

Advantages of Two-Door Second-Hand Cars

  • Extremely Lightweight – Since two-door cars weigh less, it’s also faster than other kinds of vehicles. It can turn corners, accelerate, and stop quicker.
  • Easier Maneuvering – It is easier to maneuver two-door cars through tight squeezes and other difficult places to pass through.
  • Low Maintenance – Due to the small size of the car, its maintenance and upkeep cost significantly less than larger vehicles.
  • Shorter Wheelbase – The shorter wheelbases of two-door cars greatly enhance its overall performance.
  • Luxurious Look – With its long windows and doors, two-door cars tend to project an image of class.

 

Key Takeaway

These luxury sports cars can be yours through car auctions around the Philippines. Make sure to do research to find the perfect balance between a car’s qualities and your set budget. Whether you decide to check out live auctions or go through online auctions, keep this list in mind when choosing your dream car.

Auction Philippines: How Technology Is Changing Auctions

Auction Philippines How Technology Is Changing Auctions

How is technology changing auctions?

  1. Increases accessibility to the global market
  2. Gives the buyers an equal playing field
  3. Creates more educated buyers
  4. Creates safety measures for online transactions
  5. Lessen the costs
  6. Increases time efficiency
  7. Allows for more items to be sold

 

The advancement of technology has opened doors for auctions in the Philippines to reach a global scale. Auctions done through the internet or online auctions have given both buyers and sellers the ability to communicate with parties from all over the world. Read on to learn more about how technology is changing auctions.

 

Increases accessibility to the global market

Through online auctions, you can easily search for items all around the world. Looking for a specific brand of shoes? Internet bidding gives you multiple options to choose from. This will also allow you to compare the prices offered by different companies and choose which one perfectly suits your budget.

This also means that selling your assets on the global market can quicken its return. The more chances people have to bid for your item, the faster it can be sold to the highest buyer.

 

Gives the buyers an equal playing field

Gives the buyers an equal playing field

The difficulty with live auctions is that it is limited to a certain area for a set amount of time. Nowadays, people from all walks of life have access to the internet. This means that just about anyone can bid for items online.

On a work trip to a different continent? Enjoying a family trip to a remote part of the world? You can look through online auctions on different kinds of technology such as your phone, computer, or even your smartwatch. Companies are quickly adapting to allow their buyers and sellers easier access to their services.

Creates more educated buyers

Since online auctions are set up weeks before it actually closes, buyers can spend more time researching on the items that they are interested in. They can easily read up on the pros and cons of an item on the internet. This creates a more educated buyer that knows what they want.

This can be observed in the trade of buying and selling cars. Have a secondhand car that you want to sell? Online auctions can help you create a detailed and interesting description of your vehicle. Interested in buying a new car? A quick online search can show you the best model that suits your needs.

 

Creates safety measures for online transactions

Creates safety measures for online transactions

In the early days of online auctioning, there were practices that extorted loopholes in the system. One prevalent problem was the act of “sniper bidding”. This is when a buyer will wait for the last couple of seconds before an auction closes to outbid the highest bidder. With the advancement of technology, companies were able to introduce a solution called “soft close”. This prevents sniper bidding by automatically adding additional time to the auction in order to give all the buyers an equal playing field.

Another advancement is the “max bid” option. Once chosen, the buyer’s account will automatically outbid the highest bidder without exceeding the buyer’s set max bid. The buyer will be sent constant notifications to keep them aware of their bid’s progress.

 

Lessen the costs

Since online auctions have no need for a venue or equipment, companies will be able to significantly decrease the costs they would have usually needed for live auctions. This would also lessen the amount of manpower needed as all bids will be done digitally.

Going digital can also help lessen the carbon footprint of auctions. Since everything is done through the screens of your gadgets, there is no more need for paper. Utilizing the internet is the first step to creating a completely waste-free industry.

 

Increases time efficiency

Increases time efficiency

Live auctions take up a lot of time. The time that could have been spent on other business endeavors. With online auctioning, there is no need to wait around for your item to be showcased. Just a simple click of a button places a bid on an item that you are interested in.

This also goes for post-sale payment. Instead of waiting for your turn amidst a long line of buyers, you can easily pay for the items you bought digitally through online payment systems.

 

Allows for more items to be sold

Another advantage of online auctioning is that you do not need to physically present your assets. This allows you to sell more items in a shorter amount of time. An example of this is in the industry of buying and selling cars. You do not have to physically bring your cars to auctions anymore, you can just simply take a picture and upload it online.

Another example is in the real estate industry. By taking detailed pictures of the property, you can provide the buyers with a virtual tour of the place. This way, you get to showcase the location’s features to interested buyers all around the globe.

 

Key Takeaway

Technology is key to globalization. It has been a crucial factor in improving the efficiency of auctions. If you are a person who enjoys auctions in the Philippines, online auctions are the perfect doorways for you to enter the international market.

5 Ways to Check If a Car Sold in an Auction is Good as New

Cover Photo - 5 Ways to Check If a Car Sold in an Auction is Good as New

5 Ways to Check If a Car Sold in an Auction is Good as New

Car auctions in the Philippines are rare, but those that do become well known still gather a great deal of participants. Auctions are a great way to get things relatively cheaper than if you bought them straight from the suppliers. For vehicles, in particular, you might just find an amazing one being sold!

That being said, it’s important that you don’t just look for the best-looking car, rather you should consider so many things in order to ensure that the car you’ll be getting there is exactly what it seems to be.

There are a lot of benefits that come with buying cars in auctions. In the Philippines, often the cars being sold are decent and would also be sold at a much more reasonable price—given that most of the cars being sold are either second-hand or in some other situation.

The thrill of participating in an auction is like no other. There’s nothing like bidding for an item that is in the eyes of many bidders. Yes, you won’t always win, but the excitement, the adrenaline, and the split-second decision-making is something that you won’t find anywhere else. That’s one of the primary reasons why people keep coming back for more!

When it comes to car auctions in the Philippines, it’s very important that you keep your options open and understand what it takes to be successful in your bidding. Be wary of the many tricks that some auctions do in order to take advantage of their participants. You never really know the quality of the vehicle being sold unless you get a hold of it.

Lastly, you will always want your buy to be worth it. Even if you bought a Lamborghini for half its price, when the whole engine and the chassis is actually destroyed beyond repair, you’ll be paying for it in the long run. With that in mind, here are five ways to make sure that the vehicles sold in a car auction are as good as new!

 

It’s all in the Preparations

It’s all in the Preparations

When you’re dedicated to buying cars in an auction in the Philippines, then it’s crucial that you prepare for the best and the worst. Different auctions allow different kinds of people. Sometimes only licensed car dealers are invited and permitted to bid, however, there are also some public auctions that let almost anyone participate. Often, you’ll be able to see them online or even in your local newspapers.

Once you’ve found some auctions that you’re willing to participate in, check if they have a list of the vehicles that they have to offer. Most of the more reasonable car auctions in the Philippines have them at least listed down with a few more details with them. Take a careful look and be wary of what you read or see on those catalogues. Choose a few of them that catches your eyes. Keep in mind that when it comes to auctions, you’ll be going up against a number of other bidders, so there’s a high probability that you’ll face tough competition for the vehicles that you want.

Once you’ve identified which of them you want to get, perform a background check on them. The more information you get about them, the better. Start off with the vehicle itself. Research about its market value and how the majority of people see that vehicle. You can even go as far as to check out reviews of the vehicle if you really want to get a feel of them. You should also research its parts as there are chances that you will need to replace them one way or another.

The most important parts that you have to identify include the car’s overall value, both when it’s new and after it’s been used for some time. You can look into the vehicles in particular if you have access to its Vehicle Identification Number (VIN). This will allow you to research even deeper and identify things such as the car’s history. It will show the damages and the flaws that the vehicle is recorded to currently have. This way, you’ll have an even better idea on what its current value is and you’ll also have a basis on how far you’ll be willing to bid for it.

It won’t always be shown in the catalogue, but the car’s found in auctions would usually either be towed, abandoned, seized, or even salvaged. How they look in the catalogues might not necessarily show its current condition. They might also not look that appealing, safe, or well-maintained for the most part. However, when you’re lucky, you might end up with a diamond in the rough. All it takes is a deep understanding of the vehicles that you’re looking for and some knowledge of the auction you’re going to participate in.

 

Choose the Right Auctions

Choose the Right Auctions

There are no laws that require sellers to disclose flaws, damages, or outstanding recalls on used cars. So, if you don’t do your homework, chances are you might end up going home in a very unstable and unsafe ride. There are many auctions that take advantage of this in order to trick the bidders into buying some of their merchandise. The people who just try things out without doing any research are the most gullible ones. They are usually the people that are attracted to beautifully set vehicles, or high-end cars that aren’t really in good working condition. When they get blinded by what they see—they’ll easily be tricked to bidding too much for something that’s not worth it. Further emphasizing the importance of preparing for the auctions that you’ll be participating in.

It’s very important that you make sure that the auction that you go to is reliable and trustworthy. That way you can at least have an inkling that the vehicles being auctioned here are what they say they are. Be wary of public auctions as those are the ones that are usually operated with some minor suspicions. Government auctions, however, are most of the time, dependable. So be sure to take into consideration what or who facilitates the auction before considering buying items there!

Cars in auctions in the Philippines are usually sold “As Is” meaning what you see is what you get. This is where the first point shines. Just because the cars are in a pedestal and have been fresh off the carwash, doesn’t mean that it’s brand new. In fact, you’ll be extremely lucky if you were able to find a brand-new car in any kind of auction. The more you know about the vehicle, the higher the probability that you’ll get it one that’s in good working condition.

 

Do some Early Reconnaissance

Do some Early Reconnaissance

Before the main auction, take some time to visit the area to look at the merchandise. A lot of physical auctions allow this, and some online auctions have specified dates for people to view their merchandise. Many bidders use this opportunity to get a closer look at what they’re going to buy. A number of them believe that this is one of the most vital phases of pre-bidding as it basically allows you to verify what’s written on the catalogue.

You can also try and go to these early scouting sessions in order to confirm things yourself. It’s also highly recommended that you bring someone who is very knowledgeable about the vehicle you’ll be looking at. Experts will have better eyes regarding the merchandise, and they’ll be able to easily tell if what the catalogue is saying is true, or if there are even more things that you need to be aware of that aren’t part of the list.

 

Take a Look at the Legal Documents

Take a Look at the Legal Documents

As mentioned above, it would be way better if you have access to the vehicle’s VIN in order to look at its history. When everything in the car’s history matches the description in the catalogue, it’s highly likely that the vehicle is being sold by trustworthy auctioneers.

You’ll be aware of everything that has happened to the vehicle. From damages to changes, to additions, and even crashes and malfunctions. Everything you need to know should be part of the whole record—adding more information on the cars that you plan on buying.

Another, bigger importance of legal documents is the very sense of legality that comes with the vehicle. There are some cases where you’ll find vehicles that don’t seem to fit too well for the auction. Vehicles that are probably of high quality—and cars that might make you question yourself “Why is that one being auctioned?”

Although some of those can be legitimate, as long as there’re no documents confirming its legality, then there’s a high chance that those are being sold illegally. No matter how great and how cheap a high-end sports car is in one of the auctions, if it’s smuggled illegally then it’s going to give you more than just a handful of problems.

 

Listen to the Auctioneer

Listen to the Auctioneer

On the day of the auction itself, with all of the preparations, background research, and confirmation that you have done, all that’s left is to bid for which vehicle you want. During the main event, it’s vital that you listen to the auctioneer. Listen to everything that he says, particularly when he starts to introduce the item that’s for bidding.

Keep in mind that whatever the auctioneer says about the item can be considered a legally binding selling statement. Meaning how he describes the item will supersede any of the previous descriptions found in the printed or online catalogue.

For some of the newer auction goers, here are some of the most important key phrases that you have to look out for. Often, when you’re not able to research enough about the car you want to get, these will give you a good idea of the overall condition of the vehicle.

  • No Major Mechanical Faults – when the auctioneer states this, it will mean that the vehicle being sold should not have any problems with its engines, suspension, drivetrain, gearbox, chassis, and all of its other mechanical components. That being said, this might mean that vehicle has more obvious, visual damages and faults. This is usually stated when a vehicle looks rather unpleasant, with a few scratches, grazes, and sometimes very visible bumps to its frame.
  • Specified Faults – when this is stated, it’s usually followed by a list of the faults that the car has. More often than not, it would only list down mechanical and systematic faults because aesthetic-based flaws are usually already visible with just one look of the whole thing.
  • Sold as Seen – this is usually told by auctioneers that basically wants to say that the vehicle has its flaws, but it is still of working condition given the right repairs or alterations. When this is said, the auction house will almost rarely accept any kind of complaints about the mechanical and cosmetic condition of the vehicles for sale.
  • “Sold with a Warranted Mileage” – this is often stated when the vehicle being sold is second hand. It basically means that the vehicle being sold has been assessed and inspected by a third party and all of the information regarding the vehicle being sold is based on the report that they have provided them.

 

Key Takeaway

Car auctions are perfectly reasonable places to get great value for your buck. Most of the time, the cars sold here are way cheaper or at least, sold for a more practical price when compared with direct suppliers or distributors.

However, you should never be blinded by the chances of getting a car for a cheaper price. If you don’t do your research, there’s a high probability that you don’t really know what you’re going into when you choose to participate in car auctions.

Everything will become easier and better with the help of more information. Make use of the points we’ve presented. They should provide you with enough knowledge of both the car you’re getting and the ways of auction houses to be able to get things going in your favor.

Ways Online Auctions Can Prevent Sniping

Ways online auctions can prevent sniping

What are the ways that can help you prevent auction sniping in online auctions?

  1. Use the terms and conditions
  2. Candle auctions
  3. Overtime bidding
  4. Reserve prices

 

There’s nothing quite like seeing an auction in the Philippines go smoothly. For sellers, they want to sell their items at a fairly high price. For most buyers, however, all they want is to get items at the cheapest price possible—sometimes even resorting to auction sniping.

When it comes to online auctions, sniping can be a blessing and a curse. It’s great for buyers particularly for those bargain hunters that want to get everything at the lowest possible price.

The problem is that auction sniping can be done in almost every auction—be it manual or automated. Sniping often results in items being bought at a radically lower price—making it a huge problem for many internet auctions.

That being said, there are ways to prevent it from happening—and if you want your auction to be as fair as possible, here are a few ways in which you can prevent auction sniping from happening.

 

Use the Terms and Conditions

Use the terms and conditions

The most obvious way to discourage and outright prevent auction sniping from happening is to state within the terms and conditions that sniping or any other forms of last-minute bidding is not acceptable. You can add additional statements such as “all bidders suspected of being snipers will be blocked” and such.

This will then give you the authority to remove any bids done in the last minute. So, you won’t have to worry about any kind of auction sniping anymore!

 

Candle Auctions

One of the older forms of auctioning has recently climbed up in popularity over the years—particularly when it comes to internet auctions.

These kinds of auctions work like this. At the beginning of an auction, a candle is lit. When that candle’s light sniffs out, that signals the end of the auction.

This can effectively prevent auction sniping because participants of online auctions don’t know when the candle will lose its flame—meaning they won’t know when the last minute to bid is.

Aside from that, it also encourages bidders to make serious bids right from the start of the auction—creating a more competitive and lively bidding session.

Nowadays, you can still go with the traditional candle auction, but there are some modern-day variations of it. Your computer can select a random number for the time of the auction. Again, since snipers have no idea when the auction ends, it’s practically impossible for them to enter a bid at the last moment.

 

Overtime Bidding

Overtime Bidding

The main problem with auction snipping is the fact that it’s done at the last minute. When there are literally moments left in an auction, other bidders will have a harder time deciding whether they’ll bid more—leading to hesitation, and ultimately, an auction snipe.

It’s all about the time. However, if you extend your auction every time a bid is placed in order for bidders to react properly, the strategy of snipers is effectively nulled.

This strategy is great for creating a fair ground between bidders. In fact, overtime biddings can lead to fierce bidding wars for a sought-after item. Often this will result in the final price going far beyond what the seller expected!

That being said, this will only work if the time extension is indefinite. If it’s not, then auction snippers will still have a way to make the bids at the very final moment.

 

Reserve Prices

A risky yet, totally acceptable strategy makes use of reserve prices. The reserve price is known as the minimum amount that a seller is willing to accept as the winning bid for their auction. Think of it as a safety net as it will prevent their items from being sold at an extremely low price.

This can greatly discourage auction snipers—particularly those who are known as bargain auction hunters. But another downside to reserve prices is that it can also discourage general bidders from bidding—especially if the reserve price is too high.

If you plan on using reserve prices, it’s important that you choose a price that is acceptable for general bidders and discouraging for snipers. Though it’s not exactly easy to measure it—finding that sweet spot will make this strategy more effective.

 

Key Takeaway

Many people would consider auction sniping as a form of cheating in the auction world. In online auctions in the Philippines—where there’s no physical way to keep track of the bids, auction snipers are very prominent and out of control. They need to be toned down because when it comes down to it, the best kinds of auctions are those where every bidder is on an equal playing field with one another.