Online Sale Format 2 Day, 1 Day, 1/2 Day

[Tallcool1]

I have been watching and bidding on quite a few online sales this year, and wanted to ask some producers why these sales are structured the way that they are.

These sales don't really get going until about 10 minutes before the end of the sale anyway.  Sure some people will bid the first hour of a 2 day sale, but for the most part I think that people don't really pay attention until about an hour before cutoff.

We have bought one steer so far, and I didn't even pull the sale up until 2 hours after the end of the sale...knowing it was going to last another 4 hours.

Would there be a reason why a sale couldn't "start" at 6:00 instead of "end" at 6:00?  Would you get more bids if the sale was done like this?

Why is there a 5 minute clock restart?  Would you get more bids if the clock restart was 2 or 3 minutes?

I am interested to hear from some people that have these auctions as well as others that are active within them.

Thanks

 

[Warrior10]

Agree mostly on the first point. I like Breedersworld's format more so then others, start at 11-12 one day and finish that night. As for the 5 minute refresh vs 2-3 min, I don't agreed. When thousands of dollars are being spent I prefer the 5 min vs 2-3 minutes to make an 100% sure decision.

 

[shortybreeder]

As for the 5 minute refresh vs 2-3 min, I don't agreed. When thousands of dollars are being spent I prefer the 5 min vs 2-3 minutes to make an 100% sure decision.

I also agree with this because some people are working with very slow internet. The 5 minutes makes sure everyone has fair chance to get their bids in.

 

[RyanChandler]

Until each lot closes out separately, I will never engage in another online sale.  I understand the time extension in the event someone bids on a lot right before the times up, but to extend the clock on all lots just because 1 particular lot received another bid is bs. 

 

[HomeRaised]

XBAR,
I disagree with lots closing independantly. When we go to a sale, We list out our choices and watch them in that order. If I dont get my top choice, i move down the ladder to my next choice which should be open to bid on yet. Even in our own phone bid off, we give buyers a chance to drop down to lesser priced calves to bid on if they chose to do so.

 

[Tallcool1]

I see both points on the lots closing independently.

Usually by the time a sale goes into extended bidding, I only have 1 and maybe 2 lots that are still in my price range.  I have been frustrated many times getting outbid at 11:00 at night on a calf that hasn't moved for 3 hours!

 

[RyanChandler]

I just don't think it's right or fair to the bidder who has the high bid when time expires to have to wait around and see if someone drops down.  'Moving down the ladder' is not an option in a live sale and I don't think it should be in the online format either.  If I'm the high bidder on a particular lot at the time the auction is stated to close, if no one else has bid on that lot in the last 3-5 minutes, then at that point I should be declared the new owner. 

 

[cowboy_nyk]

XBAR - as a buyer I agree and that is the beauty of the live sale format.  Sometime you get a deal why others are trying to decide if they should bid or wait for the next lot. As a seller of course I want to provide more opportunities for people to bid on my cattle.  I haven't done the online sale thing yet but I can see why they run them the way they do.

 

[HomeRaised]

I don't think you can compare it to a live sale format either... Online auctions would be like putting all the calves in the ring at the same time and auctioning them all off at once. You don't do that. You bid on the one calf in the ring at that time and if that's not your cup of tea... You drop down to the next one.

I have tried to buy cattle online and have been outbid after a couple hours of no movement. I do understand the frustration.

 

[BroncoFan]

Either way is frustrating.  As seller you know you must get X amount out of your calves if you are going making any money.  I think a lot of buyers wait until just before the end of the sale to get that potential sleeper/great calf at a cheaper price. 

If you have an established program with a lot of customers I think a live auction is the way to go.  I'd throw a big BBQ for anyone that shows up and gets a bidding number.  Unfortunately, selling online is the way for my small program. 

 

[Tallcool1]

I don't think you can compare it to a live sale format either... Online auctions would be like putting all the calves in the ring at the same time and auctioning them all off at once. You don't do that. You bid on the one calf in the ring at that time and if that's not your cup of tea... You drop down to the next one.

I have tried to buy cattle online and have been outbid after a couple hours of no movement. I do understand the frustration.

Your comparison to putting all of the calves in the ring at the same time reminded me of the way that the Pen of 5 steers used to sell in Denver.  They ran them all in together, and you would bid for your choice of the calves left in the ring.  Nobody knew which calf the competing bidder even wanted.  Once I watched the THIRD steer choice bring more money than the first choice.

What a way to sell them!