Calling all trademe experts

[Mystic13]

I'm thinking about running a $1.00 no reserve auction. I think it'd be a bit if fun to see what happens. Of course the down side is if there are no bidders then.... someone gets a cheap bike.

The bike is a GN250 2006, 25k's. Other than a muffler and brake lever scrape the bike is mint. Chrome work and engine is in showroom condition. If these bikes aren't looked after they can look a little worse for wear. INOX is my friend.

So what do you all think... do it or not?


Cheers

[Anarkist]

I run the majority of my auctions with no reserve. I don't have any factual information to back it up, but I believe it gets more views and attention that way, and can lead to some pretty fierce bidding wars toward the end of the auction. They tend to fall around average market price by the end of it if not a little higher should you have a lot of interest.

The only thing to think about, is whether prospective buyers will bid without viewing the bike. No reason why they can't, it's just a lot have a budget and know they can spend 'x' amount. This makes it a tough choice for them as essentially they've wasted time viewing a possible purchase should the bidding eventually get out of their range of cash to spend.

I say go for it.

[steve_t]

First check out how much interest there is in other listed GN250's. You can see the view counter at the bottom of each auction. If there's heaps of interest at the moment, it might work out OK.

But in general, I vote not to.
Set the reserve at the lowest you would part with the bike for, but set the starting bid ridiculously low if you want to get some attention. If there are people looking for GN250's, the bids will dictate how much they want to pay.
If you don't care if someone might possibly buy your bike for $200, then a $1 auction might be fun for you. It's really up to you. The people I know that tried $1 reserve auctions for cars have not gone very well... but cars and bikes might go differently...??

Just my opinion but let us know if you do list it for $1 start as it will be interesting to watch

[The Pastor]

this is how $1 auctions work.

They work well for cheap things, things that people belive to be cheap. For example my 1983 honda civic, bought it for $900 put it on TM for $1 and sold it for $1890.

They do NOT work for stuff that apares to be at good quality/ should fetch a resonable price the magic number is about 2k - under 2k you're best to $1 res it, above 2k you should not.

a classic example is the unfinished project bike with 3 engines on TM it went for 8k on a $1 res. If the project was finished and looked a million dollers and went on $1 res i'd be surprised if it would of gone for more than 4k.

Dont ask me why this is, i have no idea, it just is.

In your situation, i would not put the GN on $1 res.

[allycatz]

Well as a long time TM bidder I only ever bid on auctions in the last 5 mins anyway. I think youd get a lot of watchers. If ya lucky youll get a bidding war between a couple of people and that will push it up a bit.

[PeteMun]

I watched an auction for a gn250 at $1.00 res last month. Same milage and a few nicks and got $2,750. There were heaps of bidders.

Someone even wanted $4.5K for a gn, score at only $1200 more than the new price !

[Blatman]

The $1 reserves have worked for me, I've sold 2 cars and a jetski on there. The cars went for what they were worth and the jetski went for about $1500 more than I thought I would get.
You can always withdraw it if the bidding doesn't reach what you want, it's not a good look but perfectly legal.

[Blatman]

BUT you need to put up lots of good photos and spend time to write a good ad with lots of details and a bit of salesmanship.
I can't believe the crappy photos and crappy ads some people put on there.
Dey cant evun spel proply!

[AllanB]

I'd be more inclined to do this - set yourself a minimum acceptable price for the bike and start a no reserve auction at that price.

Presuming that your minimum acceptable price is very good for the bike you'll have some interest in people getting a 'bargain'. You in turn will get at least your minimum acceptable price, opposed to the possibility of selling me a mint GN that started at $1 for say $125.

If you like I can save you the hassle and give you $350 for in right now...

Trademe tips.

Write a honest and informative listing. Lots of good quality photos. Start the Auction at around 8.00-8.30pm (not on a Friday) - it will also end at that time and apparently TM has a greater viewing audience around then.

And for F's sake do not put down 'genuine reason for selling' - pisses me off that phrase. Everyone has a genuine reason from selling a bike - from moving up cc, or the wife is withholding favours until it's gone, or I've crashed the crap out of it and the shit photos don't show this, or even I've stolen it and need to unload it urgently. All are 'genuine' reasons for the seller to get rid of it, but not necessarily a good reason to buy.

[elevenhundred]

Exactly what Blatman said.
Clean the bike, take it to a nice location and take heaps of good photos (good meaning: on a proper camera, with good light, in focus and from angles that flatter the bike)
Don't skimp on the text either, write as much as you can

[tigertim20]

Go-on! do it!!!

[Conquiztador]

I have sold a few $1 auction bikes on TM, the ones where I have set the reserve price at what is the minimum I would expect and a few as set price (no auction).

The ones I have sold as $1 auctions have been "low value" bikes that have sold at approx $500 +/-. A few times I have got more then I expected, but also some have not reached what I really wanted.
Pros: Creates more interest.
Con: A chance you end up giving it away. (I have picked up some real bargains this way)

The ones I have had a starting price I can live with have been "middle range" in price. $1000+. Not as much interest. Normally end up doing the auction more then once to get what I want.
Pros: You will not risk giving it away.
Cons: Less interest and often just reaches reserve or you end up offering it to sell.

The "set Price" ones have been more expensive ($2K+) where they will attract only a certain buyer. Will take more time.
Pros: You have the power to select the buyer.
Cons: Can take time and people want to come for testrides.

I currently have a SR250 that if not sold before next week I will put on TM. She will have costed me approx $1300 to get on the road, so that is the minimum I would want. Would I do her as a $1 auction??? Only if I was desperate to get some $$'s.

Good Luck!

[avgas]

Autobid = $1000
or you could just sell it to me for $1000

[ynot slow]

If it looks like you're not going to get what you want remove the bike,tell trademe motor blew or something,but don't relist next week,no fees charged.

Know someone who did that as the car was getting traded for more than was on t/m,the people thought that no trade might be better but were surprised with trade in value.

[Mystic13]

I watched an auction for a gn250 at $1.00 res last month. Same milage and a few nicks and got $2,750. There were heaps of bidders.

Someone even wanted $4.5K for a gn, score at only $1200 more than the new price !

Where was that bike located?

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It looks like the majority so far are do the $1.00 auction.

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and post 400 done.

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I'm leaning to the $1.00 auction based on the above. If and when I do i'll let you know so you can all;

- enjoy watching it sell for heaps.
- enjoy watching me make a mistake
- bid on it and get the price up early on..... lol.

Thanks for the posts they've all been worth reading.


Cheers