Gunbroker and How Bids Work Question

Beau Etienne · May 19, 2019

I've yet to bid on anything and I have a question for those familiar with GB.
I see items listed as 'No Reserve', with zero bids listed, but they show a minimum amount required to start the bidding. I don't understand this. What does 'No Reserve' mean?
Please fill me in on how this works.
Thanks.

Mxav · May 19, 2019

- No reserve means theres no set price on the item. When the time is up, whatever the bid is at, that's how much itll sell for(but good luck because someone will always outbid you if it's a still a good price). For example, if I wanna sell a Glock 26 for Minimum $400, that's what I'll set my reserve at. Lucky for you, Billy Bob is gonna want it for $400 but Ricky Bobby wants it too, so he'll offer $405.

- Minimum amount to bid is pretty much what it means. If you wanna bid on an item, you gotta bid on the minimum required amount. I mean, let's face it, you'd look silly bidding 1 cent higher than the previous bidder.

Anyone correct me if I'm wrong but that's how I always seen it when I'm on gunbroker.

noob · May 19, 2019

Also the minimum bid can be the "starting bid". So say it's a 1500 dollar rifle, and NO RESERVE, they may just "start" the auction at 600 bucks knowing it'll bring in AT LEAST THAT. Then from there the minimum bid maybe what's needed to beat the next person, or an incremental amount that's not "change".

There's also the 15 min rule on gunbroker, so if someone tries to bid last second, the auction will be extended by 15 min until no one bids for 15 min straight.

Beau Etienne · May 20, 2019

Thanks, guys.
I guess what is confusing me is that the post clearly states 'No Reserve', but by the seller placing a bid amount you must exceed seems to me to be, in effect, placing a reserve.

jneubig · May 20, 2019

They are starting the bidding at the minimum they would be willing to take should there be only one bidder. I have sold a few things there with no reserve and started them all at a buck and let the bidding decide the amount. I've done ok on most overall. I've only had one item there I felt went for substantially below market pricing, but that's the chance I took when listing. The others brought fair market value and one even really surprised me by going for almost triple what I thought it would. I just enjoy a good old fashioned auction.

bryanbag · May 20, 2019

I got a question.

I recently was looking on GB (first time) for some mags I need. I found 4 of the ones I need, there was no reserve and from what I could tell no Minimum. Price of the first bidder was $40, I bumped it up to $45 I get a message you bid did not meet the minimum requirements. So I again bumped my bid up to $60. I got he same message, So I bumped it up to $80. Same message.
So I gave up. After the auction ended the sale of the 4 mags was $75. Why was my bid not accepted?

RaleighReloader · May 20, 2019

The minimum bid is the lowest bid that the seller will accept in the auction.

The reserve price is the lowest price that the seller will sell the price for. Bidding can still happen below the reserve, but if the item doesn't meet the reserve price then there's no binding contract to buy/sell the item.

In the case cited by the OP, the seller appears to be using the minimum bid as a de facto reserve price. I've seen that done, but it's usually done by sellers that don't really know what theyr'e doing.

Mike

falshooter · May 20, 2019

bryanbag said:
I got a question.

I recently was looking on GB (first time) for some mags I need. I found 4 of the ones I need, there was no reserve and from what I could tell no Minimum. Price of the first bidder was $40, I bumped it up to $45 I get a message you bid did not meet the minimum requirements. So I again bumped my bid up to $60. I got he same message, So I bumped it up to $80. Same message.
So I gave up. After the auction ended the sale of the 4 mags was $75. Why was my bid not accepted?

Some sellers won't accept bids from first time or low rated buyers. They should have stated this in the add under the heading "Additional Terms of Sale "

Gunbroker and How Bids Work Question

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