DubLi Unique Bid Auction Explained
Just as the name implies, the unique bid is won by placing a unique bid. What makes it even more interesting is that in order to place the winning bid, you must place the lowest unique bid. Now this is completely contrary to what you might be accustomed to in most common auctions such as one at eBay or at an established auction house such as Sothebys in New York City.
As individuals continue to bid on an item, the bids keep getting higher and higher until no one is willing to bid higher than the last bid, and the person placing the last bid gets to buy the item at that highest bid. Here, in order for a bidder to win they must place the lowest unique bid; meaning no one else can place a bid for the same amount, and it must be the lowest UNIQUE bid placed. Further more, in order for an individual to place a bid they must have an 80¢ dubli credit. As a matter of fact, in order to participate in any of the 3 DubLi Reverse auctions you must have a bank of credits.
As bids are placed on an item, it is not revealed how many bidders there are on any given 25¢ increment, but the bidder is notified instantly whether or not their bid is unique and if it is the lowest unique bid. If their bid is neither unique nor the lowest unique bid they can place another bid immediately, but each bid will cost them 80 ¢. If someone is willing to burn enough credits they can figure out about where the range of the winning bid should be.
Bidders may place as many bids as they like in any 25¢ increment. For example, if the item up for bid is a $200 American Express Gift Card, a bidder may place a bid in any 25¢ increment from 25¢ all the way to $200 even. Of course, no one in their right mind is going to place a bid for $200. What would be the point? The idea is to get the item at a nice savings.
Below is a great example of the savings that are possible in the Dubli Unique Bid Auction. I have included an image of the iMac as well as an image of the winning bid right below it. When the auction is over the computer starts checking the bids at 25¢. If there is more than one bidder at 25¢, it will jump up to 50¢ and if there is more than one bidder at 50¢ it will move up to 75¢ ; and it continues to move up in every 25¢ increment until it gets to the lowest unique bidder and that becomes the winning bid. "Pretty Cool!"
On July 7, 2009 a unique bid auction ended on a 20" Apple iMac. The retail value of the iMac was $1,179. The lowest unique bidder placed a winning bid of $12.00. Because no one else matched the bid and it was the lowest unique bid, the bidder was able to walk away with a brand new, fully warranted iMac for only $12. Can you image what you would do if you won a brand new iMac for $12? It gets pretty exciting when you see items going for pennies on the dollar, and it happens everyday on DubLi.
If you want to check out the auction yourself, you can go click on the Free Credits near the top right of this page and will be happy to send you a few free credits.
As individuals continue to bid on an item, the bids keep getting higher and higher until no one is willing to bid higher than the last bid, and the person placing the last bid gets to buy the item at that highest bid. Here, in order for a bidder to win they must place the lowest unique bid; meaning no one else can place a bid for the same amount, and it must be the lowest UNIQUE bid placed. Further more, in order for an individual to place a bid they must have an 80¢ dubli credit. As a matter of fact, in order to participate in any of the 3 DubLi Reverse auctions you must have a bank of credits.
As bids are placed on an item, it is not revealed how many bidders there are on any given 25¢ increment, but the bidder is notified instantly whether or not their bid is unique and if it is the lowest unique bid. If their bid is neither unique nor the lowest unique bid they can place another bid immediately, but each bid will cost them 80 ¢. If someone is willing to burn enough credits they can figure out about where the range of the winning bid should be.
Bidders may place as many bids as they like in any 25¢ increment. For example, if the item up for bid is a $200 American Express Gift Card, a bidder may place a bid in any 25¢ increment from 25¢ all the way to $200 even. Of course, no one in their right mind is going to place a bid for $200. What would be the point? The idea is to get the item at a nice savings.
Below is a great example of the savings that are possible in the Dubli Unique Bid Auction. I have included an image of the iMac as well as an image of the winning bid right below it. When the auction is over the computer starts checking the bids at 25¢. If there is more than one bidder at 25¢, it will jump up to 50¢ and if there is more than one bidder at 50¢ it will move up to 75¢ ; and it continues to move up in every 25¢ increment until it gets to the lowest unique bidder and that becomes the winning bid. "Pretty Cool!"
On July 7, 2009 a unique bid auction ended on a 20" Apple iMac. The retail value of the iMac was $1,179. The lowest unique bidder placed a winning bid of $12.00. Because no one else matched the bid and it was the lowest unique bid, the bidder was able to walk away with a brand new, fully warranted iMac for only $12. Can you image what you would do if you won a brand new iMac for $12? It gets pretty exciting when you see items going for pennies on the dollar, and it happens everyday on DubLi.
If you want to check out the auction yourself, you can go click on the Free Credits near the top right of this page and will be happy to send you a few free credits.
