November 1st 2010
While many users have enjoyed the reserve auctions that we offer, we have had a few issues that were brought to our attention about them.
1. The auction running for 30 seconds after the reserve was hit. This has allowed on many occasions for someone to bid early, wait for someone else to become heavily invested, hit the reserve and then they would come in and snipe the auction. To combat this we have decided that now all reserve auctions on our site will go directly to the Inner-Loop 4 status. This means that unless someone has placed a bid in the last 50 bids placed on the auction they will no longer be able to bid. It also allows for 2 people to simultaniously bid an item up to the reserve and continue bidding beyond that without either being left out in the cold just because the other person hit the reserve.
2. Higher ticket items have never really done well as reserve auctions. This is because of the sniping that was possible. While we feel that this issue has now been addressed with number 1 above we also feel that those auctions are just taking up valuable real estate on our page. We have decided that we will be refunding all bids on those auctions back to the user accounts and voiding those auctions.
3. Reserve prices - We have had a few complaints about the prices set on the reserve auctions. Some of them were do to my using the clone button allot over the past few weeks. Now I have decided that I will manually be setting the reserve on all reserve auctions. Some will end for a "Real Bargain", Others will be a "Total Loss", and the majority will be near the "Break even point". All of them however will be within the clearly posted range that is set on the auction. If an auction does go out of range and not end please let us know and we will void that auction. However if the auction hits the reserve within that range we will not be able to offer you a bid refund or compensation as the range is clearly posted on the site.