The 3 Minute Auction and Minute Auction Explained

by Renee Matt

Am I the only person who doesn't know what a 3 minute auction is? Looking for fresh content for my site, I discover that "minute auction," or even a 5, 10 and 30 minute auction is a popular item. Some auction sites may refer to a minute auction as a "Live Bid." The "minute auction" or "3 minute auction" actually comes the closest to duplicating the excitement (and anxiety) of a real auction. No, it is not the same as an Ebay minute auction. I will give the example of Bidz.com. Bidz.com uses Flash technology to constantly update in real-time auction bids right before your very eyes! The price goes up, up, up and the time clicks away ... down, down, down!. Add flashing green highlights for added new bids and red flashing for the ominous approaching 0 minute and to say the least, it is quite thrilling. On the Bidz home page, there is a link that says 3-minute auctions. This is a separate category all by itself. If you click that link you are taken to the 3 minute auctions, usually consisting of jewelry. (Note: See end of article for "The 3 minute auction - too good to be true?") A word of caution: It takes a little finesse to bid at these fast-paced auctions - and I mean FAST! You must be EXTREMELY CAREFUL when bidding. The highest bid I came across on my visit was for $1500. My advice would be to practice on the dollar starting bids. Bids quickly escalate to $15 and $30. In the words of BidZ: "If you are bidding on items in the 3 Minute Auctions category, you will not be notified if you are outbid. These auctions move very quickly, so you have to monitor your winning bids very carefully." Back on the 3 minute auction page of BidZ, what do you see? >From left to right: the product picture, the item number, title, price, bids, and time left. The "bids" and the "time left" are where the auction action is at. But just as its nearing 0 minutes left, it jumps up to more time left - what gives? According to Bidz.com: "If the bid is placed during the last minute of an auction, the auction will be automatically extended for an additional 1 minute from the time of the latest bid. The auction will close once all bidding has stopped for a period of 1 minute." OK - I decide I am going to get in on this action. Registering is free (username must be a combo of numbers and letters). I have to click on the picture to go to the listing to actually bid according to Bidz.com directions below: 1) Simply use the "plus" and "minus" graphic keys to select the amount you would like to bid. The amount of the next bid is automatically one dollar more than the current bid. If you only want to place a one dollar bid, you can just click the Bid button without any adjustments. 2) Click the bid graphic button to register your bid. PROBLEM: I click the Bid! button and then find out I have to register my credit card in order to bid - but they didn't tell me that when I was registering (even though I quite expected it). Another problem I encounter is a sluggish modem. By the time I reach the listing page and the picture and bid button loads, the auction can be over (sigh...). Its not hard to become giddy over the amazing deals of a 3 minute auction...too good to be true? 3 minute auctions "typically offer expensive items, such as Cartier watches, Beanie Babies, computers, and cars at prices that are low enough to dull the scam alarm in most people." This was taken from an auction fraud article. The same article reports that the Federal Trade Commission has identified a scam email that includes "Live 3 minute auctions" in the subject line. See the details of the 3 minute auction scam at http://www.chiff.com/a/fSCAMauc.htm For a list of minute-auction websites, refer to: The 3 minute auction list at http://shmyl.com/dpzison My final words: The 3 minute auction and minute auction are the epitome of auction entertainment. So pop some popcorn, invite some friends over, and have yourself some Friday night auction fun! Renee Matt maintains AuctionTongue.com, a review site of auction tool, free auction templates, auction software, auction sniper and image hosting services. AT focuses on auction websites outside of Ebay. Sign up for their FREE Auction Freebies newsletter: http://www.auctiontongue.com/. renee@auctiontongue.com

How to get started with online auctions

by Randy Myers

Online auctions are hot. Just ask one of the more than 750,000 people who make a living or substitute their income selling merchandise on online auctions such as eBay, and they will tell you that selling online is a great way to make money. In addition to being a great money maker, online auctions allow persons to start their own business with very little or no money of their own. And the earnings can be phenomenal. The truth is that eBay has created comfortable lifestyles for a multitude of people. In fact, one woman reported earning more than $250,000 in 2005 for items she sold on eBay. Granted, not all find their fortune in the great world of online auctions, and phenomenal earnings are not guaranteed when selling at online auctions. But people do succeed everyday. You can too, but first you need to get started. Here's how: Choose an online auction There are several online auctions that you can choose from; eBay is the most popular and successful. While other online auctions may not have the selling competition that eBay does, they also do not have the multi-million customer base associated with this online auction giant. All of this should be taken into consideration before you choose which online auction to go with. Other things to consider are listing fees, customer and technical support, and ease of site use, all of which can be vital to your success. Look for listing fees that are minimal as you will pay these even if your item or items do not sell. Become familiar with your online auction Once you have chosen an online auction, you should browse through each section of the site to learn all that you can about your new store window in the e-marketplace. Learn how to use all of the tools and features. Also pay special attention to what is being sold and for how much. This will help you when you are deciding what to sell. Learn all of the terms and conditions associated with the use of your online auction. Unknowingly going against these terms can get you booted. On the other hand, knowing them can help you in the event that you come across a buyer who does not play by the rules. Choose items There are virtually no items, barring explosives, which cannot be sold on eBay and other online auctions. The trick, though, is to find which ones will sell quickly and at a great profit. This takes research and a lot of it. Look for products that have high bid values but low numbers being offered. These statistics will let you know which products are likely to sell very well. Study your facts In addition to knowing which products to sell at an online auction, you should also do some research to find out how much you should start the auction at for your items. While people who shop eBay and other online auctions are normally looking for a bargain, they are not set against paying a reasonable price. So, see what your items are going for retail and set a price that is a bargain but not a give away. Watch your competitors As with any business, you need to pay careful attention to what your online auction competitors are doing. What are they charging? What are they selling? Are they doing better than you? You can learn a great deal from your competitors. While there are no guarantees when it comes to succeeding with online auctions, getting the proper start can make all the difference. Do your homework. Have fun and good luck. About the Author Written by Randy Myers with Auction Co Pilot For a complete step-by-step system for generating quick & easy profits on eBay, visit Auction Secrets

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