QXL'S MAX BID AUCTION SITE

  Poloman69 17:41 16 Jan 04
Locked

Is it just me, or has anyone checked out QXL's new auction site click here and found it to be nothing more than a money making scheme for QXL.
Currently there is one particular auction going on for a brand new Renault Megane Coupe-Cabriolet which retails for around £17,000.

The auction has a minimum bid requirement of 3000 bids at £500 a bid (which is not refundable), which means they will make almost £1.5 millon (minus the cost of the car of course) in profit from this one auction alone.

Is this correct - and can they actually do this?

After all - what would stop other auctioneers say buying a £100,000 house and putting it on an auction site say at £500 a bid with a minimum requirement of 5000 bids to make themselves a hefty profit of over £2 million.

Yes i agree, one lucky winner will get the car for £500, but how can they justify a million pound profit margin?

Any responses to this would be great as it seems to 'bad' to be true.

  Rayuk 18:05 16 Jan 04

Have just had a quick look.
If your bid isnt the winner you dont pay anything.The money comes from the non refundable
admin fees£9.99p,so the car with 3000 minimum bids would raise £29970 + the winning bidders cash still a nice profit I would say.

  g0slp 09:42 17 Jan 04

and came to the conclusions posted above.

as Barnum said, there's one born every minute...

I've locked the barge-pole away too!

  Poloman69 14:29 21 Jan 04

Can QXL get away with it though - i am sure trading standards would have something to say about this - surely they can't be allowed

  Poloman69 20:18 27 Jan 04

Ah - i was lead to be under the impression you would lose £500

Thankyou

  Stormpool 12:51 29 Jan 04

click here

I just clicked this, I think it's quite straight forward.

  georgemac 16:06 29 Jan 04

there are always 2 winners QXL and the one who wins the auction - there are always plenty losers, everyone who pays the admin fee!

This thread is now locked and can not be replied to.

Qualcomm Snapdragon 835 benchmarks: Antutu, Geekbench 4, GFXBench and PCMark results

1995-2015: How technology has changed the world in 20 years

This stop-frame animation tells a moving story of domestic violence for Refuge

New iPad 2017 preview: Apple's affordable but underspecced new iPad may appeal to the education…