Poloman69 17:36 16 Jan 04

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.

  Chegs ® 18:26 16 Jan 04

Its run in a similar way to a raffle,except it has much greater cash sums involved.If the "raffle ticket" is £500 a go,and the minimum quantity of tickets required to be sold is 3000,if the auction isn't entered by enough folk then they lose their £500.As it states on the QXL pages what will happen,its probably legal.If the car was auctioned at £1 a go,and the minimum entrants was 17,000 those that lost their £1 wouldn't complain.Having said that,I wouldn't enter a QXL auction of this type,as I can see the vast profits available(and I haven't got £500 to spare),but I'm sure some folk would.

  GANDALF <|:-)> 18:47 16 Jan 04

Call me cynical but surely this is betting?


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