Cigar Asylum Cigar Forum  

Go Back   Cigar Asylum Cigar Forum > Cigar Forums > Cigar Discussion > All Cigar Discussion

Reply
 
Thread Tools Display Modes
Old 11-10-2010, 11:17 AM   #1
forgop
Not a puffer
 
forgop's Avatar
2
 
Join Date: Oct 2008
First Name: Duane
Location: Indianapolis, IN
Posts: 2,869
Trading: (40)
Partagas Army (Served With Honor)
forgop is a jewel in the roughforgop is a jewel in the roughforgop is a jewel in the roughforgop is a jewel in the rough
Default Re: Wow, just wow

Quote:
Originally Posted by stewshi View Post
am I missing something .... on this site you bid on how much you would pay for a single stick in a 5 pack? It clearly state he got 5 qty so within that 5 qty hes paying 45 a stick?

What misleading tactics if thats the case.
Pkg Qty: 1 Single Cigar

Thus his bid is $45/cigar x 5 cigars.
forgop is offline   Reply With Quote
Old 11-10-2010, 11:32 AM   #2
Blueface
Gramps 4x's
 
Blueface's Avatar
4
 
Join Date: Oct 2008
First Name: Horatio Seymore Hiny
Location: Boca Raton - North of La Habana
Posts: 8,774
Trading: (8)
Bolivar
Blueface has disabled reputation
Default Re: Wow, just wow

Quote:
Originally Posted by forgop View Post
Pkg Qty: 1 Single Cigar

Thus his bid is $45/cigar x 5 cigars.
Yup.
Guy got a good screwing.
To further complicate things, here is what can happen on this type of "Yankee" auction:

Yankee Auctions
A Yankee Auction is a variation of the Dutch Auction where one or more identical items are offered for sale at the same time. In cases where a lot contains multiple identical items, at the closing of the auction, the highest bidders win the merchandise at their bid price as opposed to paying the price determined by the lowest qualified bidder (as in a Dutch Auction).
(NOTE: Auto-bidding is not available for a Yankee Auction)

Example: In a Yankee Auction the seller is offering 10 boxes of cigars with a starting bid of $100. Bidder #1 bids $100 on 5 boxes. Bidder #2 bids $100 on the remaining 5 boxes. (That would account for bids on all 10 boxes.) If a Bidder #3 enters, they would have to bid higher based on the bid increment level. Let’s say the increment is $10 and Bidder #3 bids on 3 boxes at $110 per box. Assuming no other bidders come in and the auction closes, the winners would result as follows: Bidder #3 would get their 3 boxes at $110. The Bidder #2 would only receive 2 boxes at $100 because they were outbid by Bidder #3 who bid higher on 3 boxes. Bidder #1 would get their 5 boxes at $100 because they were the first to bid.
__________________
Little known fact: I am a former member of the Village People - The Indian
Blueface is offline   Reply With Quote
Old 11-10-2010, 11:47 AM   #3
jbo57
Guest
 
Posts: n/a
Default Re: Wow, just wow

Quote:
Originally Posted by forgop View Post
Pkg Qty: 1 Single Cigar

Thus his bid is $45/cigar x 5 cigars.
Wow...I would have misunderstood that as well. I have never participated in a "Yankee" auction, but I would have assumed that it was for all 5...glad you guys pointed this out to me.
  Reply With Quote
Reply


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -6. The time now is 08:29 AM.


Powered by vBulletin® Version 3.7.4
Copyright ©2000 - 2025, Jelsoft Enterprises Ltd.
All content is copyrighted jointly by Cigar Asylum and the content provider.