Some musings regarding eBay...

[Jeff Murphy]

Miscellaneous ramblings of someone bored at work...

I've been watching auctions generally and have noticed some interesting behaviour:

1. People can be successfully encouraged to pay higher prices with words like "rare", "Yenko" etc. even when you see the same thing five times in a row over a few days or the part in question isn't even appropriate to the application listed -- like the infamous Yenko steering wheel knob that has been on auction for over a year. Even worse is when they say it's rare and NEW at the same time -- notice the ads for the Motion style valve covers.

2. Setting higher prices seems to make some things more attractive. Remember "Giffen goods" from basic economics? -- things that have higher demand the more expensive they are. Classic examples were always Rolls-Royces or Picasso paintings, and have been joined by ZL-1 parts, BB motor mounts, 499 distributors, Berger license plate frames, etc.

3. People suggest that they are selling things for "no reserve" and set an opening bid price of $150? Seems like a reserve to me. [img]/ubbthreads/images/graemlins/confused.gif[/img] If you were really selling something at no reserve, you'd start it a buck or a 1¢ and take whatever you got...

4. There seems to be an increasing number of items being pulled because they "are no longer for sale." Too many side deals being cut, if you ask me. Is eBay destined to be more of an advertising forum than a marketplace?

5. Check out the value arbitrage that camarojoe has set up between these two auctions.

As a buyer: NOS Chevrolet License PLate , Dealer Item ! (Ended - May-18-03 15:48:45 PDT)

As a seller: 72 Chevelle Camaro License Plate NOS GM Rare! (Started - Jun-04-03 19:21:00 PDT)

I especially like the "Buy it now" for $150!?!

Looks like a eBay can be a good business! Better than the old stock market "day trading"...

[Jeff H]

I'd like to think that people are paying too much when someone says "rare" or "Yenko" or "COPO", but the stuff keeps selling at those high prices so I guess that's what it will cost to buy the parts. No reserve with a high starting bid is a bad auction tactic. Side deals do bother me, but I've had good success on both ends of auctions with some side deals so it's a legitimate part of the selling process as long as you list in your auction that you reserve the right to end the auction early. Ebay is tremendous for advertising. I just helped my boss sell his 1977 Corvette which he was the original owner with all paperwork and a "rare" color combination. It didn't meet the reserve, but 2 of the bidders kept following up on it until it reached the price he wanted. My thought process is to determine what I'm willing to pay for an item and either bid early or wait until the last second. But, I will not increase the amount I'm willing to pay.

[68l30]

Garnet in response to #3....Would you start a 69 ZL-1 at $1000 at the auction block? No! Why would you waste the time to approch the market value of 250 to 300K with wasted bidds.This weeds out a ton of people,it leaves you with serious bidders.If you know what the value is,as a seller you should,why fool around......As to #5 I don't see anything wrong.Buy low and sell for the market value.These dealer only plates are very tough to find in nice shape.There is a new plate every year and were prone to a lot of damage through the years.....


Steve

[FESTIVAL78]

Ebays the worst best thing thats happened for restorers in a long time, especially guys who can't go to the big swaps. I do all my Ebaying whilst being paid at work (like right now). A [img]/ubbthreads/images/graemlins/smirk.gif[/img] guy from Canada beat me out of a decklid by sending me a box of rust that was once a decklid. Conversely I got a 1 piece riveted 67 Camaro rs grille that is the ultra, ultra rare flat style not 68 style..I got this grill for 150 bucks because it was listed improperly..Good or bad Ebays here to stay. T

[JoeG]

Unfortunate, but you might be right.I remember , not too long ago, staying on the phone all day calling salvage yards all over trying to find a hard to find parts & sloshing thru rain soaked mud covered fields at swap meets to find a bargain. At the time, I use to think I was out of my mind , for going thru that, BUT OH DO I MISS THE DAYS OF THE LEVEL PLAYING FIELD OF SWAP MEETS & SALVAGE YARDS BEFORE EBAY.
JoeG------IMO [img]/ubbthreads/images/graemlins/smirk.gif[/img]

[Jeff Murphy]

On the other hand you are unlikely to sell a 69 ZL-1 without a reserve [img]/ubbthreads/images/graemlins/wink.gif[/img] I'd be happy to participate in that auction if you do have one to sell without a reserve....

Seriously though, you see a lot of no reserve auctions go by without a sale because the seller put his starting (in my books "reserve") price too high.

I also think that the wasted time/bids concept you mention also doesn't actually exist. Clearly all or most of us wait until the final few seconds of an auction to submit our killer bid (except poor Charlie on the Berger frames because he was on the road [img]/ubbthreads/images/graemlins/frown.gif[/img]). That's the phenomenon that gets us $3500 LS6 distributors and $900 motor mounts, something in each case that I'm sure the seller wasn't expecting.

I guess the opposite side of that is something like what happened recently on a full 69 Z28 smog setup -- the seller yanked the item and sold it away from the auction, even though a board member was interested, because "there didn't seem to be enough interest." Maybe he should have waited -- might have gotten $2000 for it??

Just my opinons. [img]/ubbthreads/images/graemlins/grin.gif[/img]

Also, not bashing camarojoe or buy low/sell high, but I'm amazed at how prices can ratchet so quickly. Guess it's all in what you know vs. the other guy...

[JoeG]

I agree , somewhat, in your opinion, but on the lighter side there use to be a saying, and I sure it's, true today -----Powered by Ford---- Powered by Chey---- Powered by Money.D'ont get me wrong, money is a good thing [img]/ubbthreads/images/graemlins/wink.gif[/img], but that's the arena your playing in when your bidding on ebay. Can rules be made or strictly enforced , that's a different topic. When your bidding on ebay keep your fingers crossed , that the guy who's bidding against had a computer crash. [img]/ubbthreads/images/graemlins/wink.gif[/img]
Joe-----IMO

[67BelAir427]

Interesting to note that as of today the value of "E Bay" as a corporation based on its market capitalization is $33 Billion dollars. For comparison, market cap of General Motors and Ford combined is $40 billion. That's with only 4000 employees compared to 700,000+ auto workers. At the current rate of growth it will not be long before you will be able to trade E Bay for Ford and GM combined in a straight swap.
Marc

[KENNY_PASCOE]

GARNET M20
IN RESPONSE TO #5, I ADMIRE WHAT CAMAROJOE DID WITH THAT LICENSE PLATE. HE DISCOVERED A DEAL, KNEW THE PLATE HAD VALUE AND REMARKETED IT CORRECTLY AND TO NO SUPRISE, HAS ALREADY NETTED A PROFIT. DONT MAKE HIM A BAD PERSON.... KP

[Mr70]

Hey Lay of CamaroJoe..(teasing You)
He has to pay for those $610.00 Berger License plate frames anyway he can.... [img]/ubbthreads/images/graemlins/grin.gif[/img]