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Technology Stocks : OnSale Inc.
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To: vestor who wrote (1625)11/13/1998 8:55:00 AM
From: Jim Duffett  Read Replies (2) of 4903
 
Being the first to bid a specific dollar amount is irrelevant. It is the time you placed your initial bid that gives priority. If someone had placed a $1000 bid at the auction open, well before you, bid maker would only bid what was necessary to win and would subsequently raise that bid as necessary until auction end or the maximum bid was reached.

So in fact it is possible and maybe probable that many people had bid $500 well before you, but with bid maker acting as their agent a bid that high was not necessary until others had exceeded their lower bid.

By seeing this, you realize that Onsale is actually working on the customers behalf.

Duff
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