Seems there have been a lot of bids that have been canceled on the BMW. Why didn't Fleabay check out the bidders before they were allowed to bid, but what can you expect of a fleabag, of a company that is incompetent? Here are the facts. Report by Reuters, or Hype put out by Fleabag to start with.
DETROIT, Oct 29 (Reuters) - The power of the Internet auction and the allure of the BMW brand teamed on Friday as the German luxury automaker put the first of its new BMW X5 sports utility vehicles on the block at EBay -- where the high bid surged to $500,000, or nine times the suggested retail price.
EBay Inc. <EBAY.O>, based in San Jose, Calif., is one of the most popular online auction sites. Auctioning cars is not unusual on eBay, but the X5 auction is the first time an automaker has made the initial sale of a new model over the Internet.
The combination appears to have been irresistible to some bidders, who quickly pushed the price of the SUV to more than $66,000 in the first hour of trading. By midafternoon, the top bid had jumped to $250,000, then doubled to $500,000 by late Friday, with 144 bids submitted. The auction is scheduled to run for 10 days.
NOW THE ACTUAL FACTS FROM THE ACTUAL BID PAGE ON 10/31 5:30 A.M. EST.
BMW X5 Sports Activity Vehicle Item #190079235
Currently $150,100.00 (reserve met) First bid $1.00 Quantity 1 # of bids 33 (bid history) (with emails) Time left 7 days, 11 hours + Location Authorized U.S. BMW SAV Center
Started 10/28/99, 15:36:14 PDT (mail this auction to a friend) Ends 11/07/99, 14:36:14 PST (request a gift alert)
Seller email@example.com (19)
(view comments in seller's Feedback Profile) (view seller's other auctions) (ask seller a question)
High bid firefamily2 (0)
CAN THIS FLEABAY OF A COMPANY DO ANYTHING RIGHT????? The feedback is also very interesting on the seller.
They spammed the wires with a bunch of news boasting the bid of that BMW up to $500,000. The true bid is now only $150,100. Some bids may be cancelled due to fake bids, showing that EBAY can't do their business right. They can't control the legibility of bidding and their users even for the item currently on the press spotlight. What a bunch of loosers !!!
card from buyers? I know that they want one from sellers so that they don't get cheated out of their commissions and listing fees.
Maybe this is the proof that the market needs that eBay can't handle high-end items.
Now let me ask you this: would you want eBay to have access to your credit records so that they could "rate" your ability to pay? Unlike Amazon Auctions, eBay takes no role in handling settlement of payment of auctions and offers no payment option other than cash, check, or money orders unless the seller accepts credit cards. Potentially, getting involved in the settlement process could be a much-needed revenue stram, but then they would be liable for the same sort of bad debt chargeoffs that credit card companies have.
To answer your question about me wanting Fleabay to have my credit records, is a big no. I would not want them to have the records of anyone. They could pick up the telephone and call just to verify the bid and ask a few simple questions before they let anyone bid. They claim 7.7 million users. How many of them are the same people with more then one User ID. I have 3 Id's myself and I know of several others that have more then one user ID.
No, Ebay does not require a credit card for buyers, all Fleabay is doing is looking out for there fees by now requiring a credit card for sellers. If Fleabay got into receiving payments, I think it would open them up to liability for the items. How can you accept payment for someone and not guarantee the items to be as listed? I am not a lawyer, so this to me is a good legal question.
This is a service that eBay doesn't ptomote heavily, but it would give the buyer a chance to inspect the item. Due to the fact that buyer and seller are often widely separated, this is not often feasible.