Have you done any bid exchanges on DealDash.com?
Here’s how bid exchanges work. When we win an auction on DealDash and go to pay for the auction, we will usually receive an option of either paying for the sale price of the auction product or exchanging it for bids free of charge instead. The number of bids we could receive in exchange for the product we won is based on the value of the BIN.
Why Do a Bid Exchange
You might wonder why anyone would want to do a bid exchange. Why would bidders place bids on an auction product in the first place for something they did not really want? That’s a good question. There are actually many reasons why the bid exchange option could work to our advantage. Let’s take a look at some of those reasons:
- Perhaps the auction closed at a much higher sale price than what we initially wanted to pay for the product. We don’t have to pay the sale price if we exchange the product for bids. Of course, we could still end up losing more than we gain if we overbid the value of the product.
- Another reason we might opt to do a bid exchange is because we might notice that we won a product that was the wrong size. For example, we might have needed a large jacket and noticed it was only a size medium. In that case we might be better off doing a bid exchange so we could apply the bids to try to win the right sized jacket in another auction.
- A third reason we might want to do a bid exchange is because we are focused on increasing the number of bids we have in our account. In that case, we might bid in an auction that looks like it is easy to win even if we know the product is the wrong size and/or we know the product is not really something we want. For example, we might see a ring that is only a size 6 and maybe the competition is extra low because not many customers wear a ring that small or we might see an auction that has less than 10 people bidding and we only decide to place bids in that auction because it looks like an easy win.
Our competitors might not have recently won a big bid pack, but if any of our competitors have recently won several other auctions we never know if they did a bid exchange, so we should always keep that in mind. By using the bid exchange option we might be able to save enough bids to compete and win another auction that might be more difficult to win.
This sponsored blog post was submitted by: Barbara L. Sellers. Barbara was compensated by DealDash for this blog post. Blog posts are written by real DealDash customers. The opinions and advice here represent our customers’ views and not those of the company.