Poloman69 17:41 16 Jan 2004

Is it just me, or has anyone checked out QXL's new auction site click here and found it to be nothing more than a money making scheme for QXL.
Currently there is one particular auction going on for a brand new Renault Megane Coupe-Cabriolet which retails for around £17,000.

The auction has a minimum bid requirement of 3000 bids at £500 a bid (which is not refundable), which means they will make almost £1.5 millon (minus the cost of the car of course) in profit from this one auction alone.

Is this correct - and can they actually do this?

After all - what would stop other auctioneers say buying a £100,000 house and putting it on an auction site say at £500 a bid with a minimum requirement of 5000 bids to make themselves a hefty profit of over £2 million.

Yes i agree, one lucky winner will get the car for £500, but how can they justify a million pound profit margin?

Any responses to this would be great as it seems to 'bad' to be true.

  Rayuk 18:05 16 Jan 2004

Have just had a quick look.
If your bid isnt the winner you dont pay anything.The money comes from the non refundable
admin fees£9.99p,so the car with 3000 minimum bids would raise £29970 + the winning bidders cash still a nice profit I would say.

  g0slp 09:42 17 Jan 2004

and came to the conclusions posted above.

as Barnum said, there's one born every minute...

I've locked the barge-pole away too!

  Poloman69 14:29 21 Jan 2004

Can QXL get away with it though - i am sure trading standards would have something to say about this - surely they can't be allowed

  Poloman69 20:18 27 Jan 2004

Ah - i was lead to be under the impression you would lose £500


  Stormpool 12:51 29 Jan 2004

click here

I just clicked this, I think it's quite straight forward.

  georgemac 16:06 29 Jan 2004

there are always 2 winners QXL and the one who wins the auction - there are always plenty losers, everyone who pays the admin fee!

This thread is now locked and can not be replied to.

Elsewhere on IDG sites

Alienware 17 R4 2017 review

These brilliant Lego posters show just what children's imaginations are capable of

Mac power user tips and hidden tricks

Comment réinitialiser votre PC, ordinateur portable ou tablette Windows ?