The way it works if I can make it understandable. If the seller does not think his deer or lot is bringing enough. The seller can bid on his own lot. If the seller is last bidder of his own lot the auction charges seller (him) 4% as high bidder instead of the 10%. if some one else would have been high bidder.
Another reason I like it, it eliminates circle bidding to run a lot up on an unsuspecting buyer. Some reading this you may be thinking the seller is running his own lot up. Yes it may seem that way. The result is the same but at least you know who you are bidding against. Know that all sellers consigning their lots to a sale, do this so their lots will be sold and not to buy them back. Most of us would rather be out bid by the seller who has confidence in his product and a price in mind that he is willing to let it go. Think of it bartering auction style. When one of the sellers buddies is in the stands bumping up (not bidding) the price, it is called deception. If this was put into practice it would clean up allot of problems and games that are out of the auction companies control. The perfect sale is when auctions connect sellers to buyers.
Another reason I like it, it eliminates circle bidding to run a lot up on an unsuspecting buyer. Some reading this you may be thinking the seller is running his own lot up. Yes it may seem that way. The result is the same but at least you know who you are bidding against. Know that all sellers consigning their lots to a sale, do this so their lots will be sold and not to buy them back. Most of us would rather be out bid by the seller who has confidence in his product and a price in mind that he is willing to let it go. Think of it bartering auction style. When one of the sellers buddies is in the stands bumping up (not bidding) the price, it is called deception. If this was put into practice it would clean up allot of problems and games that are out of the auction companies control. The perfect sale is when auctions connect sellers to buyers.
H&M Whitetails said:wisdom I liked that 4% did the buyer that lost the buy back get maybe 2% and the actioner get 2% (just a idea) it was his lost too I don't think the seller would care where his 4% went too . he just feels that his item is worth more and it should be protected bu when you buy a couple of deer because you know its a good buy and you cant win beacause of no sale it stinks .if I got a couple of 2% off of nbuy backs that day i know I would bid higher on the next ones, And I like how texians take the edge off at these social events
thanks ed