Questions about Ebay--please help?

Question

Okay, well I have a relative that is selling a 2008 Peterbilt Dumptruck on Ebay and the current bid is $51,151.51 but from what he is saying, that's good for a bid but the truck is worth much, much more. There is a day left on bidding but without a reserve price on the truck, do you think the bids will increase in time enough? Should a reserve price have been set?

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*the bidding started at .99 cents.

*please help, your adivse is greatly appreciated. The link is listed below.

http://cgi.ebay.com/ebaymotors/2008-PETERBILT-DUMP_W0QQcmdZViewItemQQcategoryZ63734QQihZ002QQitemZ120284112830QQrdZ1QQsspagenameZWDVW

Answer 1

Next time set a reserve price that you are willing to sell it for, if reserve is not me its not sold

Answer 2

I think that if your relative is happy with his $51K bid, then it's nothing to be concerned about from your standpoint.

Maybe a reserve price should have been set, but if the reserve isn't met, then the auction ends without ANY sale at all, and well...that wouldn't be productive to anyone.  At least this way, not only is your relative happy that he's no longer got a dump truck in his front yard, but he got some money for it (that he's happy with).

Depending on how many hits there have been on the auction, as well as how many bids have been placed (in this case the more the better on both accounts), the bidding may still go up.  But again, I reiterate...if he's happy then it is really no concern of yours.

Answer 3

If he needed to get a certain amount as a minimum, he should have set a reserve. He still has the option to end the auction because of an "error in the listing" and then re-list with a reserve.