One of the hardest things in business is to admit defeat. Most of the time it really isn’t defeat, it’s merely the fact that at this point in time you just can’t make something happen. Type A personalities, like myself, seem to think that with enough hard work, money, or both, anything is possible. Some times that’s just not the case. You have to stick with what’s working until something better is completely stable. Rick Latona thought he could finally bring an online auction to a conference with little to no glitches. He was wrong. Boxcar thought the same thing. Rick Schwartz and TRAFFIC look like they refuse to make the same error. The did the smart thing and decided that they weren’t willing to have their auction go to hell like the others so they abandoned online bidding all together.
I think it’s smart for a few reasons. With the quality of names that are up for sale, the buyers will have no problem getting on the phone to make bids. The past indicates that there has not been an issue with available staff to take online bids so history tells us that phone bidding should go relatively smoothly. Here are the “new” rules for the TRAFFIC auction this year.
We are going to have to stop the paid submissions to the T.R.A.F.F.I.C. Auction TODAY for any domain less than $50,000!
We have had a GREAT response but if we take any more, we won’t have room for any of the domains we will be hand picking nor the premium domains we want to attract. So those that have contracts in your hands, you have until 5PM TODAY to get this done.
Opportunity comes in many forms and then Flies Away. This birdie is gone. And another T.R.A.F.F.I.C. idea will just be copied and then we will be told how bad T.R.A.F.F.I.C. sucks. Get the picture?
We will have NO online bidding.
To bid at the T.R.A.F.F.I.C. auction you will either have to be there or will be open to PRE-QUALIFIED bidders with contracts and credit card on file 72 hours before the start of the show. We can handle up to 12 simultaneous bidders but have never had more than 4-6 on any one domain name. They will be given instructions 72 hours before the auction as far as call in numbers etc. Phone and/or text bidding only.
Each offsite bidder will have a total of 10 seconds to place a bid or not.
Once a phone bidder drops out or refuses to meet the current bid, he can not bid again for that specific domain and the contact is terminated. So the bidder is either in at each level, or not. This is going to be fast paced, exciting and different than previous auctions.
The Domain Industry runs right through the T.R.A.F.F.I.C. Intersection and those that can’t accept that just get left further and further behind.
I only real flaw I see is the “you’re out and you’re out” clause but it really shouldn’t come into play but once or twice. Bidders often have second thoughts and they can even be during the auction. Even people willing to spend hundreds of thousands. By not allowing them back in you are not forcing the issue but rather leaving money on the table. Again, t will not happen very often but I have been to several auctions where the bidder had second thoughts and jumped back in. There is no strategy that I’m aware of nor an advantage if they did. All in all I think this is a great move. The overall “we are better than everyone else at this so do what we say” feeling of the email is probably unnecessary, but it’s hard to argue with success and it wouldn’t be a Rick Schwartz run auction without it would it?