Compressed listing view

Today we’ve launched a new compressed listing display format. This format is optional and will never be the default view for items in an auction. However, should you desire to hide some of the details for the items in the item list view, you now have the option to click the compressed listing link at the top of any bidding page. You can switch back at any time by clicking the expanded listing link. We’ve also added an all items link so that regardless of what item or page you’re viewing, you can always quickly return to the all items view for the event.

Compressed listing link at the top of each bidding page

If you have comments or suggestions regarding this new, optional display format, please let me know by emailing me at traffas@purplewave.com or by posting a message to our feedback form.

The  new grouped extension feature allows the Internet only auction to more closely replicate a choice sale at a live auction. When items are sold as a choice at a traditional auction, the winning bidder gets to select among a group of items at the winning bid price, taking one or multiple items with each item costing the high bid price. The auctioneer then sells the remaining items to other bidders, usually in the same way.

Example of extended bidding caused by a bid submission in the last few minutes of an Internet only auction

Take for example the equipment auction for which Purple Wave unveiled the new grouped extension feature. There were three 2004 John Deere combines. Let’s suppose for this example that there may be one that is more desirable than the others. Let’s take the example of a traditional Internet only auction where the one with the best current bid is listed first and the other two are listed directly after it in descending order of current bid. As the bidding begins to end, more bidders are bidding on the first item, the one for this example we’ve assumed is more desirable. This bidding activity causes the item to extend for a greater period of time than the two items following it. When the second-highest bidder realizes that he cannot afford to bid again on the first item and decides to try to bid on one of the other similar items, he cannot place more bids because the other items have closed at lower prices than he was willing to pay. Since he wasn’t willing to pay those prices on the other items until he was absolutely sure he wasn’t able to purchase the first item, he was unable to purchase any combine at the auction.

grouped extension example - the group association is listed at the end of the description

With grouped extension, any item in a group receiving a bid in the last few minutes will keep all of the items in the group from closing for a period of time. This new method solves the problem above by allowing the second-highest bidder on the first item to bid strongly on that item while knowing that he has the option to bid on either of the other two items should the price on his preferred item exceed that amount which he is willing to pay.

Hopefully this new feature helps address some of the concerns bidders have when wanting only one of several like-items in an Internet only auction. What do you think of this new feature? Let us know in the comments.

We’ve known for some time that we needed a better way to communicate what we’re doing other than simply listing quality assets for unreserved auction on www.purplewave.com. With the launch of this blog, we’ll have a way to communicate our progress, plans and auction philosophies  and  better convey who we are as a company.

We’ve had customers requesting the ability to review auction participation for quite some time. I think it’s safe to say that it’s been our most-requested feature. The second feature I’m able to announce today is our new customer portal. Now, when you enter your customer account number and password in the account management section of  the right bar on www.purplewave.com, you’ll be taken to the new portal. You can also access this portal by going directly to www.purplewave.com/login.

The customer portal is the place for sellers, bidders and buyers to go to view the details about their auction participation. Sellers can view past sales and print settlements, as well as see the current prices of the items they’re selling in upcoming events. Buyers can view and print past invoices; bidders can review their bids on the items in which they’re interested in upcoming auctions.

Thanks for your patience. We’ll be testing the blog and the portal over the next few weeks before we release official launch announcements. We appreciate your feedback and help testing these exciting new features.

If you have suggestions regarding the blog or the portal, I would encourage you to contact me any time at aaron.traffas@purplewave.com.