In recent weeks, many COMC users have utilized our ‘port sale’ feature. While that has been successful, we’ve decided to enhance this concept with a different approach.
For the first time in the company’s history, we will embark on the silent auction frontier. Basically, the way it will work is that a seller will contact us about his or her desire to sell their entire portfolio.
Then we’ll take all of their cards out of their inventory, and put them into a separate viewable portion on the site. There, potential buyers will be able to view the cards and make an offer.
Over the course of one week, the highest bidder will be the winner. Bidders will be allowed to bid as much as they like. Funds will not be locked at the time of the bid. The highest bidder will be given 2 days to add any additional funds to their account if necessary. If the highest bidder is not able to pay, we will give the second highest bidder an opportunity to purchase the lot. 5% of the final price will be collected for the silent auction service. The remaining 95% store credit will be added to the seller’s account.
Sellers will be allowed to submit a silent bid. This is effectively like setting a reserve price. If the seller has the highest bid, they will be simply charged the 5% fee and the cards will be returned to their account.
Upon completion of the auction, we will announce who the winning bidder was, but we will not announce what the final price was.
Let us know your thoughts about this major announcement, and your interest level in perhaps partaking of this option in the near future.