Two things strike me as I read your response. Firstly, it again seems to me that your primary concern is, as you put it: “auction holders have told us that they want the ability to consider all factors going into a transaction.” But what have “auction bidders” told you? As I write these posts from the latter’s point of view. Should an auction marketplace not represent equal fairness to both parties?

Secondly, the phrase “selling a business” that you write is important- as it means full disclosure, full transparency and legal accountability. Surely sitepoint’s ultimate job is not just as a “broker”- but as an institution with “teeth” should anyone play dirty.

In the example I gave here with widgetoko, I’m pretty sure that none of these points applied-:

1.) They’ve dealt with in the past
2.) Is in their country
3.) Has a good reputation in the forums
4.) Has agreed to sign a contract and a non-compete
5.) Has agreed to use Escrow
6.) Is ready to proceed with the sale on a quicker timeline

I might be wrong, but I’m 99% sure of this.

Without blowing my trumpet too much I hope, whenever I have bid at any online auction- including sitepoint, I have paid within 24 hours and have never backed out.

Anyway, I’ll leave the rest of my ranting for the future posts! And I’ll add some contructive suggestions….

I’m keen to hear your thoughts on how you would address issues brought up in this post & the previous one, within the framework of our current auction system.

As you point out, we can’t force the seller to honor the highest bid. This makes sense because a seller might prefer to deal with someone who:

1.) They’ve dealt with in the past
2.) Is in their country
3.) Has a good reputation in the forums
4.) Has agreed to sign a contract and a non-compete
5.) Has agreed to use Escrow
6.) Is ready to proceed with the sale on a quicker timeline
etc.

Because selling a business is about more than just price, sellers have absolute and final discretion about whom they want to conduct business with.

Auction holders have told us that they want the ability to consider all factors going into a transaction – not just the price, so we’ve given them the ability to reject any bid.

In this instance, the extra $49 bid increment might have taken a backseat to other considerations the seller might have had. Of course, it also means the seller missed out on an additional $2000