MPP Power Humraz Reverse Auction; Provides Hope to First-Time Buyers
Inspired by the increasingly prohibitive first-time buyers’ market, Humraz sells properties for significantly less than the amount most buyers would pay as a deposit (£28k on average in 2006). Currently available at the Humraz auction is a two bedroom Woking apartment worth £180k (see photo below). The lowest unique (i.e. unmatched) bid for the property will win. Humraz only allows bids to a maximum 5% of the property’s value, so the Woking apartment will sell for anything between £0.01 and £9k.
It costs £3 per bid and you receive automatic 'status messages' when you bid online at Humraz.com or via SMS. These ‘status messages’ keep bidders up-to-date on their bid’s progress (e.g. is it winning?, is it unique?, is it unique but not the lowest?, etc) and are designed to introduce an element of skill to the bidding process. |
Bidwars Select MPP to Empower Reverse Auction Web and Mobile Solution
MPP recently completed work on the creation of a complete web- and mobile-based reverse auction service called Bidwars.co.uk. This solution provides a cross-platform service that allows consumers to make enter various lowest unique bid wins competitions to win prizes ranging from digital cameras through to romantic holidays.
The MPP reverse auction platform differs from others in that players do not make completely blind bids on each auction. A response is sent following each bid stating the current status. This could be telling the player that their bid is currently winning, or that their bid is not unique and they should aim higher or lower. All this leads encourages players to enter various bids for the same auctions - thus minimising the length of time for each auction and maximising the Bidwars revenue!
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