Higher bid increments should speed up high-dollar auctions.
Expired domain name marketplace DropCatch has changed its bid increments following an extended auction for reactive.com in October.
The auction dragged on for hours as bidders continually raised the ante by just $50. DropCatch resets the clock to five minutes whenever a new high bid is placed, so the auction became a war of attrition between bidders.
DropCatch disclosed the new bidding tiers in a tweet today:
You asked, we listened! As of today we’ve adjusted the bid tiers to be more customer friendly! Bids will now auto increment per the following table: pic.twitter.com/8sBkf27TgN
— Annie @ Turncommerce (@annie_domainsTC) December 1, 2022
Having to raise bids by $2,500 once the reactive.com auction hit $50,000 would have sped up the conclusion.
For comparison, SnapNames and NameJet have minimum bid increments of $5,000 when auctions hit $100,000, and GoDaddy has $1,000 bid increments over $50,000.