Auction.com Frontrunning scam? Irvine, California
Have bid for properties on this site several times and have begun to notice a pattern of questionable results. Just bid on a property just before the close and was the only bid for two days and should have been the high bidder at the close. When I called to ask for the confirm they said someone else was the high bidder and bought the property! This could only have happened if they allow front running by insiders. This is not the first time this has happened on this site. Interesting that the company is based in Orange County, the home of the mortgage scam. If you have had similar experiences join me in reporting them to the AG and FBI. If you are starting a class action lawsuit, count me in.
3 Updates & Rebuttals
AuctionsNow
United States of AmericaDear Cautious Consumer
#4UPDATE Employee
Mon, February 06, 2012
We would appreciate you contacting us at ErinG@auction.com so we can further explain the auction process. All of our steps to winning an auction are carefully outlined to ensure every participant is aware and the best practices are being followed. Considering there are multiple people working toward acquiring one auction at times it may seem unfair, but we do have enough assets to go around just not multiples of the same one. Again, please contact Erin G., Director of Social Commerce, at ErinG@auction.com to discuss and we wish the best of luck you your friend during their upcoming bidding.
cautious consumer
Prescott,Arizona,
United States of America
Fair and Equitable
#4Consumer Comment
Thu, February 02, 2012
The fact that pre auction bids are not published is not fair and equitable! Why in the world would pre auction bids be kept from bidders who are bidding during the actual time of the auction? That is a situation RIPE for foul play.
For example, if a pre auction bid is not published, it is quite possible for an insider to simply state that a pre auction bid was higher than a published bid!!! There is no way for the consumer to know what that winning bid is if it was never published OR if the explanation that there was a higher pre auction bid is simply a line of baloney. It seems you have to simply trust the word of the auctioneer??? This is ripe for foul play. ALL bids are necessary information to be able to bid intelligently and to keep the auction company honest.
Eventually, public records will show what the property sold for. If it sold lower than your bid, foul play is very, very likely and should be investigated as suggested above.
I know a person about to bid on a house at auction with this company. This person will bid to win, actually wanting to live in the house in question. I'll let you know how it goes.
AuctionsNow
United States of AmericaAuction.com Frontrunning scam
#4UPDATE Employee
Mon, January 30, 2012
At Auction.com we pride ourselves on delivering a an easy bidding experience for our customers. We are sorry to hear about your experience and would like to help walk you through the auction process. Most of our auctions include a pre-auction bid which could have been placed before the beginning of the auction. If this bid was higher than your bid during the auction it is very likely that their bid was accepted. If you have any further questions feel free to contact Erin G, Director of Social Commerce, at ErinG@auction.com. Wed be happy to look further into this and provide the answers you are looking for.