bidding system in tc

[Josh]

I like the idea of have an auction site but I can see a couple of potential issues;

How long would an auction last for? I think when people look at the market for a car they wouldn’t want to wait to actually purchase one, let alone coming away without even buying one and having to start bidding again for a different car.

With the amount of cars (especially lower end cars) that go on the market I think the market could be too big to have successful auctions. By that I mean there would rarely be more than one person actually bidding on a car. To go back to my first point, of auctions we’re short, per say 30 minutes to 3 hours, the amount of people looking to buy in that time frame might be quite small, therefore the supply of cars would greatly outweigh the demand from buyers and thus no real competition between bidders.

It would be interesting to get some stats on how many people use the market throughout the day and how many purchases are made.