MightyBids.com the Canadian auction site that tried to sell itself on eBay has failed to find a winning bidder. The highest bid of a touch under fifty grand ($97,601.00 / £48,647.26) wasn’t enough to reach the reserve (even though the seller had previously lowered the reserve price).
The question is where do they go next? They received a bid of close to a dollar a member. The site is back online after a code update which was poorly timed to coincide with the auction. The previous staff of 22 were let go prior to the site being put up for sale, but the owners have had enough having reached their stated goal which was simply to prove that they could create a site to compete with eBay.
There’s really only a couple of options open to the owners – stick with the site and develop it further, or try again to find a buyer. As they’ve already stated they are starting new business ventures and don’t want to focus on MightyBids.com keeping the site isn’t realistic for them, or the users of the site. Selling it will prove troublesome, a market value has been set so selling either on eBay or an alternative venue is unlikely to find a buyer willing to pay significantly more, certainly not without a full due dilligence process and financial information being made available.
If it was me I’d be inclined to make a second chance offer to the high bidder and run with the money.
5 Responses
Maybe eBay should offer ’em cash 😀
Maybe they should sell it for a token $1 to Tamebay 🙂
Or perhaps they should have marketed it on a different venue – one with thousands of disgruntled ebay sellers springs to mind …. Tazbar 🙂
You make the big assumption that Chris and I would give 50c each for it, Kevin :O Mind you, I think I have a few quarters left over after Live…
fraid you’ll have to bung my 50 cents in too Sue, but I’ll happily let you keep the whole site for yourself :-p
A whole dollar?! But I could list four packets of beads for that! Sorry, no can do.