Revolutionizing Auctions – Live-Bidding Property Auction App
Tech company Gavl is looking for investors to help their new auctioning app take off. Gavl has developed an app that allows people to view auctions via livestreams and place and see bids in real-time. The idea for the app came about by Leith Donaldson; he was frustrated with the current system of property auctions and wanted to change it so that it would be more efficient and accessible. His experiences, combined with his interest in real estate technology, helped him to develop the idea for the app. The app has been downloaded in 44 countries, but Gavl hopes that with time and more investments they’ll be able to expand and make the app worldwide so more people can participate in auctions from anywhere they want.
I have never participated in an auction myself, but I believe this app is a great way to increase transparency in auctions and to expand the audience that an auction can reach. We are in the digital age now and people are always searching for ways to make things more efficient and accesible, and I think this app will accomplish that in relation to auctions. Sellers will have access to a larger audience/bid pool, and buyers will be able to view and participate in auctions from across the country, even around the world. The app will allow people to experience auctions right from the comforts of their own home, so I believe the idea is great and will benefit many people who enjoy participating in auctions, those who may not even have the means to physically attend auctions, and those who may find auctions intimidating and would like to try it out.
This app is a great example of the concept of auctions we talked about in class. The article didn’t go into too much detail about the app so I’m not sure if it supports different types of auctions, but from the image used in the article, first-price auctions are definitely live streamed through the app. Whenever a bidder makes a new bid, it pops up in the app so everyone can view it; the highest bidder inevitably wins the item and pays the price that they bid. The bids popping up to the side is similar to how people would call out their bids in a real life first-price auction where each bidder is physically present. As we learned in class, a dominant strategy for first-price auctions is to bid less than your true value, and this strategy remains whether the bidder is physically present during an auction or if the bidder is participating in an auction through the app and can see other bidders’ bids.
https://www.odt.co.nz/business/live-bidding-property-auction-app-takes
interesting app!