ΛUCTION SHARES

an alternative to placing bids
microbid - Buying shares (ie. "portions" of an ongoing Auction - that we call an "Auction Fund") allows you to get an auction item (or service) for far less than its actual value - by pooling your shares with others.

Auction Funds are sort of like an auction within an auction, which offers members an alternative to placing bids. It’s sort of like paying in to a revolving fund - and then simply taking turns on who gets the item, product, good or service next. Note: Members use bids to buy shares.

When the total combined shares (ie. "All Shares" in the screenshot; of all members, for that Auction) reaches the BuyNow Goal (in bids) - the member with the most shares "wins" (ie receives the item) next. The BuyNow resets and the Auction starts again.

Your total shares accumulates across all cycles to create a sort of "score", but do not count towards the purchase of an Auction Item (or Service) in other cycles. Here’s an example:

J has 12 total shares
Auction Fund (Cycle 1) - $25 Pizza
(J has 2 shares)
Auction Fund (Cycle 2) - $25 Pizza
(J has 3 shares)
Auction Fund (Cycle 3) - $25 Pizza
(J has 4 shares)
Auction Fund (Cycle 4) - $25 Pizza
(J has 3 shares)
2+3+4+3 = 12 total shares

So, if the Auction Fund is now in its 5th cycle, then none of the above shares actually count towards the "All Shares" (ie. combined shares of all participating members) to actually buy the Auction Item/Service, however, all the shares do still count towards J winning this round, ie. being selected this time as the new/next recipient.
(1) Shares themselves don’t roll-over into new cycles of the Auction Fund, but they do count towards your overall "shares" (ie. My Shares).
(2) If you and another member both have the Top Share (ie. same amount of shares), but they have 1 (or more) active shares/bids in the current cycle, then they’ll be awarded the next Auction.
(3) Shares that didn’t result in a won Auction increase your Cash Advance approval rate as a secondary benefit of participating in Auction Funds.


Auction Shares
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