SNAP becomes Quickbid

On multiple occasions this year have we got complaints and pointers about buyers that are abusing the „SNAP“ functionality on the RSF auction clock. The „SNAP“ means that if the buyer pushes the purchase button too early the system thinks that the starting price is too low and the bid is disregarded. The starting price will increase by the pre-specified ISK and start counting again. This is done to ensure a proper market price. More about the „SNAP“ here and also about that these kind of accusations are not new and have been made possible in the system for too long.

It‘s not new to us that we have been asked to change the „snap“ so we can get rid of the abuse. When a buyer pushes the purchase button it should always mean that he intends to purchase the fish. That is why we are going to take the „SNAP“ out of our system and introduce a new method called „Quickbid“ or in Icelandic „Flýtiboð“. That will work in the same manner as the „SNAP“ except it will make a bid when a „SNAP“ occurs and therefor the buyer will be oblige to buy the fish at the price that he “snapped“ on if it‘s not bought at a higher price.

This will be introduced to the RSF auctioning system in the coming weeks. Interested buyers may be in contact with us if there are any questions or if they would be willing to take part in a test auction where we will test this new functionality.