Arizona auctions - rule changes and software changes this year
I mentioned in the forums that for the RealAuction.com hosted counties in Arizona, Pinal, Coconino and Yavapai, the counties adopted the rule that limits the bidding accounts to just one per related entity.
This rule is in response to the explosion in the number of accounts opened last year by banks and big institutions who swooped in and dominated the auctions. Total number of bids were up to 99 million last year in Yavapai - up from 7 million bids the year before.
Florida was having the same issue and last year two counties (Sarasota and Palm Beach) instituted the same limit on accounts and the number of bids dropped.
It levels the playing field for the little investor who has his/her 1 account bidding against the hundred of thousands of accounts when there is a tie.
RealAuction also sent an email last night that they are using a new version of the auction software and each bidder will have to re-register this year in the new software.
Yavapai county is the first auction to open, so we'll see what the new look is about. My guess is it will be similar to the newer look the Florida auctions had last year.
Busy, busy, busy...