eBay is changing its bid retraction policy for auctions - in one category, only - and sellers are anticipating what kind of impact it will have.
eBay sent an email to sellers in trading cards on Tuesday, writing in part:
"Starting June 30, 2021, buyers will no longer have the ability to retract bids on Trading Cards auctions without the seller's approval. Sellers may accept or reject auction bid retraction requests at their sole discretion, however, we encourage sellers to use their best judgment and give buyers the benefit of the doubt."
There has been extreme demand for trading cards on and off eBay (you may have read about fights breaking out among customers at retail store Target, which decided to temporarily suspend the sale of MLB, NFL, NBA and Pokemon trading cards within its stores effective May 14.)
The volatility in prices has resulted in buyers returning trading cards for a refund when the value of their card declines, and apparently is also causing them to retract bids even before auctions have ended.
eBay told sellers in Tuesday's letter, "We expect the change will significantly reduce the percentage of auction bids retracted by buyers."
People discussed the issue on Reddit
. One person said, "I just assumed that with the TCG market being so volatile right now, that this was to protect sellers from buyers retracting bids the moment there's a price fluctuation."
Another wrote, "Interesting, let’s see how this works out. If I were a seller, I'd be hesitant to send something to a buyer that was trying to get out of a sale. It sounds like a recipe for disaster. Unhappy buyers leads to issues."
wrote about the new policy and said, "While eBay did not state why this change was being made it seems that the change is aimed at preventing people from making bids to drive up the price of a card and then canceling their bid after the fact."
In its email, eBay explained how the new auction bid retraction policy will work:
"Starting June 30, if a Trading Card buyer wishes to retract an auction bid, they will need to contact the seller via messaging on eBay to request a retraction. The seller will, at their sole discretion, be able to accept or reject the buyer's retraction request. If the seller does not accept the request, the buyer’s auction bid can still win or lose the auction, and they will be accountable for the outcome. As noted at the bottom of the auction listing: "You can only retract your bid under certain circumstances." Buyers are also informed on the 'Retract a Bid' that "a bid is a binding contract.""
Let us know what you think!