Mighty Bids, a Montreal based auction site, is calling it quits and get this… taking the ‘eBay exit’. Pretty ironic given the site’s founders, Peter Michaud and Jeff Ramaglia, routinely criticized eBay seller fees.
The site attempted to differentiate itself by providing free basic listings, but still charged a percentage of the final sales price and premium listings fees. The free listings, promises to donate 5% of profits to charity, and silly eBay protests were not enough to pull in significant numbers of sellers from eBay. Over the past four years Mighty Bids garnered 100,000 registered members and acquired 9 domain names. In case you are interested… the eBay auction ends July 1.
Mighty Bid’s new owners will have to make some drastic changes if they plan on successfully competing with eBay. What strategy would you take if you won the auction?