Auction Nation, LLC Settles Unfair Bidding Charges

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Auction Nation, LLC has agreed to settle charges of unfair bidding in its own auctions. By falsely driving up prices, Auction Nation bilked legitimate auction participants and collected millions of dollars in fees. As a result, the company has agreed to pay at least $210,000 in restitution to consumers.

Auction Nation engaged in house bidding to raise auction prices to their “reserve price,” a minimum price that the seller will accept from a buyer. If the seller is unable to receive the minimum price, their item will not sell. But many real bidders were unaware of this practice and didn’t bid.

Auction Nation was ordered to provide more transparency in its auctions. It must clearly disclose whether a house is bidding on a property. Furthermore, auctioneers must make their disclosures prominently displayed. This means that consumers can better gauge the legitimacy of the seller. Ultimately, the lawsuit is likely to result in increased transparency for consumers.

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