Example 1 - Mrs Jones
Unfortunately the Jones family are no longer able to visit their apartment in Turkey and hope to go sometime later in the year instead.
The flights were already booked and they faced losing all the money paid for the flights. Seeing that they could transfer the flights to other people who could use them, Mrs Jones listed them on an online auction site for 7 days to see if anyone else might want them.
The auction attracted over 500 views and 28 bids.From a starting price of £200 the auction closed with a winning bid of £429.00, paid to Mrs Jones.
Mrs Jones now has a couple of fees to pay, the listing fee and commission to the auction site as well as payment transaction fees, about £30.
She also has to change the passenger names to the new buyers £80 (4 x £20 name change fee) leaves Mrs Jones with £324 in the bank! £324 better off than if she had cancelled the booking.
Not only that but the new buyers bought four flights to Turkey for £591 less than Thomas Cook were selling them for. That's just under a 58% discount, £107.25 each!