Absolute Bidding – denoted by a red circle beside the auction item

Absolute bidding allows you to bid on partial quantities using a “buy it now” approach.

To place a bid click on the button “Bid Now”:

• This will bring you to a new screen where you can override the default quantity with the quantity required and your bid per unit
• If you bid the Target Price for all or part of the available quantity, you are automatically allocated your bid quantity – essentially a “Buy Now” bid.
• You may bid below the target but the seller has the option to either accept or reject your bid.
• Since this is an Absolute auction format, your bids remain ’sealed’ until the auction is closed

• Click continue. You will be brought to the Bid Confirmation screen which displays your total bid (quantity x bid per unit).
• You are asked to confirm your bid.
• You will receive an email confirming this bid.

After the auction closes if your bid is pending (i.e., not met the target price) it will be reviewed by the seller and a decision will be made whether to accept or reject the bid. You will receive an email once the bid is accepted/rejected.

Proxy Bidding – denoted by a blue circle beside the auction item

Proxy bidding allows you to enter a “max” bid and the system will continue bidding for you until your maximum bid is reached. You have to bid on the full quantity available when the item is proxy.

To place a bid click on the button “bid now”:

• Enter your “Max” bid that you wish to pay for the item. The website will store this information but will only increase your bid upwards towards this amount if you are outbid by other users.  For example, an item is available with a reserve price of $100. Minimum bid is set at $10 and bid increment is set at $5. User A places a bid of $65 (this is their maximum bid). The website will start the bidding at $10 for User A and the site will show that the next minimum bid that can be placed is $15 (incremented in $5). User B decides to place a bid on the same item and wants to bid $15. The system will allow User B to place a bid of $15 but they will get immediate notification that they are “Outbid” and the next minimum bid will show at $20 (this is because in the background User A has set a maximum bid of $65). If User C decides to bid $80 as a “max” bid on the item their bid will be placed and the site will show $70 as the next minimum bid. This is because User A’s bid of $65 has been exceeded by User C’s bid of $80. Then if User D  bids $70 as their “max” bid they will be allowed bid but again will get an “Outbid” notification as User C has a higher bid.
• Once the auction is over if your bid is the highest above the reserve price then it will be automatically accepted.
• If your bid is the highest but below the reserve price it will stay “pending” until the seller has made a decision on your bid. You will receive an accepted or rejected email once a decision is made.

If you are the current highest bidder on an auction (lot auction and line item auction) and you place a maximum bid which is greater than or equal to the reserve price, your bid will automatically be increased up to the reserve price after the auction has closed and accepted.

If you are the current highest bidder on an auction (lot auction and line item auction) and you place a maximum bid which is below the reserve price, your bid will automatically be increased up to your max after the auction has closed. The bid will remain pending until a decision is made.

When a user places a maximum bid on a lot, the maximum bid will be proportionately divided by line item according to the original bids placed.