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Bid Form
This web page contains all "details" specific to a certain auction. This page provides complete item, seller, high bidder and closing information. Bids are submitted by the bidder from this page.
Bid History
The Bid History shows a summary of bidding information submitted by bidders for a particular auction. For events utilizing limit bids, the bid history contains the amount of highest bid placed, time entered and the Username of each unique bidder. Bid amount information is made available after the close of the auction.
Bid Increment
The minimum acceptable amount a bidder must enter to raise the current high bid as dictated by the system wide Bid Increment Rules. Bid increments are always based on the current bid. Therefore, the bid increment may be different if the current bid is $1.25 versus when it is $10.
For example, if Bidder A holds the current high bid at $1.30/lb and the bid increment at that level is $0.01, then Bidder B must bid at least $1.31/lb. If the bid increment is $0.05, then bidder B must bid at least $1.35/lb.
Bid Holder
The Bid holder (also see current bidder, high bidder, winning bidder) is the person who holds the Current Bid at the current time. If the auction is closed, the bid holder is known as the Winning Bidder.
Current Bid
The Current Bid (also see high bid, winning bid) is the amount at which the current bidder holds the bid at the current time. If the auction is closed, the Current Bid is known as the Winning Bid.
Opening Bid
The Opening Bid (or Starting Bid) is the minimum amount required to place the first bid on a listing. If the starting bid is $100, the first bidder must bid $100 (or greater if limit bidding applies) to start the bidding.
Extended Bidding
A dynamic feature that allows the auction system to automatically extend the closing time of an auction based on bidding activity within a designated period prior to the scheduled closing time. Extended bidding is a system wide setting and applies to listings on an individual basis. All applicable extended bidding information is posted on the bid form. In most cases, the extended bidding time is 5 minutes. See below.
Extended bidding is on and set to 5 minutes.
Therefore, if a bid is placed within the last 5 minutes of an auction, the closing time automatically extends 5 minutes from the time the bid is logged into the system. The "new" closing time is indicated under "Extended Closing" on the bid form. Subsequent bids on the item will continue to extend the auction until there is a 5 minute period without any bids. This applies to any bid that is accepted.
Advantages:
- Allows a bidder, whose limit bid is beaten in the last minutes or seconds, time to re-bid. This prevents a bidder from being "shut out" (also known as sniping) as they would be if the listing had a "fixed closing".
- Allows a bidder, whose last minute bid does not overtake the current bid holder's limit bid, time to bid again if still interested in the item.
- Extended bidding more accurately simulates a traditional auction process where bidding ends only when the participating parties discontinue bidding within a certain time period.
BuyNow Immediate Purchase
The Immediate Purchase option allows any bidder to buy an item immediately at the designated fixed price. This option may be available for listings that do not have any bids or have not met the reserve price (if applicable). If the seller of the item chose this feature, you may go to the bid form of the respective item, enter your password and select the "Buy Now" button.
Limit Bid or Auto Bid
A Limit Bid or Auto Bid (or proxy bid or maximum bid) is the maximum amount a bidder is willing to bid on a particular auction.
Limit bids are entered on the bid form and have the following characteristics:
- A limit bid must be greater than or equal to the Minimum Bid.
- The auction system automatically bids on your behalf up to the limit bid amount as needed to keep you high bidder.
- Other bidders are not provided with the amount of your limit bid during or after the close of an auction.
- Limit bids may help prevent you from losing an item to a last minute bidder. They may also help eliminate the need to monitor an auction and participate in "back and forth" bidding.
Limit Bid Example:
Bidder A holds the current high bid at $1.20/lb and has a limit bid "stored" in the system at $1.40/lb (not visible by other bidders). If Bidder B places a standard bid at $1.21/lb (assume the minimum increment is $0.01/lb at this level), the system automatically bids for Bidder A at $1.22. If Bidder C then places a limit bid of $1.30/lb, the system will automatically show Bidder A as the high bidder at $1.30/lb since Bidder A entered the $1.40/lb limit bid first.
If Bidder C then submits a limit bid of $1.35/lb he/she becomes the new high bidder at $1.31/lb, but then the system will automatically enter a bid for Bidder A at $1.35/lb since bidder A's limit bid is above that amount at $1.40/lb and bidder A then becomes the high bidder once again. As long as bidder A has the highest limit bid, then the system will place an auto-bid at or above every rival bidder until someone places a bid that is higher than bidder A's limit bid.
Minimum Bid
The Minimum Bid identifies the minimum acceptable amount that is required for a bidder to place a bid on a item. The Minimum Bid is calculated using the Bidding Increment Rules and the current high bid. For example, if the current high bid is $1.25/lb and the Bid Increment is $0.05/lb at the $1.00-$5.00 level, then the Minimum Bid is $1.30/lb.
Please note the following:
- The Minimum Bid shown on the bid form is accurate as of when the page was loaded. Since bidding is taking place in real-time, this amount may change while you are entering your bid. If this occurs, you will be notified upon submitting you bid and may bid again.
- The Minimum Bid is equal to the Starting Bid when the auction begins. Therefore, you are only required to bid the starting amount if you are the first bidder.
My Account
My Account is your complete auction management tool and provides access to many member features. Please log-in the My Account console each time you visit the site. This will allow you to:
- monitor bidding activity.
- update your personal Profile.
- track items on your Watch List.
- submit service requests.
Out Bid Notice
Out Bid Notices are e-mail messages automatically sent by the system when a bidder is "out bid" by another bidder. These handy messages provide links back to the bid form and allow bidders to quickly and easily re-bid on a particular item if desired.
NOTE: Out Bid e-mails are sent only as a courtesy, and are not guaranteed to arrive in your e-mail in-box prior to the close of an auction. It is the responsibility of each bidder to check the site for current bid information.
Reserve Price
A Reserve Price is the minimum amount that the seller will accept for the item(s) being sold. This price is not disclosed to the bidders. However, once a bid (or limit bid if applicable) meets or exceeds the reserve price. If the bidding level does not meet the reserve price the seller is not obligated to sell the item to the high bidder.
There are several important characteristics described below to Standard auctions with Reserve where proxy bidding (limit-bid or auto-bid) is accepted.
- If a bidder's entered limit bid meets or exceeds the reserve price amount, the current bid on the auction will automatically increase to the reserve amount.
Example 1: The current bid holder holds the bid at $1.35/lb in an auction that has a reserve price of $1.45/lb. If the next bidder places a limit bid of $1.50/lb, the current bid will increase immediately to the $1.45/lb reserve price.
Example 2: The current bid holder holds the bid at $1.20/lb in an auction that has a reserve price of $1.40/lb. If the next bidder places a limit bid of $1.50/lb, the current bid will increase to the $1.40/lb reserve price.
- Limit bidding (or Auto-bid or Proxy-bid) does not apply prior to reaching the reserve price.
Example 1: The current bid holder, A, holds the bid at $1.25/lb in an auction that has a reserve price of $1.70/lb. If the next bidder, B, places a limit bid of $1.50/lb, the current bid will increase to $1.50/lb with bidder B now the high bidder. Of course, the reserve has not been met.
Example 2: The bidding opens at $1.50/lb in an auction that has a reserve price of $2.00/lb. If the first bidder, A, places a limit bid of $1.70/lb, the current bid will increase to $1.70/lb, although the reserve has not been met.
- Limit (aka Proxy) bidding does apply after reaching the reserve price.
Example 1: The current bid holder, A, holds the bid at $0.90/lb in an auction that has a reserve price of $1.25/lb. If the next bidder, B, places a limit bid of $1.35/lb, the current bid will increase to $1.25/lb, the reserve price, for high bidder B who has an undisclosed limit bid of $1.35/lb. Of course, the reserve now has been met.
Example 2: The current bid holder, A, holds the bid at $1.20/lb in an auction that has a reserve price of $1.00/lb and a minimum raise of $0.01. If the next bidder, B, places a limit bid of $1.50/lb, the current bid will increase to $1.21/lb ($1.20/lb + the min raise of $0.01) for high bidder B who has an undisclosed limit bid of $1.50/lb. Of course, the reserve had already been met.
- You may raise your own current bid, prior to reaching the reserve price, without placing the minimum acceptable bid.
Example 1: The current bid holder, A, holds the bid at $1.60/lb in an auction that has an undisclosed reserve price of $1.90/lb. If the bidder A places another limit bid of $1.70/lb, the current bid will increase to $1.70/lb, for high bidder A. Of course, the reserve has still not been met.
English or Standard Auction
Standard Auction is a traditional high bidder wins against other bidders in a competitive auction. Standard Auctions feature Limit Bid and may utilize Extended Bidding.
Starting Bid
The Starting Bid (or Opening Bid) is the minimum amount required to place the first bid on a listing. If the starting bid is $1.40/lb, the first bidder must bid $1.40/lb (or greater if limit bidding applies) to start the bidding.
User ID
The User ID is a unique number that identifies one bidder from another. A User ID is your bidding "handle" or identity. Your User ID is created by the auction system when you register, so it is not possible to change it. A User ID and Password provide users with log-in access to the My Account console containing features available to members. Members may also set up Nicknames that can be used for login purposes in place of the User ID, but Nicknames will not be displayed on any public page on this website.
Auction Watch
The Auction Watch feature allows users to conveniently keep track of items of interest. Users may add items to their Auction Watch list from the Item description screen.
An item can also be added to the Watch List by selecting the Watch List icon displayed on the item bid form. Alternately, multiple items may be added to the Watch List by selecting the respective check box next to the items returned from search and/or browse actions. In order to use the Watch List feature, you must be registered and log-in the system.
Winning Bidder
The Winning Bidder is the bid holder who holds the Current Bid after the close of the auction, where the Current Bid has met or exceeded the reserve price, if one is required. The bid holder is legally bound by the Terms and Conditions of the site to complete the transaction with the Seller.
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