How does a proxy bid work?
Proxy bidding lets you bid for vehicles even when you can’t attend the auction. Registered trade buyers are able make use of proxy bidding facilities. Proxy bids are placed before the vehicles are offered and once a bid has been placed, the system will bid on the vehicle up to the maximum amount entered.
What is a proxy bid online?
Proxy bidding occurs when bidders have the option to set a maximum price that they would be willing to pay for an item and then allow the computer system to bid for them by the bid increment until someone places a higher bid than their maximum.
What is the difference between exact bid and proxy bid?
If you choose proxy bidding and enter a Maximum Bid of $50.00, and there is not another maximum bid, you become the high bidder and the Leading Bid reads $30.00. Bid this exact amount (Straight Bidding): A Straight Bid will be applied immediately at the exact amount the bidder specifies.
How do I place a proxy bid?
To place a proxy bid in an auction, type your maximum bid in the appropriate box or click the Place Bid button. A confirmation page appears, and you have one last chance to back out. Before placing your proxy bid, give serious thought to how much you want to pay for the item.
How long should an online auction run?
Auction Length The optimal auction length is seven to ten days. Running for less than seven days = not enough time to benefit from word-of-mouth. find out if they won an item.
How do bids work?
The bidders lift up their bidder card to announce their bid price so the auctioneer can identify who is making the bid. The process ends when there are no more bids, and the buyer making the highest bid gets the item. The highest bidder takes ownership of the item immediately after paying their bid price.
Can you bid at auction over the phone?
First, check it’s even an option. Before auction day, ensure the vendor, agent and auctioneer are comfortable with taking bids over the phone, he says, as it’s not a given it’s available. In most states and territories, all bidders must register and extra paperwork may be required for phone bidders, Holmes says.
What is BCA proxy bid?
BCA has updated its Buyer app to include a new feature that allows dealers to leave proxy bids on any number of vehicles in forthcoming sales. App users can navigate to the vehicle they are interested, enter their maximum bid and tap on the ‘Place Proxy Bid’ button.
What percentage does 32 auctions take?
2.9%
Low 32auctions transaction fee of 2.9% + $0.40 per online payment or donation, in addition to the Stripe or PayPal transaction fee (learn more).
What happens if you win a bid on eBay and don’t want it?
A bid or purchase on eBay is considered a contract and you’re obliged to purchase the item. However, if you feel that you have a legitimate reason for not buying the item, you can contact the seller and ask if they can cancel it for you.
Does automatic bidding beat sniping?
It depends on a lot of factors. Remember that the maximum bid you enter for your snipe can still be beaten, no matter how late your bid is entered. If someone else has a higher maximum bid, your snipe is defeated immediately.
How long should an online silent auction run?
7-10 days
Buyers can place their bids from anywhere in the world via their mobile device or computer, which can increase participation, encourage competition and drive up selling prices. A lack of time restrictions: Unlike an in-person auction, an online silent auction can last indefinitely (though we recommend 7-10 days).
Can I place a proxy bid?
You can place a proxy bid as soon as the auction has gone to catalog – usually two to five days before the auction – or on auction day. Complete and return the proxy bid form in person or electronically.
How does proxy bidding work?
Proxy bidding, sometimes called absentee or automatic bidding, is a method for bidding in an in-person or online auction. The way it works is the person who wants to bid on an item decides a maximum amount that he is willing to pay for it in advance, and tells this amount to the auction holder.
What is a telephone/proxy bid?
Telephone or proxy bidding allows those who cannot come to the auction in person to still be able to bid. With telephone bidding, a member of the auctions team will call you during the auction. They will advise you as to where the bidding is, including all competing bids as they are received, and they will bid on your behalf with your instructions.
What is a proxy bidder?
Proxy bidding is an implementation of an English second-price auction used on eBay, in which the winning bidder pays the price of the second-highest bid plus a defined increment.
