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Glossary

Bid Form
 

(also see detail page, description page) The web page that 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.

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Bid History
 

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.

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Bid Increment
 

The minimum acceptable amount a bidder must enter to raise the current high bid as dictated by the system wide Bidding Increment Rules. Bid increments are always based on the current bid. Therefore, the bid increment may be different if the current bid is $10 versus when it is $250.

For example, if Bidder A holds the current high bid at $130 and the bid increment at that level is $10, then Bidder B must bid at least $140.

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Bidholder
 

The Bidholder (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 Bidholder is known as the Winning Bidder.

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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.

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Dutch Auction
 

Mulitple Item (Dutch) auctions contain two or more identical items offered by the seller. In addition, multiple item auctions have the following characteristics and are governed by the following rules:

  • Dutch Auctions do NOT accepted proxy (limit) bids. The amount entered will be the amount you pay (per unit) if you win.

  • The bidder must select the quantity (number of units) desired when submitting a bid. Only whole unit entries are accepted.

  • All bids placed represent a per unit offer. Therefore, if you bid on 2 items at $10 per unit, the total amount required to purchased 2 items is $20.

  • The Current Bid displayed on the bid form represents the "lowest winning" bid on the lot.

  • To place a bid, you must meet or exceed the Minimum Bid. The Minimum bid is equal to the starting bid until all available items are bid on. Once all items are bid on, a minimum raise will be required. At this point, the Minimum Bid equals the Current Bid plus the Minimum Raise.

    For example, there is a 10 item listing and Bidder A holds the High Bid at $200 for 5 items (note the Bidder List only shows $170 for A). Bidder B hold the lowest winning bid for another 5 items at $170. If the Minimum Raise is $20, then the Minimum Bid is now $190. Bidder C must now bid at least $190 to participate.

  • Winning bidder(s) are determine by the following order of precedence; High Bid Price, Largest Quantity, Earliest Time Entered. Use the Bidder List link to view details.

  • A bidder is not allowed to lower their “total bid value” (bid price per item times the quantity of items bid on) at any time.

  • A bidder can not lower their bid price at any time.

  • Winning bid(s) are based on the actual bid amount placed.

     

     

    Example:
    A listing with 10 available items and 2 bidders:
    Bidder A bid on 8 items at $4 each.
    Bidder B bid on 5 items at $5 each.

    Since the actual bid placed is used, the results of this auction are:
    Bidder A wins 5 items at $4 each.
    Bidder B wins 5 items at $5 each.

  • Winning bidders with a "winning" quantity that is less than their "bid on" quantity must purchase partial quantities. Therefore, if you win less than the entire quantity of items you bid on, then you are required to buy all of those you won.

  • Detailed bid information is displayed when you click on the "Bidders list" link. Bids that are not currently "winning bids" show associated bid prices. However, bids that are "winning bids" show only the "lowest winning" (Current) bid. Therefore, all winning bids show the same per unit price.

 

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Extended Bidding
 

A dynamic feature that allows the auction system to automatically extend the closing time of a listing 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.

Extended bidding is on and set to 120 seconds (2 minutes).

Therefore, if a bid is placed within the last 2 minutes of an auction, the closing time automatically extends 2 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 2 minute period without any bids. This applies to any bid that is accepted.

The following example assumes extended bidding is set to 5 minutes. The actual extended bidding time for this site may differ and is stated above. For example, if the schedule closing time for an item is 5:00:00 PM EST and a bid is logged at 4:57:15 PM EST then the closing for that item will be extended to 5:02:15 PM EST. If a subsequent bid is placed at 5:01:00 PM EST then the closing will extend to 5:06:00 PM EST.

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 bidholder'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.

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Limited Time Offer
 

Limited Time Offer listings are fixed price offerings that are available to buy immediately but only during the timeframe specified. Multiple quantities may be available to purchase as noted.

Once the buyer confirms the quantity desired, the specified number of items are automatically added to an existing open (not paid for) invoice if available. If there are no open invoices available (created within the last 7 days) a new invoice will be created for the buyer. The buyer may access a list of invoices under the My Invoices section of My Account.

Limited Time Offer submissions by a buyer are binding agreements to purchase the selected number of items at the per unit price posted. Invoices must be paid per the terms of the auction. This is NOT a shopping cart utility that allows the buyer to remove items from his/her "shopping cart".

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Instant Purchase
 

The Instant Purchase option allows any bidder to buy an item immediately at the designated fixed price. This option is available until the bidding meets or exceeds the Instant Purchase price. Please note that this is unlike some auctions where the Instant Purchase price disappears once an item is bid on or when the reserve price is met (if applicable).

Instant Purchase identifies when this option is available.
Closed by Instant Purchase identifies when an item has been closed using this option.

 

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Limit Bid
 

A Limit Bid (or proxy bid, 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 $10 and has a limit bid "stored" in the system at $20. If Bidder B bids $11 (assume the minimum increment is $1 at this level), the system automatically bids for Bidder A at $12. If Bidder C then places a limit bid of $20, the system will automatically show Bidder A as the high bidder at $20 since Bidder A entered the $20 limit bid first. If Bidder C then submits a limit bid of $25 he/she becomes the new high bidder at $21 with a stored limit of $25.

 

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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 $100 and the Bid Increment is $10 at the $100 level, then the Minimum Bid is $110.

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.

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My Account
 

My Account is your complete auction management tool. 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.

 

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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.

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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.

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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, the bid form will indicate that "the reserve has been met" Reserve Auction - Reserve Met!. If the bidding level does not meet the reserve price the seller is not obligated to sell the item to the high bidder and the item will be designated with Reserve Auction - Reserve Not Met!.

There are several important characteristics described below to Standard auctions with Reserve where proxy (limit) bidding is accepted.

  1. 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 bidholder holds the bid at $50 in an auction that has a reserve price of $100. If the next bidder places a limit bid of $100, the current bid will increase immediately to the $100 reserve price.

    Example 2:  The current bidholder holds the bid at $50 in an auction that has a reserve price of $100. If the next bidder places a limit bid of $120, the current bid will increase to the $100 reserve price and the high bidder's limit bid will be $120.

     
  2. Limit (aka Proxy) bidding does not apply prior to reaching the reserve price.

    Example 1:  The current bidholder, A, holds the bid at $50 in an auction that has a reserve price of $100. If the next bidder, B, places a limit bid of $80, the current bid will increase to $80 for high bidder B. Of course, the reserve has not been met.

    Example 2:  The bidding opens at $50 in an auction that has a reserve price of $100. If the first bidder, A, places a limit bid of $70, the current bid will increase to $70.

     
  3. Limit (aka Proxy) bidding does apply after reaching the reserve price.

    Example 1:  The current bidholder, A, holds the bid at $90 in an auction that has a reserve price of $100. If the next bidder, B, places a limit bid of $120, the current bid will increase to $100, the reserve price, for high bidder B who has an undisclosed limit bid of $120. Of course, the reserve has been met.

    Example 2:  The current bidholder, A, holds the bid at $120 in an auction that has a reserve price of $100 and a minimum raise of $10. If the next bidder, B, places a limit bid of $150, the current bid will increase to $130 ($120 + the min raise of $10) for high bidder B who has an undisclosed limit bid of $150. Of course, the reserve has already been met.

     
  4. You may raise your own current bid, prior to reaching the reserve price, without placing the minimum acceptable bid.

    Example 1:  The current bidholder, A, holds the bid at $60 in an auction that has a reserve price of $100. If the bidder A places another limit bid of $70, the current bid will increase to $70, for high bidder A. Of course, the reserve has not been met.

     

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Standard auction
 

The Standard Bidding format allows the bidder to place a Proxy (Limit) bid. When a Proxy bid is placed the system automatically bids on behalf of a bidder, in his/her absence, up to the proxy amount. This approach helps eliminate the need for the bidder to continuously monitor the item and manually counter-bid each time he/she is outbid.

It is important to note that a proxy bid is only increased the minimum amount (as dictated by the minimum raise rules) required to keep the "proxy bidder" in the lead. In addition, if the Proxy bid is greater than the current high bid it is never disclosed to other bidders.

In summary, Proxy (or Limit) bids have the following characteristics:

  • They 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.
Proxy (Limit) Bid Example:
Bidder A holds the current high bid at $10 and has a proxy bid "stored" in the system at $20. If Bidder B bids $11 (assume the minimum bid increment is $1 at this level), the system automatically bids for Bidder A at $12. If Bidder C then places a limit bid of $20, the system will automatically show Bidder A as the high bidder at $20 since Bidder A entered the $20 limit bid first. If Bidder C then submits another limit bid of $25 he/she becomes the new high bidder at $21 with a stored limit of $25.

 

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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 $100, the first bidder must bid $100 (or greater if limit bidding applies) to start the bidding.

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Username
 

A Username uniquely and anonymously identifies one bidder from another. A Username is your bidding "handle" or identity. You may change your Username at any time by accessing the Profile section of My Account. A Username and Password provide users with log-in access to the My Account console.

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WatchList
 

The Watch List allows users to conveniently keep track of items of interest. Users may add items to their Watch List during the bidding process by setting the respective bidding preference. 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.

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Winning Bidder
 

The Winning Bidder is the Bidholder who holds the Current Bid after the close of the auction. The Bidholder is bound by the Terms and Policies of the site to complete the transaction with the Seller.

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Bidding Increments

Please note that the first bid ( aka opening or starting bid) on an item does NOT require a raise and therefore has a bid increment of $0.


This site is setup for whole dollar bidding only (no cents allowed,e.g $15).


Current Price Bid Increment
$1 - $49 $5
$50 - $99 $10
$100 - $249 $20
$250 - $399 $50
$400 - $749 $75
$750 - $1999 $100
$2,000 - $4,999 $200
$5,000 - $9,999 $250
$10000+ $400