Reverse Seated Auction – Enabled

Our reverse seated auction is unique in that the starting bid price is below market and will decrease with each bid.  The auction ends when: 1) a bidder receives a Buy It Now option and elects to take it, 2) the bid reaches $0.00, in which case the bidder that submitted the final bid wins the auction, or 3) the auction timer expires, at which point the last bidder pays the current price of the item.  If during the course of bidding the price of the item has been reduced to zero.

Each auction contains a number of chairs or seats set out by the Auctioneer.  A seat is purchased by using existing bids in your account.  A minimum number of seats may be required for any auction.  If the minimum seat number is not met, the auction may be postponed or cancelled.  In the event of cancellation, all bids used for seat reservations will be refunded.

Buy it Now (BIN) with Random Triggers – Enabled

An Auction may or may not employ random BIN triggers. When employed, random triggers are automatically generated by the system and applied to the bid series when the auction is activated. The BIN is triggered when a bidder hits a price that was assigned. The bidder will then have the option to buy at the current price or to let the option expire and the bidding will continue.

Reserve Price – Enabled

Reserve Price means the unpublished minimum price set by the Seller for an item or property that must be satisfied before the auction can close. The Seller may or may not choose to disclose the Reserve Price on the item or property description page. Even if the Reserve Price is met, the auction may continue until a random Buy It Now price is also met for the item or property.

Bid Credits – Enabled

Participants that do not win the auction will receive bid credits equal to the number of purchased bids that they used during the auction. Bids used to pay for seat reservations are not credited or refunded. Free bids used during the auction are not credited or refunded. Credits can be redeemed by selecting the Redeem Bid Credits link under your username drop-down on the top right corner of the home page.  Credits expire if not redeemed within 14 days of the auction end.

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