Getting Began: On-line Bidding for Freshmen

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Going…Going…Bought!

As soon as you might be accredited to purchase on one (or extra) of our marketplaces, you may log into your market and start bidding on-line. B-Inventory makes use of a number of key options all through our public sale course of to simulate a good “stay” public sale mannequin (however with out the fast-talking auctioneer!). This put up will information you thru the essential steps of putting a bid and educate you key bidding phrases – like proxy and popcorn – to get you in on the public sale motion.

On-line bidding for freshmen, defined

An auction-style format means potential patrons compete towards one another to win the merchandise being offered — on this case, plenty of liquidated items. On-line bidding is usually a enjoyable and thrilling approach to buy bulk quantities of stock throughout a variety of product classes like attire, residence & backyard, client electronics, and extra. On-line bidding for freshmen can really feel overwhelming, however we’ll educate you precisely the way to place a bid and safe the stock you’re in search of.

Methods to Place a Bid:

Every public sale may have a field the place you may enter your most bid; bear in mind, your most bid will have to be equal to or better than the minimal allowable bid quantity listed beneath the field. As soon as the quantity has been entered, click on the “Bid Now” button. The system may have you affirm your bid quantity. Be sure you double-check the quantity earlier than confirming your bid. (The look of every “bid” space may fluctuate from market to market however the steps stay the identical.)

Whilst you’re actually welcome to repeatedly log in and manually enhance your bids, we propose letting our auto-bid system try this give you the results you want. Our proxy bidding course of lets patrons enter their most quantity and the system will mechanically enhance your bid incrementally for you. Extra on how this works is beneath…

What’s a Proxy Bid?

All bids positioned on a B-Inventory market act as “proxy” bids. Your proxy bid is actually your most quantity. Our system makes use of your proxy bid quantity to mechanically bid incrementally in your behalf. To get probably the most out of this technique, we suggest you bid the best quantity you might be keen to pay, which is named your most bid. As soon as entered, the system will handle the bidding for you, appearing as your proxy. This provides our patrons nice comfort as you don’t must be on-line, on a regular basis, updating your bids in real-time. Should you want to enhance your bid, you’ll be able to achieve this at any time throughout the public sale.

No have to run, bidding is enjoyable! Don’t let the concept of putting your most bid scare you. Simply since you enter your most quantity doesn’t imply that’s the ultimate value you’ll pay. The ultimate price relies on the utmost quantity the second-place bidder would pay plus one increment increased.

How Proxy Bids Work:

Let’s say there’s an public sale that pursuits you with a beginning bid of $1000. You determine the best you’d pay for the public sale is $5000, so that you enter that as your most bid. You at the moment are successful the public sale at $1000. If one other bidder is available in and bids $1100 as their most, then your bid of $5000 will mechanically outbid them one increment increased as your proxy. You at the moment are successful the public sale at $1125 with out ever having to bid a second time to ensure you keep the excessive bidder. The system will proceed to mechanically outbid different bidders as your proxy, however won’t ever exceed your most bid of $5000.

If one other bidder inputs a most bid over $5000, then you can be outbid. You’ll obtain an electronic mail notification and can then have the selection to enter a brand new most bid to behave as your proxy or transfer on to a different public sale.

Bidding Increments:

So what are the bidding increments? We’ve damaged it down like this:

Any public sale tons promoting for lower than $10,000 enhance in increments of $25; whereas something fetching between $10,000.01 and $50,000 will enhance in increments of $50. Lastly, public sale tons going for greater than $50,000.01 will enhance incrementally by $100.

Bidding Notifications:

We worth transparency right here at B-Inventory and demand on maintaining our patrons updated throughout the public sale course of. Actual-time data is all the time obtainable on the public sale web page and inside your account web page; as well as, you’ll obtain a wide range of electronic mail notifications alerting and confirming your public sale actions each step of the best way!

For each bid you place, you’ll obtain a affirmation electronic mail. If you’re at the moment successful an public sale lot you can be offered an electronic mail alert. Additionally, you will be notified if you happen to’ve been outbid, misplaced or gained an public sale.

**Professional Tip! Join our B-Inventory SMS textual content public sale alerts in your account web page. Keep updated in actual time and by no means miss a bidding notification.**

What’s Popcorn Bidding?

If a bid is positioned within the final 5 minutes of an public sale, the public sale finish time will mechanically prolong for a further three minutes. That is known as “Popcorn Bidding” and it offers all bidders an equal likelihood of successful an public sale if a last-minute bid is positioned. Popcorn Bidding is used to stop different bidders from coming in and “sniping” an public sale on the final second.

On the shut of the public sale, the successful bidder is notified by electronic mail. The “Bid Gained” electronic mail will embody fee directions; please observe these directions so the transaction can transfer ahead in a well timed method. As soon as the order is paid, you’ll obtain one other electronic mail confirming fee, which may also embody transport directions. Please observe these transport directions accordingly.

Why did my bid get canceled?

Typoed bids are a number one reason behind canceled bids. Please learn all pop-up confirmations, public sale lot particulars, and manifests rigorously. Moreover, bidders ought to do their product analysis earlier than bidding.

B-Inventory considers all bids to be binding authorized contracts. Please bid very rigorously. Should you want to cancel a bid, please know {that a} cancellation charge might apply and a be aware of it will likely be made in your report. Please perceive that if you happen to proceed to cancel bids, you run the danger of being denied on {the marketplace}.

On-line bidding doesn’t must be arduous! Should you’re a newbie, we’re right here to assist. Acquired questions? Contact us!