How to make the most of online timed auctions and how to avoid some pitfalls too in all types of auctions!
Timed auctions come without an auctioneer taking the bids – There is no live bidding , no live streaming pictures or sound either.
Instead of the usual, bidding is left by you on the lot page, and there is a bidding “window” – or a set time period that the lot is open for bidding. Once this period of time has lapsed, no more bids are taken the lot is sold to the highest bidder, if the reserve price has been met that is of course.
So basically the order of play is tell us your maximum bid, sit back and watch, because our system will do the bidding for you. The system we use is designed with smart bidding in mind, thus it will only bid just enough for you to stay in the lead, or meet the reserve price.
To leave a bid, go to the lot page, then on the right hand side you will see the bidding information such as End Time and Starting Bid.
Enter your maximum price into the box then click Place Bid.
Our software will email you confirmation of your bid.
If your highest bid does not reach the reserve, we will send you an email telling you so..
If you are unlucky and another bidder outbids you, we will of course let you know, that is just in case you decide you really want the lot after all and want to increase your bid.
If a bid is placed in the last 5 minutes of the lot due to end, the end time will be extended by a further 5 minutes to prevent bid sniping and to give you a chance to bid again.
What is wrong-footed?
With the addition of autobids to our auctions we know that the biggest frustration that you face is when placing an Autobid and you are ‘wrong-footed’.
As all of our Autobids are anonymous, we cannot see your top bid.
This means that in LIVE auctions, you may well be holding the bid at one increment below your top bid.
In this event, you are the winning bidder so far and winning the item at a lower price but cannot bid against yourself. This in turn means that somebody has the chance steal your lot for YOUR maximum bid.
In auction jargon, this is called being wrong-footed.
How can you beat this? Well, we do have a +1 option when using Easy Live Auctions to bid with us. This means that the system will add 1 bid extra should you be out bid.