Have questions on how to bid on one of our Online Auctions? Here are some helpful tips to follow for you, courtesy of our Hibid.com Online Auction partners.
*NOTE* Once you’re registered to bid – If you are already logged in to the website as a bidder, you will also see this information under your name, called ‘bidding help.’
Internet Bidding Types
Absentee bidding is the method of placing bids on auction items prior to the start of the auction. This allows buyers a method to bid on auction items when they are unable to attend the auction. Your bid will be used to place bids for items on your behalf even though you are not there.
Internet-only bidding is similar to absentee bidding with the exception that there is no live auction. Your bid will be used to place bids for items on your behalf against other bids.
A webcast auction is a fully interactive, real-time auction where the online bidders are bidding against live, in-person bidders. You will be working with a clerk who will relay the floor bids to the online audience, and the online bids to the auctioneer.
Minimum Bid Types
In public bidding, the current bid(s) are used to determine the minimum bid amount. The minimum bid amount must be met or exceeded when placing a new bid.
For example: If Lot#1 opens bidding at $10, and Bidder A bids $100, the system will then update the minimum bid to be $15. If Bidder B comes along and bids $15, the system will automatically put Bidder A back in at $20 and raise the minimum bid to $25.
The actual minimum bids will be dependent on the auctioneer’s bid increment schedule.
In silent bidding, existing bids are NOT used to determine the minimum next bid. Existing bids have no effect on the minimum allowable bid when placing a new bid.
Bid Amount Types
In maximum bidding, the bid amount you place represents the maximum amount that you are willing to pay for this item. Your maximum bid will be used to bid on your behalf until you win the lot or until bidding has exceeded your maximum bid amount.
Fixed / Flat Bidding
In fixed / flat bidding, the bid amount you place represents the actual amount that you are willing to pay for this item (not the maximum). Your fixed bid amount will be used to bid on your behalf.
Times The Money
Times the money bidding allows you to bid per piece when a lot has a quantity greater than one. For example: if you are bidding on folding chairs, and there are 10 folding chairs, you can place your bid for $5 times the money, meaning your total bid is for $50 ($5 x qty of 10). When a lot has times the money bidding enabled it will clearly be labeled and you can choose to place your bid times the money or you can bid a total amount for the whole lot.
A “Soft Close” ending for a lot means that if a bid is placed in the last few minutes, the bidding for that lot will be extended by another few minutes. This gives other interested bidders time to raise their bid before the lot closes. The Soft Close option is typically used for Internet-Only auctions.
A “Linked Soft Close” ending for a lot is just like a regular soft close except that multiple lots are linked together so that if one lot has its bidding extended, all the other lots that are linked will also have their bidding extended.
A reserve is a minimum price that a lot must achieve to sell. Some lots may display the status of their reserve: Reserve Met or Reserve Not Met. The absence of this message does not necessarily indicate that a lot does not have a reserve. The option to display reserve status is decided by the auctioneer.
What if I’m not registered with Auction Flex?
You must register with Auction Flex to leave Internet Bids.
What if I’m not registered for the auction?
Most auctioneers require you to register for the auction. If you have not registered for the auction at the time you’re placing a bid, Auction Flex will walk you through the registration process automatically. You must register for each auction to be able to bid.
Do I need to be approved to bid?
Yes. The Auctioneer can approve or reject your signup for their auctions at their discretion. Being rejected from bidding on one auction does not necessarily mean that you will be rejected from signing up for other auctions.
The time it takes to approve you for an auction depends on the auctioneer. Some auctions are setup to automatically approve bidders, eliminating the need for you to wait.
What happens when I submit a bid for an auction that I’m not already approved for?
If the auction is using sealed bidding, then your bid is held in pending status until the auctioneer reviews the bid and either accepts it or rejects it. The auctioneer might contact you to arrange for a deposit, get payment information, or just verify your information.
If the auction is using public bidding, then a request will be sent to the auctioneer to approve you for that auction. Your bid has NOT been saved. Once you are approved you will then need to go back to the website and place your bid.
To review the status of your current bids go to the Current Bids link from buyer account maintenance.
How do I check on my bids?
Your bids can be viewed by logging into your account and clicking on the bids link next to the appropriate auction.
Where can I register to bid on Kelowna Estate Liquidations Online Auctions?
Register to bid online at: www.kelownaonlinesales.ca
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