How Does AuctionNinja.com Bidding Work?
Once you've signed up to bid on items featured in a White Goose auction, you'll want to learn more about the specifics of bidding on the Auction Ninja platform. Read on for more information regarding reserves, extended closing, the order in which items close, and how the 'max' bid concept works.
What is a reserve?
First off, let's define reserve price. A reserve price sets a minimum required bid for the item to be sold. In many traditional auctions, reserves are undisclosed (the bidders have no idea what the reserve price may be -- a blind reserve). On the AuctionNinja platform, there are no "blind" reserves or minimums. While the majority of the auctions held on the platform are "absolute auctions," there are times that vendors clearly state a starting bid price in order to open the bidding on that particular lot. The process is very transparent.
What is extended bidding?
The AuctionNinja platform features extended bidding (a.k.a. "soft closing"). The AuctionNinja system will automatically extend the closing time of a lot (auction item) whenever a bid is placed within the last five minutes of its scheduled closing. This may occur multiple times on any given lot depending on the bidder interest in that lot. Once all interest and bidding in a lot ceases, the clock will run out and the lot will close. This is the fairest way to prevent “bid sniping” (someone submitting a high bid in the last seconds of any given lot’s closing in order to win said lot) and to give all bidders an opportunity to increase their bids if they wish. It is also the closest way to mimic a live, in-person auction, when the auctioneer gives bidders opportunities to increase their bids if someone jumps into the bidding at the last moment before hammering the winning bid.
How does the bid entry work? Why am I only asked for my max bid?
The Auction Ninja system uses 'bid' and 'max bid' interchangeably. If you want to test the waters with a one-time bid that is a dollar more than the current bid, enter that as your 'max bid.' If you have your heart set on an item and want to be sure that you win, go big with your 'max bid,' especially because the system will only increase your actual bid as needed when another, higher, bid is placed. If you place a bid and there are no competing or higher bids against your bid, the system WILL NOT immediately go to your maximum bid. In fact, if you are the only bidder by the time the lot closes, you will win the lot for the lowest possible dollar amount (based on whatever the opening bid was for that item), not your max bid. So if you place a max bid of $25 on a lot with an opening bid of $1 and there are no other bidders vying for that lot, you will win it for $1. NOTE: This only happens when there are no competing bids. Because all maximum bids are "masked" (hidden from other bidders), you do not know what any other bidder's maximum bid may be or when they placed it. Sometimes you will be outbid as soon as you enter your bid. This only occurs when another bidder had a higher maximum bid than yours already "on the board". Your bid set in motion BRG's automatic bidding system which raised the other buyer's bid above yours. The other bidder may have placed their max bid days, hours, or mere moments before you placed yours.
If you have more questions about bidding you can find additional information in the Auction Ninja terms or you can call them at 203-900-4000.
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