Getting Began: On-line Bidding for Freshmen

Going…Going…Offered!

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 “dwell” public sale mannequin (however with out the fast-talking auctioneer!). This submit will information you thru the fundamental steps of inserting a bid and train 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 in opposition to one another to win the merchandise being offered — on this case, numerous liquidated items. On-line bidding is usually a enjoyable and thrilling means 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 train you precisely tips on how to place a bid and safe the stock you’re searching for.

The right way to Place a Bid:

Every public sale may have a field the place you may enter your most bid; keep in mind, your most bid will must be equal to or higher 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 verify your bid quantity. You’ll want to double-check the quantity earlier than confirming your bid. (The look of every “bid” space would possibly differ from market to market however the steps stay the identical.)

Whilst you’re definitely welcome to repeatedly log in and manually improve your bids, we recommend 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 robotically improve 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 basically your most quantity. Our system makes use of your proxy bid quantity to robotically bid incrementally in your behalf. To get probably the most out of this method, we suggest you bid the very 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, performing as your proxy. This provides our patrons nice comfort as you don’t should be on-line, on a regular basis, updating your bids in real-time. If you happen to want to improve your bid, you’ll be able to achieve this at any time through the public sale.

No have to run, bidding is enjoyable! Don’t let the concept of inserting 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 value is predicated on the utmost quantity the second-place bidder would pay plus one increment larger.

How Proxy Bids Work: 

Let’s say there may be an public sale that pursuits you with a beginning bid of $1000. You determine the very best you’ll pay for the public sale is $5000, so that you enter that as your most bid. You are actually 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 robotically outbid them one increment larger as your proxy. You are actually 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 robotically 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 may 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 improve in increments of $25; whereas something fetching between $10,000.01 and $50,000 will improve in increments of $50. Lastly, public sale tons going for greater than $50,000.01 will improve incrementally by $100.

Bidding Notifications:

We worth transparency right here at B-Inventory and demand on holding our patrons updated through the public sale course of. Actual-time info 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 way in which!

For each bid you place, you’ll obtain a affirmation electronic mail. In case you are presently successful an public sale lot you may be offered an electronic mail alert. Additionally, you will be notified should you’ve been outbid, misplaced or received 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 robotically prolong for an extra three minutes. That is known as “Popcorn Bidding” and it provides all bidders an equal probability 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 Received” 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 can even embody delivery directions. Please observe these delivery directions accordingly.

This can even present up as an order on the “Order” web page below the “Account” dropdown within the high proper of the web page.

Why did my bid get canceled? 

Typoed bids are a number one explanation for 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. If you happen to want to cancel a bid, please know {that a} cancellation price could apply and a be aware of will probably be made in your document. Please perceive that should you proceed to cancel bids, you run the chance of being denied on {the marketplace}.

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