Thursday, May 11, 2023
HomeStockGetting Began: On-line Bidding for Novices

Getting Began: On-line Bidding for Novices


Going…Going…Offered!

As soon as you might be accepted to purchase on one (or extra) of our marketplaces, you possibly can 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 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 newcomers, defined 

An auction-style format means potential patrons compete towards one another to win the merchandise being bought — on this case, a number 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, house & backyard, client electronics, and extra. On-line bidding for newcomers can really feel overwhelming, however we’ll educate you precisely tips on how to place a bid and safe the stock you’re on the lookout for.

How you can Place a Bid:

Every public sale may have a field the place you possibly can enter your most bid; bear in mind, your most bid will have to be equal to or larger 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. Make sure you 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.)

When you’re actually welcome to repeatedly log in and manually enhance your bids, we advise letting our auto-bid system try this be just right for you. Our proxy bidding course of lets patrons enter their most quantity and the system will routinely 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 basically your most quantity. Our system makes use of your proxy bid quantity to routinely bid incrementally in your behalf. To get essentially the most out of this method, we advocate you bid the best quantity you might be keen to pay, which is called your most bid. As soon as entered, the system will handle the bidding for you, appearing as your proxy. This gives our patrons nice comfort as you don’t must be on-line, on a regular basis, updating your bids in real-time. In case you want to enhance your bid, you’ll be able to accomplish that 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 value relies on the utmost quantity the second-place bidder would pay plus one increment greater.

How Proxy Bids Work: 

Let’s say there may be an public sale that pursuits you with a beginning bid of $1000. You resolve the best you’ll pay for the public sale is $5000, so that you enter that as your most bid. You are actually profitable the public sale at $1000. If one other bidder is available in and bids $1100 as their most, then your bid of $5000 will routinely outbid them one increment greater as your proxy. You are actually profitable the public sale at $1125 with out ever having to bid a second time to be sure to keep the excessive bidder. The system will proceed to routinely 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 e 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 protecting our patrons updated throughout the public sale course of. Actual-time data is at all times accessible on the public sale web page and inside your account web page; as well as, you’ll obtain a wide range of e 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 e mail. In case you are presently profitable an public sale lot you can be offered an e 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 routinely lengthen for a further three minutes. That is known as “Popcorn Bidding” and it provides all bidders an equal probability of profitable an public sale if a last-minute bid is positioned. Popcorn Bidding is used to forestall different bidders from coming in and “sniping” an public sale on the final second.

On the shut of the public sale, the profitable bidder is notified by e mail. The “Bid Received” e mail will embrace cost directions;  please comply with 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 e mail confirming cost, which will even embrace delivery directions. Please comply with these delivery directions accordingly.

This will even present up as an order on the “Order” web page underneath 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. In case you want to cancel a bid, please know {that a} cancellation charge might apply and a notice of will probably be made in your document. 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! In case you’re a newbie, we’re right here to assist. Obtained questions? Contact us!

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