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About Auctions
About Auctions
Auctions allow buyers to compete with other buyers to purchase an item.
- The seller sets a price at which the Auction will start.
- Buyers can place bids until the Auction ends.
- The highest bidder wins the Auction
To find out how bidding works, take a look at bidding on Auctions.
Auto-bidding
Auto-bidding applies to all auctions.
What is it?
- Simply specify the maximum amount you are willing to pay and auto-bidding automatically places bids on your behalf up to your limit.
How you benefit
- Ensures you don’t miss out on bidding the maximum price you are willing to pay.
- Saves you time and is convenient
- You may end up paying less than maximum amount you specified.
Auctions with a reserve price
A seller may choose to set a reserve price on their Auction that is different to the starting price.
- A reserve price is the minimum amount a seller will accept.
Sellers are not obligated to sell if bids do not meet the reserve. The highest bidder must meet or exceed the reserve price to secure the sale. - The seller isn’t obliged to reveal the reserve price.
The reserve is not displayed in the listing and bidders are not shown the reserve amount. Bidders are only shown whether or not their bid has met the reserve. - Once the reserve price is met, the highest bidder wins.
The item will be sold to the buyer who has placed the highest bid by the end of the Auction.
Auctions with a Buy Now option
A seller may choose to include a Buy Now option with their Auction listing.
With Buy Now, buyers can:
- secure the sale by buying at a fixed price
- chose this option before bids meet or exceed the reserve price.
If you want to buy the Auction item, you can either:
- make your purchase by buying at the fixed Buy Now price, or
- take your chances by bidding on the Auction… it’s up to you.
But be aware that once bids meet or exceed the reserve price the option to Buy Now will no longer be available.
