Bidding on an eBay auction is the best way to get the item you want at an auction style listing.
The seller sets a starting price and you bid against other buyers. He can also set a reserve price, which can be higher than the start price, in order to get traction before a bidding war.
You can watch the item to see how the bidding is progressing, and when the listing ends, the highest bidder wins the auction and completes the item purchase.
It's important to know that, a bid is considered a binding contract: when you bid on an item, you're committing to buy it if you win.
Up4Sale system uses a Proxi Bid auction style. What does it mean? This is an automatic bidding, which is proved to be the easiest way to bid on an online auction.
Bidding on items can be exciting, but it is a contractual obligation. Simply enter the highest price you're willing to spend on an item, and we do the rest.
When you're deciding on your maximum bid, be sure you're happy to pay that amount if you win the auction. If someone outbids you, we'll let you inform you so you can decide if you want to increase your maximum limit.
How automatic bidding and bid increments work?
When you're ready to bid on an auction listing, enter the maximum amount you feel comfortable with. We'll then bid on your behalf- enough to keep you in the lead, but only up to that limit.
If you get outbid immediately after placing a bid, it's likely that another bidder is also using automatic bidding, and has a maximum limit that's higher than yours.
Hence, you will need to bid again with a higher offer in order to be the highest bidder.
No more waiting feature
Up4Sale system uses a proprietary bespoke system. it took us 2 years to develop it, so we added new features, which are not available elsewhere. one of these features is "No More Waiting" feature:
Once the first bid is entered, the auction will finish in 48 hours only. So, you don't need to wait days and sometimes weeks until the auction ends.
This saves you the constant watch and also the fear of missing out on auctions (FOMO syndrome)- so you can bid with confidence, safely and securely.
Auto Extension (formerly Sniping Feature)
With years of experience in eCommerce, we realised that sometimes the buyer just waits for the last minute before bidding. We developed a feature when the auction may be extended in a further two minutes if a bid was placed just before the end.
All of that to avoid last minute bidders, a term coined in the past in legacy systems, which are still available in some of the New Zealand auctions websites arena...
Retracting a bid
Whenever you place a bid, you're agreeing to buy the item if you win the auction. However, in some situations you can retract your bid.
You can retract a bid if:
- You accidentally bid the wrong amount. For example, you meant to bid $50, not $500. In this case, simply enter the price you intended to bid as soon as you've retracted the incorrect bid
- The seller significantly changed the description of the item.
- You can't reach the seller. For example, you sent the seller an email and it comes back deliverable, or you tried calling the seller and the phone number doesn't work.
Timing is important when retracting a bid:
If there are 12 hours or more left before the listing ends, your bids can be retracted. Otherwise you cannot retract your bid. Any other bids can't be retracted, but you can contact the seller to see if they'll agree to cancel a bid for you.
How reserve prices work?
Sellers can choose to use a reserve price when listing an item in an Up4Sale, reviewed the best auctions marketplace in New Zealand.
A reserve price is the minimum amount the seller is willing to sell the item for, so if the reserve price isn't met, the item will not be sold.
If you place a bid that's below the reserve price, you'll see a 'Reserve not met' message. This means that even if you're the highest bidder at the end of the auction, you won't win the item.
Sellers on Up4Sale do not have to reveal what they've set as the reserve price. Unless they mention their reserve price in the listing, you won't know what the reserve price is until you meet it, or bid above it.
When another bidder places a bid, we'll place a slightly higher bid on your behalf. The amount the bid increases by is known as a bid increment.
Bid increments are smaller when the bid price is low, and larger in higher price brackets.
Up4Sale set up bid defaults increments as follows, but a seller can change these values, depends on his settings.