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Bidding is pretty simple, particularly if you've bid in an online auction before, but here's a quick rundown on some features that may be unfamiliar:
Each lot in the auction is scheduled to close 20 seconds apart. For example, Lot 1 is scheduled to close at 7:00.00 pm central time. Lot 1a is scheduled to close at 7:00:20, Lot 2 is scheduled to close at 7:00:40, Lot 3 is scheduled to close at 7:01:00, Lot 4 is scheduled to close at 7:01:20.
Soft Close
The auction software has a "soft close" feature so that if a lot is bid on in the final two minutes before that particular lot is scheduled to close, that lot extends for another two minutes. For example, say Lot 10 has one minute left before it closes and a bid is placed on it: Lot 10's time will extend to three minutes. Then if Lot 10 ticks back down to thirty seconds remaining and another bid is placed, then Lot 10 will extend to two and a half minutes. As long as active bidding is occurring in that final two minute window, it will keep extending that lot's time. This does not affect any other lots in the auction, just that particular lot.
High Bids and Maximum Bids
Bidders can place maximum bids which remain secret; the system will only bid up to the competitive bids and show that number as the high bid. For example, if your maximum bid is $100 and the next highest bidder's maximum bid is $50, then you would be the high bidder at $55. If bids go past your maximum, you'll be notified by email that you've been outbid and can then bid again if you choose.
If two bidders happen to have the same maximum bid, then the first bidder at that value is the high bidder.
There is an 18% buyer's premium on all winning bids.
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