Auction Bid Types
There are three different types of bids you can place on the Aucto Marketplace: Max Bid, Quick Bid, and Buy It Now.
When you set a max bid, the system will automatically outbid the highest bidder on the lot up until your set maximum. Your bid will be automatically placed in the dollar increment set by the auction up until your set maximum.
Max Bids allow you to participate in the auction up to the amount you're comfortable with without having to be in front of your device when the lot closes!
Quick Bid is the most well-known type of bidding. Simply, a Quick Bid is a single bid. The Aucto Marketplace automatically suggests the next bid based on the bidding increments set by the auction.
Buy It Now
Buy It Now allows buyers to bypass the bidding process for the desired lot and purchase it at the Buy It Now price. After clicking the Buy It Now button, you will see a pop-up prompting you to confirm and buy the lot. Once confirmed, the lot will display as sold in the auction. Note: Not every auction has a Buy It Now option. This option typically can only be seen in private auctions.
What is Timed Bidding?
Auctions have a timed bidding component to ensure a fair bidding process. Simply, if a bid is placed on a lot within 10 minutes of the lot closing, the closing time is extended by a maximum of 10 minutes. If no additional bids are placed within the 10 minutes before the lot closes, the lot expires and the highest bidder is awarded the lot.
How do I know when I have successfully bid for a lot?
You will receive an instant notification on your screen informing you of the status of your last bid.
If you are the highest bidder, you will see yourself as “Winning” the lot.