Navigating The Bidding Process On BidSheet
How does Bidding work?
BidSheet strives to make the bidding process intuitive and informative. The auctions bid section will display the bid amount, total bids, and much more. When the listing ends, the Buyer with the highest bid wins the auction and will go through the order process if the bids exceed the reserve price or the seller will have the option to choose the highest price if they feel it is within the range they are looking for.
Important:Remember, a bid is a binding contract. When you bid on a lot you are committing to buy it if you win. |
Bidding Info
Inside a green box under the lot information, Buyers will have plenty of data displayed. Here you can view the following information:
- Starting bid amount
- The amount entered to have the highest bid
- Your current bid
- Number of bids
- If you have the Highest Bid or have been Outbid.
- if the reserve price has been met or not.
Reserve price
The reserve price is the minimum amount the seller is willing to sell the lot. Sellers have the option to add a reserve price when listing a lot. You will not know until you either meet it or bid above it. If the reserve price hasn't been reached the lot will not be sold immediately.
Sellers have four hours to choose if the highest bid is within the amount they are willing to accept.
Automatic bidding. (proxy bidding)
Enter the max amount you are willing to pay. When someone else bids on the item you are bidding for, we will place a slightly higher bid on your behalf to keep you in the lead. You will be notified when your maximum has been outbid and have the option to place a new maximum bid.
What are bid increments?
The bid increment is the amount the bid increases set by the sellers when listing the auction. For your convenience, when another user places a bid, the system will display a slightly higher bid for you.
Retracting a bid
You cannot retract a bid once submitted. If you accidentally bid the wrong amount, contact support by clicking on the Get Help button under the picture carousel, and we will try to retract the bid for you.
Important:You can only retract your most recent bid if it has been less than an hour. Please click on the bottom right bubble to get help with resolving this. |
Last-minute bidding rule
When a new bid is submitted within the last 5 minutes of the auction, the auction will automatically be extended for additional five minutes each time someone bids until the bidding ends.
