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What is a reserve price ?

Answer:

Reserve prices are applied only to vehicles sold at auction on Motovit.

The reserve price is the lowest price the auctioneer will happily accept for a listed vehicle.

Auctioneers are legally bound to sell the vehicle once bidding meets or passes the reserve price they have set. So a reserve price should reflect the minimum price the auctioneer is happy to get for the vehicle.

To be in the running to win an auction, a bidder must make, and the auctioneer must accept, a bid that's equal to or more than the reserve price.

Reserve prices are always kept secret - only the auctioneer knows what the reserve price is. It can be as low as 1 EUR, but it must be higher than the starting price.

How a reserve price works

If the reserve price for an active auction hasn't been met, the price will be displayed in black.

The auctioneer can accept bids below the reserve price, but those bids can't win the auction. So if a bidder's bid has been accepted but the reserve price hasn't been met, that bid won't win the auction. The bidder will need to make a higher bid to be in the running to win the auction.

If the auctioneer doesn't accept any bids that are equal to or more than the reserve price, the vehicle won't be sold.

Once the auctioneer accepts a bid that's equal to or more than the reserve price, the auction listing is updated to reflect that.

Once the reserve price has been met, the highest accepted bid will win the auction.

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