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What happens at the end of an auction ?

Answer:

Once an auction's end time has passed, the auction is becomes a Closed Auction, and no further bids may be placed.

In this phase, the auctioneer may still need to accept or reject bids, and the winner of the auction hasn't been decided.

All pending bids must be accepted or rejected by the auctioneer. If the auctioneer doesn't assess the bids within 72 hours, Motovit will assess them automatically.

If none of the accepted bids meet the auction's reserve price, no winner is declared and the auction is marked as Closed.

If bids have been accepted that are equal to or more than the reserve price, the highest of these is declared the winning bid.

The auctioneer must contact the winning bidder which is legally bound to purchase the vehicle at the price indicated by the bid's he made; likewise, the auctioneer's legally bound to sell the vehicle to the auction winner at that price.

Motovit does not handle the final transaction between the auctioneer and the winning bidder.

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