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How do bids work ?

Answer:

How auction bidding works

In an auction, the current value of the bidding is displayed on the listing page as current price.

To be in the running to win the auction, the bidder needs to make a bid that's higher than the current bid/current price and is equal to or more than the reserve price. They also need to have that bid accepted by the auctioneer.

An accepted bid that meets these criteria is legally binding for both bidder and auctioneer: the bidder is obliged to buy the vehicle for this price, and the auctioneer is obliged to sell, unless the auctioneer subsequently accepts another, higher bid for the vehicle.

To make a bid, the bidder enters the bid into the box and clicks on the Place Bid button. Or, they can contact the auctioneer to buy the vehicle at the Buy It Now (BIN) price.

Any bid may be accepted or rejected by the auctioneer.

To manage bids, logged-in auctioneers select Manage Auctions and click on bids for the coresponding vehicle.

Rejecting bids

Auctioneers may reject any bid they choose, provided it hasn't already been accepted.

Only accepted bids that meet or exceed the auction's reserve price are legally binding for the bidder and auctioneer, and enter the running to win the auction.

Automatic rejection

If the auctioneer doesn't accept or reject a bid within 72 hours of receiving it, Motovit will automatically reject that bid.

Accepting bids

Once the auctioneer accepts a bid, they won't be able to accept other bids below that value.

The auctioneer can accept a bid that's below the reserve price - perhaps to encourage bidding to continue. But if the accepted bid isn't equal to or more than the reserve price, the auctioneer isn't obliged to sell the vehicle to that bidder.

Once the auctioneer accepts bids that are equal to or more than the reserve price, those bids enter the running to win the auction, and the auctioneer is legally bound to sell the vehicle to the bidder who places the highest accepted bid.

For more information, see What happens at the end of an auction ?

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