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Reverse Bid/Offer Information

Here is an explanation of the types of Bid/Offer settings that you will encounter on this site.

Regular Bids/Offers
A Regular Bid is a standard in auction bidding. The amount that you place into this field will be the amount of the bid that you are making.

The nescessity of having to continually update your bid is a drawback to this type of a bid.

Proxy Bids/Offers
The Proxy Bid takes advantage of the computer in the On-Line auction environment. Sellers set the minimum amount they are willing to provide the items or services. Using a proxy bid, the Visual Auction© software will automatically advance the bidding if someone bids less than the current bid and more than your proxy bid.

Proxy bids will also automatically advance the bidding to the level of the reserve or your minimum proxy bid. Whichever is higher.

Dynamic Bid/Offer Times
Dynamic Bid Time can be set by the seller when posting his or her auction. dynamic Bidding allows for bidding to continue beyond the normal end of the auction if certain events occur.

When you set a value for Dynamic Bid Time this sets a watch for bids on the auction from that many minutes before the end of the auction. If anyone places a bid during the Dynamic Bid window, which is measured in minutes, then the end of the auction will be extended by the length of time of the Dymnamic Bid setting.

Reserve Bid/Offer
When a seller sets a Reserve Bid amount they are stating that this value, which is not disclosed to the bidders, except to announce whether the Reserve Bid has been met, is the highest bid that they will accept as a successful auction.

As a buyer this allows you to set a maximum amount that you will pay for an item or service. You should be aware that setting your Reserve Bid to low might result in you item not selling.


 
 
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