Auction Method

To keep it exciting, StoreBot has two auction styles to bid in. (1) Traditional: This is the standard bidding process, where a product lot consisting of one product or group of products goes up for auction at a starting price. You attempt to outbid other buyers. At the end of the auction, if there are no new bids for 10 minutes, the products go to the highest bidder. Bids follow this order of precedence: bid price over initial bid time. If two or more bids are for the same bid price, the time the bidder placed their FIRST bid on that lot takes precedence. The same rules apply when several bidders are tied for an item and we must decide who to bump from the successful bidder’s list. It is important to get your bids in early to help you win in a tie situation. Remember that anyone not accepting partial quantity will get bumped off the list unless there is enough quantity left (after considering higher priced bids) to match the quantity requested. If this occurs, bids at a lower price may become successful to take up the remaining quantity. Please Note: the minimum bid price is set to the lowest value that can conceivably result in a successful bid. There are several rules that apply when you place a traditional bid. You are not allowed to lower your price with a new bid. You are not allowed to lower your quantity with a new bid, as long as you have a successful bid on the auction. If you want to decrease your quantity, you must wait until someone outbids your Bid Price, so that your bid is no longer on the successful list. Select Bid Once for traditional bid method.