HOW DOES THE AUCTION PROCESS WORK?

We endeavoured to make our online auction as close to real life as possible.

An auction is normally opened for bidding 7 to 14 days before the auctioneer picks up their hammer and finally says “sold”.

When our virtual auctioneer steps up to the podium, they will focus on the first lot and sell it. After the virtual hammer drops on the first lot and the virtual auctioneer will then turn their attention to the second lot. During the time that the virtual auctioneer is on his podium, receiving bids on a lot will push out the following lots by 15 to 30 seconds.

The virtual auctioneer will not move onto the next lot until all bids have been received on the previous lot where somewhere between 15 and 30 seconds has passed by without a counter bid being made.

As in real life our virtual auctioneer sells a lot then moves to the next lot and then the next and then the next.

We are the closest action house to a traditional live auction. There is no advantage in bidding within the last few seconds. In fact, I cannot tell the amount of calls I’ve received where a bidder has missed out due to their internet connection preventing them from getting their bid in within the last few seconds.

My best advice is to bid early. There is a distinct disadvantage not to do that. Lots of people try to do it in the last few seconds and then miss out.

WHEN DOES THE AUCTION ACTUALLY START?

Bidding opens as soon as you have seen the item online. You can put a bid on at any time you see the auction online on our website.

The question “when does the auction actually start” is actually “when does the auction actually start to finish”? It is when the virtual auctioneer is on the podium dealing with the lot you are interested in.

For most auctions, they start at 10am, 2pm or 7pm when the virtual auctioneer deals with the first lot, calling for final bids and once final bidding has closed with 15 to 30 seconds of no bids, the virtual auctioneer will close the first lot and move on to the second lot and so on.

Bidding on the next lot will only begin after bidding has finished on the previous lot.

This process will continue just like an in-person live auction, until all the lots have been presented. This way you’ be able to bid on all the lots you are interested in within an auction.

HOW DO I FOLLOW THE AUCTION LIVE?

You can follow the auction by clicking the 'Follow Auction Live' check box when it becomes available which is when our virtual auctioneer takes the podium.

This button is located above the 'Bidding Centre' on each lot page (see picture 2). You simply tick the box so that after bidding finishes on one lot, the webpage will automatically move to the next lot that is then the focus of the virtual auctioneer.

By using the ‘Follow Auction Live’ feature, you will always be ready to bid on a lot and never miss an opportunity to pick up a bargain!

IS THERE A SET TIME WHEN A PARTICULAR LOT WILL DEALT WITH BY THE VIRTUAL AUCTIONEER?

The time the virtual auctioneer will deal with your lot of interest is an estimate only. It changes depending on the bidding activity on the previous lots just like an in-person live auction.

You may be watching a lot’s estimated time and see it suddenly jump forward 15 or 30 seconds. This is because one of the previous lots that the virtual auctioneer is dealing with has received a bid in the last 15 seconds. The virtual auctioneer will then extend bidding by another 15 to 30 seconds to allow bidders to counter bid on the current lot.

WHEN DOES AN AUCTION LOT CLOSE?

It closes 15 to 30 seconds after the virtual auctioneer receives the last bid on a lot being dealt with.

There is no limit to the number of times bidding on an individual lot can be extended by the virtual auctioneer. If there is still interest in a lot, bidding will continue just like an in-person live auction.

HOW DO I SUBMIT A BID?

Once you’ve signed in, the bidding centre allows you to bid by the clicking the maroon ‘BID for $’ button.

The green shaded box displays your estimated maximum commitment including the buyer’s premium and shipping if you have selected a shipping method.

If you’re worried that you won’t be online when the virtual auctioneer is dealing with your lot of interest, it is best to submit a ‘Max Bid’ at a price you believe would win the lot at auction. The bidding centre will automatically submit a bid that is high enough to lead the bidding for the lot and will counter bid on your behalf if someone else bids higher, up to your ‘Max Bid’.

Just like with an in-person live auction there is no guarantee you will be the successful bidder, but the Lloyds ‘Max Bid’ feature you will be able to compete for a lot without having to be present online at the time of the auction.

HOW DO I DO A ‘TEST’ BID?

This ‘L’ Plate lot can be used to test your bidding, so go ahead, place a test bid on this lot to see how it all works before the auction starts.

ARE THE LOTS RESERVED?

While lots are typically unreserved, some lots will have a vendor reserve. We only accept reserves if the reserve is reasonable. We only receive a service fee if the lot is sold. We are therefore very committed to having no reserves.

If you are the highest bidder and your bid has not met reserve, you still stand a very strong chance of securing the lot.

We only negotiate with the top bidder and the seller. Under bidders are not entertained until the top bidder passes on the lot. We reward the people who stay with the bidding to the end.

We take care of such negotiations between the seller and yourself. It’s been our experience that we can normally get a conclusion that both parties are happy with within 24 hours.

HOW DO I FIND OUT MORE ABOUT A PARTICULAR LOT?

Talk to the Auction Manager directly! Their contact details are on the Auction Details page and under ‘Auction Details’ on each auction lot page. The Auction Manager will be able to help you with everything from shipping inquiries to onsite inspection appointments or even live video and facetime inspections.