Dutch Auctions

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Description

Description :

The process for multiple item auctions is much the same for single item auctions, except that bidders specify the number of items to bid on, rather than a single item or group of  items sold as one lot.

Please note that when submitting items for an auction, the seller must specify if the price is for each item, or for multiple items. When listing an item, specify the total number of items available to create a Dutch Auction. Multiple item auctions where the price is for all items grouped as one will be treated as a Regular Auction.

Once the auction closes, the seller can decide if they wish to sell all items to the winning bidder at the lowest successful bid, or sell to the highest bidders the number of items they bid for. For example, the Seller places 10 widgets in the auction. Buyer 1 bids successfully at $1000.00 each for 5 widgets. Buyer 2 bids successfully at $900.00 each for 3 widgets, and Buyer 3 bids successfully at $800.00 each for 2 widgets. The Seller can sell to each winning bidder the number of items bid for at their successful bid amounts, or if Buyer 1 is willing, sell all 10 widgets to Buyer 1 for $800.00 each.

Auctions will begin on a specified date and time (3,5,7,10 or 14 day auctions), and at a Seller -  specified price, increasing in pre-set bid increments. Once the auction closes with a winning bid(s) submitted, the buyer(s) and the seller will be notified via e-mail.

Bidding Methods :

The Proxy Bid system is not available for "Dutch" or Multiple - Item Auctions. All bids in a Dutch Auction should be placed as a current bid as the system will not bid for you. Static Bidding is the only bidding method available in Dutch Auctions.

Dutch Auction Fees :

There are no insertion fees for BidWerX.com Online Dutch Auctions other than the optional Featured Item and Bold Type insertion fees. Commissions due to BidWerX.com for a Dutch Auction are based on a percentage of the lowest winning bid placed on that item X number of items. Sellers will be billed monthly. See BidWerX.com Billing for information concerning BidWerX.com accounts, billing, and payment terms.

All members must open a Billing Account (not the same as registering) at our Account Maintenance & Payment Center. Note that our registration/registration fee requirement for all members discourages many of the "less than honest" buyers and sellers out there who may take advantage of other online auction-goers.

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