Reserve/Buyback Auctions

Description

Bidding Methods

Seller's Fees

Reserve/Buyback Auction Description :

Reserve Price Auctions are auctions where a seller places an item in the auction at a starting price, which is below the lowest price that they will accept for the item. If the bids do not reach or surpass this reasonable reserve price, the seller does not sell the item and is welcome to relist the item. Reserve Price Auctions are also called Buyback Auctions.

All Reserve/Buyback auctions are clearly labeled with a (Reserve) at the end of the listings title and the seller never discloses the reserve price, in any instance (bid tampering is punishable to the full extent of the law in the majority of states). A notice will appear when you return to the items page telling you "reserve price not yet met", when the bids do not meet or exceed the reserve price. Once the reserve price has been met, the notice and the (Reserve) will not appear.

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 submitted, both buyer and seller will be notified via e-mail. Please see our User Agreement and Services & Fees pages for related information.

Reserve Auction Bidding Methods :

Buyers have the choice of using Static or Proxy bidding methods.

A buyer may choose to place a Static Bid for an item in an auction. If another BidWerX.com member outbids you, you will be notified by email and may place another bid if you wish. We recommend making your first bid the maximum amount you are willing to pay for the item. That way if you are outbid near the end of the auction, it will be because you weren't willing to pay a higher amount for that item, rather than due to missing the end of the auction,etc.

A buyer may also choose to use the BidWerX.com Proxy Bid system. This method allows a you to set a limit on the amount you are willing to pay for an item, then place a lower bid. Each time the your bid is surpassed by another buyer, the system will bid for you automatically at the next higher amount above the new bid, up to the maximum set by you when you placed your bid.

CompuBid is a system whereby the software bids on behalf of the seller. This option is enabled only on Reserve Price/Buyback auctions, and only if a buyer chooses to use the Proxy Bid system.

CompuBid is a purely advantageous feature at BidWerX.com Online Auctions. With this system, bidders do not have to wait until the close of the auction to find out if they have met or surpassed the reserve. Instead, they know immediately whether or not they wish to continue bidding on the item. The CompuBid system allows bidders to gauge how high they are willing to bid.

Once the reserve price is met or surpassed, the CompuBid system stops bidding for the seller. All Reserve/Buyback Auctions using CompuBid are clearly labeled with a  (CompuBid) in the listings title.

Reserve Price/Buy-back Auctions make it possible for a single bidder to win an auction which would otherwise be impossible. This is the traditional or normal procedure of conducting reserve auctions in the auction business since its inception, and one that is followed here at BidWerX.com for Reserve auctions.

Reserve/Buyback Auction Fees :

There is a Buyback fee of $2.00 per item at BidWerX.com Online Auctions for Reserve/Buyback Auctions. Other options available for Reserve/Buyback auctions are the Featured Item and Bold Type. The fees for these two options are non-refundable. The Buyback fee of $2.00 for each item in the Reserve/Buyback auction is refundable if the item sells.  Commissions due to BidWerX.com for a Reserve/Buyback Auction are based on a percentage of the highest bid placed on that item. 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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