Types of Auctions

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What is an Auction?
Auction listings begin with an “Opening Bid” which is the minimum amount that will be accepted for the first bid on this auction. As new bids are placed the price is raised successively until the listing closes. The Bid Increment indicates how much the next bid must be raised in order to be accepted. The high Bidder at the end of the auction is declared the Winning Bidder.Return to Top

What is the Auction Process?
A seller lists an item for sell on the goodbidding.org website. All Auction listings begin with an “Opening Bid” which is the minimum amount that will be accepted for the first bid on this auction. As new bids are placed the price is raised successively until the listing closes. The Bid Increment indicates how much the next bid must be raised in order to be accepted. The high Bidder at the end of the auction is declared the Winning Bidder. When the bidding time is ended, a three minute timer will start. This will allow any last minute bidding to take place. When the timer completes three minutes after the last bid, the auction closes and an email notification is sent to the Winning Bidder. Payment due via Visa or MasterCard at the end of the auction. After the payment is processed, the item will be available for pickup at the seller's location. Proof of payment and identity required to pickup your purchase.Return to Top

What are the different type of auctions on the website?
There are three different types of auction listings on goodbidding.org. More information about each can be found by clicking the links below:

Auction – The traditional auction format where the one highest bidder wins.

Fixed Price – Either one or many identical items are offered at a fixed price. You will see a “Buy Now” button in place of the “Bid Now” button for fixed price items.

Reserve Price Auction – Like an Auction but there is a price below which the seller will not sell which is called a reserve price. The reserve price is not disclosed but the listing indicates whether the minimum or reserve price has been reached.
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What is a Reserve Price Auction?
In a Reserve Price Auction, the seller has set a Reserve Price, which is a price below which the listing will not sell. The amount of the Reserve Price is not disclosed (so don’t ask!). The Reserve Price is higher than the Opening Bid. In a Reserve Price Auction you will see either a "Reserve Price NOT Met" or "Reserve Price Met" message on the listing page depending on whether the current bid is below, or at or above, this price.

Reserve Price NOT Met - The current amount of the highest bid is below the reserve price and the item will not sell at auction close. Reserve Price Met - The current amount of the highest bid is equal to, or greater than, the reserve price and the item will be sold. Once the reserve price has been met or exceeded, this auction is the same as a standard auction.
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What is a Fixed Price?
In the Fixed Price format the listing one or more items will be sold for a fixed amount and buyers simply choose how many they wish to buy at that price. You will see a “Buy Now” button in place of the “Bid Now” button for fixed price listings. Fixed Price listings will remain active until either all items have been sold, or the listing expires. The available quantity will be updated on the listing page each time an additional item is sold.

For each successful fixed price sale an email notification is automatically sent to the buyer.
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