DVLA Personalised Registrations Timed Auction ... - DVLA Auctions

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Issue 2 2013 I DVLA Timed Auction of Personalised Registrations Official DVLA Auction Website nEW Check out www.dvlaauction.co.uk our new Visit the official DVLA Auction website to: website l Find out the time and place of the next auction l View the list of registrations on offer l Register as a bidder online l Download a free catalogue for the next auction l View video tutorials showing the different bidding methods l Use our Interactive Ready Reckoners to calculate your budget 35
Issue 2 2013 I DVLA Timed Auction of Personalised Registrations Questions & Answers A DVLA Timed Auction differs from a traditional DVLA Auction in that there is no live, physical auction to attend. Bidders submit "Maximum Bids" which are invisible to other bidders and bidding starts at the Reserve Price for each registration. If there is competitive bidding activity on a Lot the auction system will increase bids in £10 increments on behalf of a registered bidder up to their Maximum Bid. If someone’s Maximum Bid is outbid, the underbidder will be sent an email inviting them to increase their Maximum Bid (only if they have registered and bid online). When the End Time has passed, each Lot will be sold to the highest bidder for the amount of their winning bid. See examples on page 3. How does a DVLA Timed Auction differ from a traditional DVLA Auction? Q A How do the “Sliding End Times” work? Q A How can i submit my bids? Q A Please visit www.dvlaauction.co.uk/timed Q What are Reserve Prices? A What bids will the auctioneer take? Q A Q A The “Sliding End Time” is a mechanism to prevent auction sniping, or the practise of rival bidders outbidding each other with just seconds to go before the deadline. Every Lot has a published “End Time” on the website which is the deadline by which all bids must be received. If a winning bid is placed in the final 30 minutes before the deadline it will cause the End Time to slip back a further 30 minutes. For the End Time to slide, the bid must be a winning bid. This means the bid must actually take out the current winning bid, not simply be a bid against the winning bid that is lower than the current hidden "Maximum Bid". Example: To make this clear, if Bidder A is winning the lot with a current bid of £900 and a Maximum Bid of £1,000, then a bid from Bidder B for £910 will raise the hammer price to £920 for Bidder A. As it is not a winning bid, the End Time will not extend. However, if Bidder B placed a bid of £1,010 then they would become the winning bidder and the End Time would slide a further 30 minutes, allowing Bidder A to respond. For further examples please see page 3. We strongly recommend you use our online bidding service as you will receive notifications if you are outbid. It’s free and easy to use and you can submit your bids securely. Once you have placed your bids, you will have the freedom to increase your bids up until the End Time. You cannot cancel bids once placed. If you do not have access to the Internet, you can submit your bids by using the Bidder Registration Form in this Timed Auction catalogue. This should be completed and returned to the auctioneers by post, email or fax to arrive at least 24 hours before the closing day of the auction. For these “offline” bidders, we regret we cannot inform you before the End Time if your Maximum Bid is exceeded. Reserve Prices are the minimum prices at which Lots will be sold. All Reserve Prices are clearly shown in the catalogue for every auction. Please note that these do not include the additional charges of VAT, Buyer’s Premium (+vat) and Assignment Fee. The lowest bid that will be accepted is the Reserve Price for each Lot. You can make any bid you like above the Reserve Price but it must be in increments of £10. No bids in pence will be taken. How can i find out what other bids people have made? The current highest bid on each Lot will be visible at all times, together with the number of bidders. You cannot view the Maximum Bids of other bidders. 36
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