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