DVLA Personalised Registrations Timed Auction ... - DVLA Auctions

More documents

Recommendations

Info

Issue 2 2013 I DVLA Timed Auction of Personalised Registrations Maximum Bids and Sliding End Times Maximum Bids The DVLA Timed Auction runs on the principle of “Maximum Bids”. Bidders submit “Maximum Bids” which are invisible to other bidders. Bidding starts at the Reserve Price for each registration, clearly shown online. If there is competitive bidding on a Lot, the auction system will automatically increase bids on behalf of bidders in £10 increments. Once a bidder’s “Maximum Bid” has been reached, the system will stop bidding for them. The current winning bid price for each registration is on view on the website at all times along with the number of bidders on each Lot. End Time Reserve Price 5 Current Winning Bid Click Here to Bid number of Bidders
Issue 2 2013 I DVLA Timed Auction of Personalised Registrations Maximum Bids and Sliding End Times Sliding End Time 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” clearly visible on the website at all times. This is the deadline by which all bids must be received. For Lots on which the winning bid changes in the last 30 minutes before the End Time, the End Time will slide by 30 minutes to allow the underbidder the chance to bid again, thereby allowing bidding to reach its natural conclusion. To cause the End Time to slide, the bid must be a winning bid. This means the bid must actually exceed the current hidden Maximum Bid. Examples To help explain the Maximum Bid & Sliding End Time features, please study the examples below: Scenario A: End Time Does not Slide Opening Scenario: Lot is due to end at 5pm and lot is with Bidder A at £900 Time Bidder Maximum Bid Current Winning Bid & Winner End Time 4.20pm Bidder A £1,000 £900 Bidder A 5.00pm 4.40pm Bidder B £910 £920 Bidder A 5.00pm In this scenario, Bidder A has a Maximum Bid greater than his current winning bid. Bidder B places a bid against Bidder A which is lower than Bidder A’s Maximum Bid. This simply increases the hammer price to £920 in Bidder A’s favour. Importantly, as Bidder B never outbid Bidder A, the End Time does not slide. If no more bids are placed, the lot will sell at 5.00pm to Bidder A for £920 (even though his Maximum Bid was £1,000). Scenario B: End Time Slides Opening Scenario: Lot is due to end at 5pm and lot is with Bidder A at £900 Time Bidder Maximum Bid Current Winning Bid & Winner End Time 4.20pm Bidder A £1,000 £900 Bidder A 5.00pm 4.40pm Bidder B £910 £920 Bidder A 5.00pm 4.50pm Bidder B £1,050 £1,010 Bidder B 5.30pm In this scenario, Bidder A has a Maximum Bid greater than his current winning bid. Bidder B places a bid against Bidder A which is lower than Bidder A’s Maximum Bid which has the effect of increasing the winning bid price but still in Bidder A’s favour. Bidder B then increases his Bid beyond Bidder A’s Maximum Bid. This places the winning bid with Bidder B at one bidding increment (£10) greater than Bidder A’s maximum. Importantly, as Bidder B outbid Bidder A, the End Time slides by 30 minutes to allow Bidder A to bid again. If no more bids are placed, the lot will sell at 5.30pm to Bidder B for £1,010 (even though his Maximum Bid was £1,050). For more information about how the auction works, please contact SMA Vehicle Remarketing. 6
Page 1 and 2: DVLA Personalised Registrations Tim
Page 3 and 4: Issue 2 2013 I DVLA Timed Auction o
Page 5: Issue 2 2013 I DVLA Timed Auction o

DVLA Personalised Registrations Timed Auction ... - DVLA Auctions

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?