What’s a Smart Auction?
SMART auction is
the auction, where the item for sale may not be sold if the
final bid is not high or equal from reserve price enough to satisfy the seller
What's a reserve price?
A reserve price is a hidden
minimum price—essentially, the lowest price you're willing to accept for your
item. If the listing ends without any bids that meet the reserve price, you
aren't required to sell the item.
The reserve price is hidden from
buyers. When a potential buyer bids, he/she must pay attention to the message
above the price that shows either his/her price met the reserve price or not.
The auction continues until the reserve price met, the listing shows the
message Reserve not met. Of course, sellers aren't obligated to reveal their
When you bid on an item
with an amount equal or more to reserve price, and your maximum bid meets the
reserve price, then the table that showed “Reserve Not Met ” will automatically change to “Reserve Met.”
Note: If a seller's reserve price isn't met, they might choose to offer the
item to one of the bidders using a Second
What’s a second chance offer?
When the auction ends with the reserve price of up to 10% lower price, then the decision “either sell the product or not” belongs to the only seller and the seller required to decide whether to sell the item or not. Seller has only 24 hours to make a decision and during this period seller can choose the highest price offered by the bidder to sell this product, otherwise, the auction will fail.
1. For instance, A seller lists an item with a starting bid of $100 and a
reserve of $1000. Bidder A bids
$150. The current bid increases to $150 but the reserve isn't met. If nobody
else places a bid, Bidder A does not win the item.
2. For instance, Bidder B places
a maximum bid of $1500. The current bid increases to $1000 (the amount of the
reserve) and the reserve is met. If nobody else places a bid, Bidder B wins the item at the price of $1000.
3. For instance, bidder For
instance, bidder G places a maximum bid,
which is lower than the reserve price. Let’s assume that the price that G
bidder places is 940$, which as we already know does not meet the reserve
price. However, when the difference between the reserve price and the highest
price offered by the bidder is little (up to 10%), the buyer gets an
opportunity to get the second chance offer. In this case, the seller decides
whether to sell or not. If the seller decides not to sell, the auction will
· The participant supposed to pay one-time payment, which
allows an unlimited amount of free participation to all SMART auction.
· If you're highest bidder on a reserve(equal
to reserve price, or more from that price) auction and you meet the reserve,
then you are the winner
· If you're highest bidder on a reserve(equal to reserve price, or more from that price) auction and you meet the reserve, then you are the winner
· When the win price is equal or more from
the reserve price
· When the winner of the auction pays the
purchase price equal to or above the reserve price of the lot, and also the
delivery of the shipping fee
· When the auction winner pays the lot (with
the consent that the product will be purchased up to 10%
lower that the reserve price approved by sellers) cost and the delivery fee.