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Auction
With auction listings, the price is raised successively until the listing closes. You must use the next highest Bid Increment when making a bid. The high Bidder(s) at that time are declared the winners and each Bidder is required to pay the Seller the amount of their winning bid.

Reserve
In a Reserve Price Auction, the seller has the option of setting a Reserve Price, which is a price below which the listing will not sell. The Reserve Price is higher than the Opening Value. If the seller has set a Reserve Price 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.

Reserve Prices and Proxy Bidding
With Reserve Price Auctions, until the hidden reserve price is met on a given auction, all bids submitted below this amount will be placed without proxy bidding. What this means is that if you are the current high bidder and the Reserve Price has not yet been met, your maximum bid amount will be viewable to other bidders. And, while each new bid amount below the reserve sets a new lowest possible bid amount, the stated bid increment will still be added to each new bid placed below the reserve price.

Once the Reserve Price has been met or exceeded, however, your maximum secret bid amount (if you are a current high bidder) will not be shown to other bidders during the auction. Additionally, the reserve price will be indicated automatically on the auction page as the new lowest successful price that the auction will sell at. All additional maximum bid amounts submitted above the reserve price will use proxy bidding.

Reserve Prices After the Auction
If the highest bid at auction close does not meet the seller's Reserve Price, the seller is not required to sell the item unless the seller chooses to do so. In this case, Novi Marine Brokers will have a period of 48 hours after auction close in which to contact the highest bidder whose offer was below the reserve price. Bidders who are contacted under these circumstances, however, are under no obligation to purchase the item.
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674 Main St
Yarmouth, Nova Scotia
Canada B5A 1K3

 

Phone: (902) 742-7207
Toll Free: 1-866-303-NOVI (6684)
Fax: (902) 742-6539 info@novimarinebrokers.com

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