Lot Attributes

Let's look at what features we have for lots in the sytem.

Mandatory Information

Lot Number

This is an identification label for the lot for sale. It is assigned during the lot creation and provides reference for auctioneer and buyer to refer to the item for sale.

Start Date and Time

This feature allows you to set the specific times when the bidding for a particular lot starts and ends.

Opening Bid

This function enables you to establish the initial bid for each lot. This is the value the first bid must match or exceed in the bidding for this lot.

Increment

The minimum value above the current bid the next bid must be placed. If the current bid is £1,000 ad the incremental value is £100, the next bd must be at least £1,100.

Reserve

This is the minimum sales prices at which the lot will be sold. All bidding below this value means you do not have to declare a winner. If the value exceeds the reserve the item will be considered sold and the bidders notified.

Optional Information

Overtime

This is a means of extracting the real market value for the lot on sale. Each lot wil defaut to 10 mins overtime bidding. This means bidding will extend for another 10 mins whist there is still live bidding on this lot.

If a bid is placed inside the final 10 minutes of the auction, the bidding will extend by 10 mins from the time the bid was placed. If further bids are placed inside the next final 10 minutes, the bidding will be extended once agian.

Bidding will continue to extend until the last man is standing and no more bids are placed.

Buy Now

Buyers can place a fixed bid for item to buy it. If a biders agrees to buy the item for the fixed price, the lot is closed and the bidders is declared the winner.

Buy Now Multiple Items

If there are several identical items available for sale a Buy Now, you can sell them as a group of items or individually. Each buyer can select how many items they wish to buy at the fixed price, and then agree to buy them by submitting those details on the bidding page.

Once the available number of items have been sold, the lot will close.

Categories

Organize the lots in to subjective groups to give the buyers a alternative and subjective way to view the the lots for sale in the auction.

Sort Order

This determines the order the lots are displayed on the page. It is separate from the Lot Number which is a label used to identify the item for sale.

Suspend Bidding

If you wish to stop bidding on this lot you can flip the button to suspend bidding on the lot.

Guide Price

This is an informational items to provide the buyers will a guide to how much the item for sale might be worth.

It can be counter productive to use this value because it can create a glass ceiling for the bidding if this is set too low.

The Guide Price does not have any technical meaning or function in the bidding process itself.

Buyers Premium

Depending upon your business model you may charge the buyers a percentage of the sale price as a commission for managing the sale.

Where this is the case, you will put that amount here. We default this value to the buyers premium amount set in your settings in the Dashboard, under settings.

Location

If you wish to show the location for individual lots with in the auction to the buyer, you can add that here.

Multiple Images

You can upload and add as many images to each lot as you wish. You can select multiple items as a time from your desktop and then they will be uploaded to the selected lot.

Lift Out Fee

If you wish to charge a lift out free on a lot by ot basis, you can add this fee to this field. When the invoices are generated, the amount will be added as a line time for the lot on the invoice.

Video Embedding

If you have previously uploaded a video of the lot in operation to a video hosting site like You Tube or Vimeo, you an embed the tags here and it will be displayed on the lot page.