What is a Reserve Price?
- The Reserve Price is the lowest price an item can be sold for. This amount is pre-determined and is usually higher than the minimum starting bid price. This price is always kept a secret from bidders. To win a Reserve Price auction, you must place a bid that meets or exceeds the Reserve Price.
- All Reserve Price Auction will also include a Starting Bid.
- If no bidder meets the Reserve Price at the Auction Closing, neither the Seller nor the high bidder is under any further obligation.
How will I know if an auction has a Reserve Price?
if the seller has pre-determined a reserve price for a specific auction, after registered users place a bid on a specific item and did not meet the reserve price, there will be a notation (NOTE: Reserve price not met) under the bidding Information of the current highest bid price.
If the current highest bid price meets or exceeds the reserve price or there is no reserve price in a specific auction, there shall be no notation. In this case, you may assume there is no reserve price or the reserve price is met.
Will bids be accepted if they are lower than the Reserve Price?
All bids below the Reserve Price will be accepted; however, if an auction closes and there are bids that do not meet the Reserve Price, those bids will not be considered winners. AMExchanges.com will contact the seller and provide recommendation for re-posting.
If my max. bid is higher than reserve price, but my current bid is lower than reserve price, what happen?
AMExchanges system will automatically (auto-bid) your price to reserve price, if your max. bid is higher than reserve price. The system will continue to bid the item for you up to max. bid if a competitive bid presented at the same auction.
If my max. bid is lower than reserve price and my current bid is lower than reserve price, what happen?
AMExchanges system will automatically (auto-bid) your price to max. bid and there will be a notation (NOTE: Reserve price not met) under the bidding Information of the current highest bid price.
How does BUY IT NOW Function work with Reserve Price auctions?
- BUY IT NOW can be an option in a Reserve Price Auction as long as the seller pre-determined a price that the seller is willing to sell the item before auction expiration.
- Registered users will have the option to buy the product at a fixed price using BUY IT NOW and become an instant winner without waiting for the auction to close.
- If you choose to bid, you may continue to place bids on the auction. If your bid price is higher than reserve price and/or your max. bid is higher than BUY IT NOW price. Other registered user may be the auction winner by purchasing the item at BUY IT NOW price and end the auction.
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