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What's a Bid Agent?
A Bid Agent is a tool to allow bidders the opportunity to be active on the auction, if they are not able to be present themselves during the auction bidding time. It functions as a representative of the bidder and places bids on his behalf, if the condition on the auction is correct. -
How does it work?
The Bid Agent will, after being configured with an amount higher than the current highest bid, place a Bid one increment higher than the current highest bid, if that bid is not owned by the owner of the Bid Agent. It will do this, so long as the current highest bid is lower than the Bid Agent amount. If another bidder places his own Bid Agent, the two Bid Agents will compare their highest value and the higher Bid Agent will place a bid one increment higher than the lower Bid Agent's amount. If the Bid Agent amounts are the same, the Bid Agent placed first will own the highest bid. -
What bid increment is used by the Bid Agent?
The Bid Agent will place the lowest possible bid, using a single bid increment as it is defined by the auction. -
Can I withdraw my Bid Agent?
Yes. You can always remove your Bid Agent. Bids already placed by the Bid Agent are not possible to remove. -
What happens if my Bid Agent bid is outbid?
If the Bid Agent amount is higher than the newly placed bid, it will bid again outbidding the new bid by one increment. If the Bid Agent is lower than the new bid, the Bid Agent will be deactivated. An alarm can be configured to register, if this happens. -
What happens if somebody submits a bid just below my Bid Agent bid?
The Bid Agent will place a bid one increment higher than the new bid, thus placing it's last possible bid. -
What happens if somebody bids the same amount as my Bid Agent bid?
Your Bid Agent was configured before the other bid was placed, and will then bid the same as the new bid, but will then own the highest bid of that amount. -
Can I create a Bid Agent if I'm already the highest bidder?
Yes. You can always add a Bid Agent. -
Will the bid period be extended, if a Bid Agent places a bid within the last minute?
Yes. The bids placed by the Bid Agent functions the same as bids placed manually. -
What about the reserve price? Will a Bid Agent automatically place it's maximum bid if it's below or equal to the reserve price?
No. The Bid Agent will always only place the lowest possible bid.
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Faro
Your global online vehicle remarketing and business intelligence partner.
Leader in online remarketing and automotive IT solutions for professional used car and fleet management.
Leader in online remarketing and automotive IT solutions for professional used car and fleet management.
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