The real-time bidding engine is the bedrock of the Asset Marketing Platform (a.m.p.) auction services. The functionality of the bidding engine is outlined in detail below. To see the bidding engine in action, watch the continuous online auction launch video.
After identifying a lot of interest and completing the necessary due diligence you may choose to place a bid. There are a few key concepts to understand to ensure your bid is competitive.
When you click the Place Bid button, it will be replaced with the following Bid Placement Widget (BPW). All bids must be in defined Bid Increments and the BPW provides two mechanisms to accurately place a valid bid. For smaller bids, Buyers can use the and pedals to raise and lower the bid amount. The slider can be used to enter larger bids which can then be fine tuned with the and pedals.
If you elect to place your bid click the Submit button. You will presented with a confirmation window to Confirm your bid.
A complete Bid History on each lot is available.
During the bidding process, if you choose to bid more than the next defined bid increment on the screen, you may submit a fixed bid amount (proxy bid) above the current bid. The Clearinghouse auction engine will immediately place a bid one bid increment above the existing bid and you will become the high bidder. If a competing bidder increases their bid above yours, the bidding engine will automatically place a bid one bid increment higher for you.
Proxy bidding allows you to remain active in the bidding process and NOT be required to submit a new bid each time someone else bids on the Lot. Once you have set your proxy bid, then you can have the confidence of knowing that Clearinghouse's auction engine will bid on your behalf and you will remain the high bidder until the bidding process closes or you are ultimately outbid above the amount of your proxy bid.
Clearinghouse employs a bid extension feature on all auction listings to better emulate an actual auction experience. Bidders cannot place a bid at the last second of the auction to win the auction. To ensure a fair and competitive online auction; if a bid is placed in the final 10 minutes of an auction, the bid extension feature will be triggered and extend the auction for an additional 10 minutes.