Here at Vendidit, we try to empower our buyers with the tools they need to maximize their margins. However, all the various bidding option can at times get confusing, as such we have outlined all the possible options for bidding and how they operate.
Proxy bidding is one of your most powerful tools on Vendidit. No one wants to have to watch an auction for hours to ensure they win a lot, so at Vendidit, we have enabled buyers to set a maximum bid, called a reserve bid, and then Vendidit will bid on your behalf up until that limit is hit. This allows you to set the limit of what you are willing to pay for a lot and simply walk away and let Vendidit do the rest for you.
Popcorn bidding ensures that no last minute bids can slide in and swipe an auction at the last minute. This ensures that everyone has a fair chance of winning a bid. The way it works is within the dying minutes of an auction, should any new bids be placed, it will extend the auction by a predetermined amount, typically a minute or two.
The following are less tools and rather more like ways bidding can operate depending on the settings the seller enables; however, it can be confusing if you are not initially aware, as a result we have outlined how they work.
Open bidding is the typical bidding environment in which ever buyer can see what others have bid and what the current highest bid is. With open bidding, if the seller has enabled it and there are no bids on an auction, you are able to submit a lowball offer under the “offer less” tab.
Blind bidding is the bidding environment in which you cannot see what others have submitted, and as such you simply have to put in your best offer and hope its good enough to beat any other bids.
While more complicated than your typical transaction with a set price, Vendidit gives you a variety of different tools and options to try and maximize your dollar as you bid on Vendidit.com. With that being said if you have any remaining questions, don’t hesitate to reach out to our support team [email protected]