MAKE BIDS/OFFERS ON LISTINGS

Make Bids/Offers On Listings2023-01-24T00:53:41+00:00
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MAKE BIDS/OFFERS ON LISTINGS

Reserve Auction will show a Floor Amount (minimum of $100) set by the Seller and as agreed and assigned by Seller and EXR. This Floor Amount will be Listed in the Incremental Bid Box as the Opening Bid to start the Bidding process (Listing will only sell to the highest Bidder if Highest Bid amount meets or exceeds set Reserve Price).

  • Bidders may Bid on the Listing through the Incremental Bid Box or Proxy Bid Box during Live Auction Period
  • Make Offer is active during Upcoming Period
  • Make Offer is inactive during Live Auction Period

No-Reserve Auction will show a Floor Amount (minimum of $100) set by the Seller and as agreed and assigned by Seller and EXR. This Floor Amount will be Listed in the Incremental Bid Box as the Opening Bid to start the Bidding process (Listing will sell to highest Bidder regardless of Bid amount).

  • Bidders may Bid on the Listing through the Incremental Bid Box or Proxy Bid Box during Live Auction Period
  • Make Offer is active during Upcoming Period
  • Make Offer is inactive during Live Auction Period

Classifieds will show Buy Now Price (Listing will sell to the first Buyer that pays the Buy Now Price or Seller may accept Buyer’s Make Offer Price).

  • Buy Now is active and Buyers may buy the Listing immediately at the Buy Now Price
  • Make Offer is active
  • Buyers may Make an Offer to Seller lower than the Buy Now Price and Seller may accept such Offer at Seller discretion

Hybrid Auction (Auction + Classifieds) Will show a Floor Amount and Buy Now Price (Listing will sell if Highest Bid amount meets or exceeds set Reserve Price or to the first Buyer that pays the Buy Now Price or Seller may accept Buyer’s Make Offer Price).

  • During Classifieds Period of the Hybrid Auction
    • Buy Now is active and Buyers may buy the Listing immediately at the Buy Now Price
    • Make Offer is active
    • Buyers may Make Offer to Seller lower than the Buy Now Price and Seller may accept such Offer at Seller discretion
  • During Live Auction Period of the Hybrid Auction
    • Buy Now is inactive
    • Make Offer is inactive
    • Bidders may Bid on the Listing through the Incremental Bid Box or Proxy Bid Box

Two Bid type options:

  • $100 Increment Bids (Incremental Bidding in $100 Increments)
    • Bids will only be accepted in whole dollar amounts
    • The Platform automatically adjusts the next Bid shown in the Bid Box to be $100 dollars more than the previous Bid
      • Example: Current Bid = $15,100 – Bid Box will show $15,200 as the next Bid Amount to Bid
    • The Platform does not allow you to adjust a Bid in the Bid Box, as it is automatically set to $100 more than the previous Bid
    • You will be notified by the Platform and by email and/or text if you are Out-Bid
  • Proxy Bids (Automatic Bidding up to Max Bid Amount set by Bidder)
    • EXR’s Proxy Bid System makes Bidding convenient so you don’t have to keep coming back to Re-Bid every time someone Out-Bids you
    • To place a Proxy Bid, enter the maximum amount  you are willing to pay in the Proxy Bid Box
    • Proxy Bids NEED to be in whole dollar amounts but DO NOT necessarily need to be in multiples of $100
      • Example: Proxy Bid of $25,488 is acceptable
    • The Seller and other Bidders do not know your Maximum Bid amount
    • When a Proxy Bid is placed that is less than the Reserve amount set by the Seller, the Current Bid will immediately jump to the Proxy Bid amount set by the Bidder as it is still below the Reserve amount set by the Seller
    • When a Proxy Bid is placed that is equal to or greater than the Reserve amount set by the Seller, the Current Bid will immediately jump to the Reserve amount as Reserve has been met
    • The EXR Proxy Bid System will then place Bids on your behalf, bidding in $100 increments more than the Current Bid up to the maximum Proxy Bid amount you set
    • The EXR Proxy Bid System will only Bid the minimum amount necessary to make sure you remain the High Bidder, up to the maximum amount you set
    • You will be notified by the Platform and by email and/or text if you are Out-Bid
  • Proxy Bid Examples:
    • Example 1: ONE PROXY BID PLACED LOWER THAN SELLER’S RESERVE
      • Reserve = $50,000
      • Current Bid = $48,000
      • Your Proxy Bid = $49,500
      • New Current Bid = $49,500 (Platform places your Bid immediately at the Proxy Bid amount you set as it is still below Reserve)
      • If no other Bids are placed before Auction ends, you will be the highest Bidder but will not Win the Listing unless you continue to Bid and reach the Reserve set by the Seller prior to Auction end
    • Example 2: ONE PROXY BID PLACED HIGHER THAN SELLER’S RESERVE
      • Reserve = $50,000
      • Current Bid = $48,000
      • Your Proxy Bid = $50,500
      • New Current Bid = $50,000 (Platform places your Bid to meet Reserve)
      • If no other Bids are placed before Auction ends, you Win the Listing for $50,000
    • Example 3: OTHER BIDDER(S) CONTINUE TO PARTICIPATE AFTER RESERVE IS MET
      • As in the above example your Proxy Bid is $50,500
      • Current Bid = $50,000 (Platform placed for you as in previous example)
      • Next Current Bid = $50,100 (placed by Other Bidder)
      • Next Current Bid = $50,200 (Platform placed on your behalf)
      • Next Current Bid = $50,300 (placed by Other Bidder)
      • Next Current Bid = $50,400 (Platform Placed on your behalf) then
      • Next Incremental Bid Box Bid will be set at $50,600 (Platform internally holds your maximum Proxy Bid of $50,500 so any other Bids will need to be $100 greater than $50,500 hence Incremental Bid Box shows $50,600)
      • If the Auction ends at this point, you will win the listing for $50,400
    • Examples 4: TWO BIDDERS PLACE PROXY BIDS
      • Seller Reserve = $32,000
      • Bidder 1 Proxy Bid = $24,000
      • Bidder 2 Proxy Bid = $25,678
      • Current Bid = $25,678 (Platform jumps to the highest of the Proxy Bids)
      • Next Incremental Bid Box Bid = $25,778 and Bidder 1 will get an email and/or text stating “You have been Out-Bid”

The Platform will only accept one Bid or Offer at a time for each individual Listing.

  • If multiple Bidders are attempting to place Bids or Offers on the same Listing at the same time, the Platform will accept the first Bid or Offer received for that Listing and issue a message to other Bidder(s) that another Bidder is currently placing a Bid or Offer on the Listing
  • The specific Listing page will automatically refresh, approximately every 15 seconds, so that all Bidders know the current status of the Listing

Sniping Protection extends the Auction clock by two minutes each time a Bid is placed in the Auction’s final moments.

  • The Auction isn’t over until two full minutes have elapsed since the highest Bid was placed

Winning Buyer will be notified by email and/or text in order to complete the transaction.

  • To protect Buyer and Seller, prior to Consummation of Sale, all Winning Bids and/or Accepted Offers are subject to Buyer (at Buyer’s Discretion) completing a Pre-Purchase Inspection (PPI) within Seven (7) Business Days (or other agreed upon time-frame, as agreed between Buyer, Seller and EXR) of notification to Buyer of Winning Buyer status
  • Please visit our Terms of Service, Terms & Conditions, Buyer Agreement and Seller Agreement pages for more information and details
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