Everyday, people participate in online auctions to get the things they want and need for less. Bidding typically starts low, and bidders have the opportunity to get name brand products at a fraction of their MSRP value. If you’ve never participated in an online auction, the process may seem a little confusing. This type of auction is different than in-person auctions, where bidders visit a physical location to view and bid on items.
Registering to Bid
Before placing any bids, bidders must register on the website. Typically, this involves filling out a form and providing key information like name, phone number, and email address. Bidders will also be asked to provide payment information. Typically, bidders pay nothing unless they win the auction.
Different Types of Bids
Bidders can choose to place a one-time bid or a maximum bid. When a maximum bid is entered, the system places bids on behalf of the bidder up until the entered amount. This is the most convenient way to participate in online auctions. The maximum bid option also makes it possible for bidders to set a budget. If outbid, the system sends an alert via email. At this time, the bidder can choose to increase their maximum bid or forfeit the auction.
Bidders can also choose to place a one-time bid. This option requires the bidder to manually enter each bid. While most people find this inconvenient, some people prefer the control this option provides.
Picking Up Your Items
Once the auction closes, winning bidders must pick-up their items from their local warehouse. This is typically the only time bidders visit the warehouse. Occasionally, the auction company will offer shipping for an additional charge. This is an excellent option for people that can’t travel to the warehouse. Of course, bidders that pick-up their items themselves, end up paying less.
Participating in online auctions is a fun and easy way to get what you want for less. It also provides an opportunity to get discontinued or hard to find items.
Lots of Auctions offers daily auctions in Denton and Dallas, Texas and Cape Girardeau, Missouri. Bidding starts at just $5 and bidders can choose from multiple categories and items.
Bidding 101