Intellirex Timed Auctions:
At some auctions we sell equipment attachments, consumer goods and other smaller items in an online Timed Auction, with no auctioneer. Bidding opens a few days before the live auction and closes at staggered times during the auction. Every item is sold to the highest bidder when bidding closes.
A timed online only auction is automated and takes place solely online. The bidding for each lot is opened at a predetermined level set by the auctioneer, usually at a set time and stays open over an extended period of hours or days. During this period of open bidding one will be able to see the current high bid on each lot. You may place a higher bid at a defined bidding increment you choose.
In timed only online auctions bidders are automatically informed by email if they are the high bidder, or if they have been outbid by another competing bidder. At the end of the defined bidding period, if the highest bid offered meets the minimum price designated by the seller as acceptable, the lot is sold. Bidding on all lots in a timed online only sales begin to close at a specified time, with lots closing at regular intervals until the auction has ended.
Some timed auctions allow extended bidding. In such a case, if a bid is placed on a lot within a specified time before closing, the bidding may automatically be extended for a set period of time. Length of extended bidding is set by the Auctioneer prior to the opening of the auction.
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