How To Bid

How To Bid

To start bidding on CARBIDS, you will need to do a $500 initial deposit. This deposit is fully refundable at anytime and can be used towards your future purchases. This deposit stays in your account until you use it up or you request us to refund it by clicking on the Refund Deposit button on the Transaction History page.

You will also need to nominate a credit card to be used to pay for a final bid deposit payment. Please see below section under Final Bid Deposit

Once you registered, signed in and have the deposit sitting in your account, you can then place your bids on cars.

Placing a Bid is simple. When you find an item you like:

1. Carefully review the listing.
2. Enter your max bid, and then click the “Bid Now” button.
3. Review your bid, and then click the Confirm Bid button.
4. When the listing ends, you'll receive an email indicating whether you've won the item and an explanation of what to do next.

During the auction you will be notified if you are outbid

Placing a bid

When you place a bid, you enter the maximum amount you are willing to bid for that item.

Let’s say the bidding is at just $2,000 for an item you would be prepared to bid up to $10,000. Enter $10,000 as your maximum bid amount. Your max bid is always kept secret.

The system will then bid on your behalf, but only enough to beat the other bidder. As the bid is only at $2,000, the system will register your bid at $2,010.

If other bidders outbid you the system will keep bidding on your behalf up to your max bid amount. You can choose to receive outbid notices by email and SMS.

At the end of an auction, if you are the highest bidder, you are the winner. As the winner of the auction, you only pay the lowest possible winning bid, not necessarily your maximum bid.

If the other bidders exceed your max bid you will need to re-bid if you want to stay in the auction.

Final Bid Deposit - Processed as soon as the auction is won

Final bid of $1000 and under
As soon as the auction is won, your nominated credit card will be charged the full amount outstanding, minus the deposit initially paid. i.e
if you win a car for $800 and there’s a 12.5% buyer’s premium applicable:

1. Your full amount outstanding will be $900.
2. Your deposit payment was $500, so therefore:
3. Your nominated card will be charged ($900 - $500) = $400 as soon as the auction is won.

Final bid between $1001 - $50,000
As soon as the auction is won, your nominated credit card will be charged $500 and you will have to pay the remaining balance within 72 hours of auction closing.

Final bid of $50,001 and above
As soon as the auction is won, your nominated credit card will be charged $1000 and you will have to pay the remaining balance within 72 hours of auction closing.

How to Use "Instant Bid"

Sometimes as part of your auction strategy you may want to jump the bid higher than the normal proxy bid. This is generally used to knock out other bidders and get the item closer to a final bid value.

When you enter an “Instant Bid” the FULL amount you enter is applied to that auction. This may not be higher than another bidder’s Max (proxy bid), so you may not be the highest bidder.

Let’s say the bidding is at just $5 for an item that’s worth $2000. You might enter and instant bid of $500. The auction bid will immediately go to $500, unless another bidder has put in a higher max (proxy) bid.

An “Instant Bid” usually tells other bidders you are serious about getting this item.

"Last Call for Bids"

All auctions are set to close at a certain time.

A winning bid is placed within the last 5 minutes of the set closing time, the closing time will be extended automatically by a further 5 minutes.

If a bid is placed within 1 minute of closing time, and that bid is immediately beaten by another bidder's proxy bid, the auction will be extended for 1 minute to give you a chance to rebid.

This likens the Auction to live auction where the bidding only ends when everyone is certain they do not want to place a further bid. It also stops the winning bidder “sniping” a bid 1 second before the end of an auction.

How this works:

• Auction closes at 7.30:00 PM
• The bidding is at $900
• A bid is placed at $1,000 at 7:29:10 PM
• The new close time for the auction is set at 7:35:00 PM
• At 7.30:00 the last call comes again.
• If there is a winning bid placed between 7:30:00 PM and 7:35:00 PM the new close will be 7:40:00 PM.

Extensions Example:

• Auction closes at 7.30:00 PM
• The bidding is at $900
• A bid is placed at $1,000 at 7:29:30 PM, but get beaten by a proxy bid.
• The bidding is at $1,010
• The new close time for the auction is set at 7.30:30 PM
• If there is a winning bid placed between 7:29:30 PM and 7:30:30 PM the new close will be 7:35:30 PM.

What is the Buyer’s Premium?

CARBIDS charges a Buyer’s Premium on the final price of all auctions. The Buyer’s Premium is a percentage of the winning bid price, which is paid to ALLBIDS as an auctioneer’s fee.

The Buyer’s Premium differentiates the auction market from the retail market as buyers are allowed to set their own price. The Buyer’s Premium may vary and usually relates to the extra costs that may be incurred when handling certain items.

So if the winning bid (Bid Price) is $1,000 and it has a 12.5% Buyers Premium, then the buyer will be invoiced $1,125.

Please note: the Bid Price and Buyer’s Premium is inclusive of GST.