FAQ

How does the bidding work in a sample auction?

Lets suppose that were selling a backhoe loader in a Featured Auction which opens at €20,000 and has a bid increment of €500. The following gives an example of how the bidding for this auction might unfold.

1. Bidder A starts the bidding by entering a maximum bid amount of €23,000. The IronPlanet auction system bids €20,000 on Bidder As behalf, which is the minimum amount required to put Bidder A in the lead.
    
2. Bidder B enters a maximum bid of €20,500 in an attempt to take the lead. However, since Bidder A has a higher maximum amount, our auction system responds with a bid of €21,000 to maintain Bidder A's lead.
    
3. Bidder C then joins the bidding with a maximum bid of €28,000. Our auction system first tries to bid on behalf of Bidder A at his maximum amount of €23,000. But, since Bidder C's maximum amount is higher, the system cannot keep Bidder A in the lead. The auction system then places a bid on behalf of Bidder C for €23,500, which is the minimum amount required to make Bidder C the high bidder.
    
4. Bidder A then attempts to reclaim the load with a maximum bid of €25,000. But, since Bidder C's maximum amount is higher, our system responds to keep Bidder C in the lead with a bid of €25,500.
    
5. No more bids are submitted to this auction, so Bidder C wins this Featured Auction at €25,500, even though his maximum bid amount was €28,000.

Why do I immediately get outbid after placing a bid?

This will happen whenever the lead bidder has previously entered a maximum bid amount which is higher than the bid amount you attempt to place. You will continue to be immediately outbid until you enter a valid maximum bid amount which is higher than the lead bidder's maximum bid amount.

Why does the bid jump so quickly?

This is because the auction system automatically responds to bids by other users by confidentially placing bids on behalf of the lead bidder, up to his maximum amount. Whenever a valid bid is placed in an auction that already has at least one bid, the bid will rise to cover the maximum amount specified by the new bidder, or to put the new bidder in the lead.

Can I increase my maximum bid amount?

Absolutely! Simply place a new bid and specify your new maximum amount. You may increase your maximum bid amount at any point during the auction, whether or not you are the lead bidder.

Is it possible to bid against myself?

No, if you are already the high bidder in an auction and you increase your maximum bid amount, the bid will not immediately change. As always, your bid will only increase in response to bids by other users, in the smallest increment possible to maintain your position as high bidder (up to your new maximum bid amount). The only exception is that in a Daily Auction, if your maximum bid is the first to meet or exceed the Reserve Price, our auction system will initially enter your bid in the smallest increment possible so that your bid meets the Reserve Price.

Can I retract or decrease a bid?

No, all bids in Steelhammer auctions are final and binding. You can always increase, but can never reduce, your maximum bid amount at a later time.

Do I have to bid in whole increments?

Yes. All bids must be in whole increments. The bid increment can vary between auctions, but is typically either €500 or €1,000. You can always bid more than one increment above the current highest bid, but your bid amount must be a whole bid increment.

For example: Let's say you're bidding on a grader being auctioned, where the current highest bid is €60,000 and the bid increment is €1,000. You can successfully place a bid for €61,000, €62,000, €63,000, etc., but our auction system will NOT accept a bid of €61,500, €62,001, or any other amount which is NOT a whole increment of €1,000.

What happens if two maximum bids tie?

In the case where two maximum bids are equal, the earlier submitted bid takes precedence.

For example: Let's say you're bidding on a wheel loader, and you set a maximum bid amount of €60,000 and take the lead with a current highest bid of €57,000. If another bidder later enters €60,000 as his maximum bid amount, the auction system will bid on your behalf and keep you in the lead at €60,000.

Can I bid during preview?

Yes. Just place a PriorityBid on any item up for preview and when the auction opens, our system will automatically submit your bid in the order received. As soon as you place your bid, we will even tell you whether you have placed the highest PriorityBid for a given auction. If your PriorityBid is later outbid during the preview period or live auction, we will also attempt to notify you. You may place a PriorityBid online or by fax. Remember that whenever two maximum bids are equal, the earlier submitted bid takes precedence, so submitting an early PriorityBid can have its advantages.

When is an auction extended?

Any successful bid placed within the last two minutes of an auction will extend the auction by two minutes. An auction can be extended multiple times, until there have been two minutes without bidding activity. The only exception to this rule occurs when the high bidder in an auction increases his maximum bid amount in the final two minutes of an auction. Should this occur, the bid amount will not change and the auction will not be extended until another bidder places a successful bid.

How can I tell if I'm winning an auction?

As soon as you confirm your bid, a bid status message will tell you whether you have the highest bid in the auction.  Afterwards, we suggest returning to the main auction page if you wish to monitor the progress of an auction.  On the main auction page (and on the equipment details page or the bidding page), you will see a flashing exclamation point and a note reading "Highest bid is yours" next to any item for which you are the lead bidder.  Remember that in response to other bids, IronPlanet's auction system will automatically increase your bid in the smallest increment possible (up to your maximum amount) to maintain your position as high bidder.