Online auctions make it easy for people to bid for items, even if they are miles away from the auction house. This is good for individuals, but it’s also beneficial to the sellers participating in the auction. It allows an auction to cast a wider net, pulling in participants from far away as well as nearby.
For the buyers, engaging in online auctions makes it easy to bid on desired items from anywhere- even the phone. When you bid on an online auction, you never have to miss a bidding opportunity. Online auctions offer a diverse array of items, and because auctions are competitive, the prices are often lower than retail. But what happens if you place a bid you didn’t mean to place, or you change your mind? Can you retract an online auction bid?
Whether or not you can retract a bid depends largely on the company managing the auction. For instance, Dakil Auctioneers works with Proxibid to offer online auctions. Proxibid does allow bids to be removed, but only under certain conditions.
First, a bid cannot be lowered: it must be removed entirely. This can only happen if there are more than 24 hours remaining until the event starts or the first lot closes. Bids cannot be removed if the event is live, and removal has to be approved by the seller. Other auction services will have similar policies, but not every service is the same.
You will need to contact the company through which you are bidding to determine their policies on bid retraction, but make sure that you do it as quickly as possible. Typically, you will have better luck gaining permission to remove a bid if you give the company and the seller ample notice. Determine the company’s policy before you make contact, so that you are well informed about what is possible.
Of course, even if you can retract your bid, it does not mean that this is a good idea. There are many different reasons that someone would retract a bid, some more understandable than others.
Maybe the buyer didn’t read the description carefully, missing a crucial detail. A far away listing may specify “no shipping” or a specific pickup time is a conflict for the buyer. In some cases, the buyer types in an unintended amount, perhaps adding too many zeros, and wants to retract the bid.
Sometimes, retraction is not necessary, if alternate arrangements can be made for a pickup, for example. In most cases, it’s better not to retract a bid. The best practice is to be careful when reading descriptions and then bid carefully, taking your time and avoiding rash or flippant bidding.
While retracting a bid one time may be understandable, doing it repeatedly can damage your online reputation. Sellers and their representatives provide feedback on bidders, and negative feedback can result in consequences, including a buyer being permanently banned from an auction site. Often, this kind of consequence can be avoided by simply being careful.
Bidding online can be exciting and extremely rewarding if you know what you are doing. Online auctions are similar to traditional auctions in many ways, with the distinct difference being that online auctions offer more convenience and accessibility. It is not just as simple as logging on and jumping into a bid, however. Aside from reading the description carefully and understanding the rules, there are some strategies to follow to be a successful participant in an online auction.
Whether you are a buyer or seller, Dakil Auctioneers, Inc is here to offer a seamless auction experience. Oklahoma’s premier full-service auction company, we have led the Oklahoma auction industry since 1982. Our auctioneers have over 200 years combined experience, and our 28,000 square foot, state of the art facility in Oklahoma City sets us apart from other sales options, not just locally but also nationally. If you need to auction property, we are capable of providing comprehensive administration of a business liquidation, including industrial and business equipment, oil and gas properties, or estate property, offering complete liquidation or cash purchase. Additionally, we provide expert promotion for your auction, designed to reach the largest number of potential purchasers, for maximum results. A Dakil auction is a clear, efficient, and above-board process, which is why so many people choose us over other auctioneers. If you would like more information or to subscribe to our newsletter, contact us through our website.
