How do Timers and Bidding work?
Bidding and Timers: Auctions are always live with a timer that counts down to Zero applying Bids approximately every 10 seconds from Auto-bidders or any Manual Bids.
1.TIMER RUNS OUT and The Reserve Price On Auctions is met, a final warning will flash GOING ONCE, GOING TWICE, SOLD and the top bidder WINs the auction. If bids are applied during the GOING ONCE, GOING TWICE warnings an additional 10 seconds will be added to the timers.
2. TIMER RUNS OUT and The Reserve Price on Auctions is NOT met, the timer will count down to Zero and a warning will flash RESERVE NOT MET, GOING ONCE , GOING TWICE giving all bidders a chance to apply bids to try and hit the reserve level. Each bid applied during the warnings will add 10 seconds to the timer, if no bids are applied then a NOT SOLD will flash ending the auction (No one wins the Auction) and all bids placed on the auction and auto bidders will be put back in the users accounts immediately. (BID BACK GUARANTEE)
VERY IMPORTANT: in the last seconds of any auction, until the warning "RESERVE NOT MET" goes away there is no winner of that auction even if you are the highest bidder.
We RECOMMEND that you place your bids at least 5 seconds prior to the timers reaching Zero, we cannot and will not guarantee that your bid/bids are registered in time if you bid during the last seconds of any auction. Using your LazyLoader/ Auto-bidder is the best way to get your bids through in case of any unforeseen network or internet problems.
Timed Reserve Auction Strategies
TIMED RESERVE AUCTION STRATEGIES
LazyBids.com has set out to change the mindset of the average bidders when it comes to reserve auctions, we have developed a unique, fast paced, Timed Reserve Auctions combined with a Bid Back Guarantee and LOCK OUT options. Typical reserve auction sites the item just sits there for days until the reserve level is hit, wanting to keep our site fresh and constantly changing, we combined your typical timed auctions with reserve options.
As a site we do offer NO Reserve auctions also, but find in several situations the members are bidding far beyond the reserve levels of our reserve auctions. We want to get all members excited about our unique Timed Reserve Auctions, so we want to provide all our members a few helpful tips that will enhance their experience even greater.
TIP #1 Do not wait until the timer counts down to: 00 before placing bids, place multiple bids at one time, as many as you feel comfortable paying for the item, while still maintaining a great savings.
TIP #2 Once you have your desired amount of bids placed, WAIT until the timer hits: 00, if the reserve still has not been met, you will get a warning, RESERVE NOT MET, GOING ONCE, GOING TWICE, NOT SOLD. Once the WARNING flashes, you need to decide quickly if you wish to add more bids to meet the reserve, or simply let the auction close and get all your bids returned to your account immediately.
TIP #3 Take advantage of our BID BACK GUARANTEE, feel more at ease bidding on reserve auctions, knowing within minutes if the reserve is not met, you get all your bids back to move onto the next auction. (Other reserve auction sites, you place your bids and wait for ever to see if you won or not and never get your bids back)
TIP #4 Take advantage of our LOCK OUT feature, our Timed Reserve and No Reserve auctions all have LOCK OUT placed on them, except Bid Pack auctions. On our Reserve auctions, if the reserve is hit, a note will appear in the upper right corner that says Timed Reserve price is already met and it locks out any new bidders, this also encourages bidders to place bids early to insure they are not locked out, but it also becomes an advantage to have less competition on a particular auction.
Hope these simple tips gives everyone a better understanding of the benefits of our unique TIMED RESERVE AUCTIONS and how it keeps our site fresh and fast paced, while enhancing a fair and ethical market place. Reserve auctions with a Bid Back Guarantee; insure a stable future for any site, while offering real savings to its members, with a BOT-FREE environment.