Read our FAQs to learn what PriorityBid is and how to use it to bid in an online auction.
What is PriorityBid and why is it smart to use it?
PriorityBid is our system for placing bids during the preview period of an auction. A significant amount of all bidding in our auctions occurs with PriorityBids; more than 70% of items typically have bids on them before auction day. Because they are placed during preview, PriorityBids have a delayed effect on the price of an item: the price does not change until the auction opens. There are several advantages of using PriorityBids:
- You do not have to be at your computer on auction day. When you place a PriorityBid, you specify the maximum you are willing to pay for an item. You will be told immediately if yours is the highest bid placed so far, but you will not know how much of your bid amount remains to protect you from later bidders. Your bid amount is confidential and our auction software will keep you in the lead against competitive bids through the preview and on auction day or until your maximum amount is exceeded. If you get outbid by another PriorityBid, an automatic email will immediately be sent to you.
- You can win the item for less than your maximum amount. In our style of auctions, the price the winner pays is determined by the price the runner-up was willing to pay. The final price is never more than one bid increment greater than the next-highest bid. So, if you have little competition, you can win an item for less than your maximum amount. We recommend you determine your “no regrets” price—the price at which, if someone else were to win, you would not regret the outcome—and then bid one increment below that.
- Bidding early helps ensure that you are the winner. When competing PriorityBids are placed for the same amount, the earliest bid takes precedence (it has Priority at that price), so submitting your bid early gives you an advantage. You can place a PriorityBid online any time day or night, or by fax during our Customer Care hours.
- Freedom to keep an eye out for other bargains. PriorityBids give you the freedom to browse and track other items on auction day without worrying about your “must-have” items. Our system acts as your assistant, constantly monitoring your PriorityBids and keeping you in the lead until the price goes beyond your designated maximum bid amount.
As auction day approaches, you can check the status of your PriorityBids in the Buying List of My Account. Make sure your email address and notification settings are correct in My Account Profile so that you can receive outbid notification emails. Before even being outbid, you can increase the maximum on any of your PriorityBids by placing a new PriorityBid on the same item for your new maximum amount (don’t worry, you can not outbid yourself). Like all bids, PriorityBids are binding and can not be retracted nor reduced.