GovPlanet: How it works - Ritchie Bros. Help & Support Center

See our FAQs on how our online auctions work.

How does the bidding work in an example auction?

Let’s suppose that we’re selling a backhoe loader 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.

Bidder A starts the bidding by entering a maximum bid amount of $23,000. The GovPlanet auction system bids $20,000 on Bidder A’s behalf, which is the minimum amount required to put Bidder A in the lead.
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.
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.
Bidder A then attempts to reclaim the lead 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.
No more bids are submitted to this auction, so Bidder C wins the auction at $25,500, even though his maximum bid amount was $28,000.

Why does the bid jump so quickly sometimes?

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 or her 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.

Why did I immediately get outbid after placing a bid?

The system automatically placed a bid in response to yours, because the current high bidder had specified a maximum bid amount greater than the amount you submitted.

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).

Can I retract, cancel or decrease a bid?

No, all bids in GovPlanet auctions are final and binding. You can always increase, but can never decrease 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 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.