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HOW DOES IT WORK?
AUCTION PROCESS: The 1st Lot will begin to countdown at the advertised auction date/time. The countdown timer will start at 30 seconds. If there are any bids on a particular lot within the last 15 seconds of the close of the online auction it will be extended back out to 15 seconds, until there are no successful bids within that time. The 2nd Lot will not begin until the 1st Lot has been sold; this is applicable to all Lots sequentially. This way, if you are interested in more than one Lot you will be able to bid on each Lot.
FOLLOW AUCTION LIVE: If there is more than one Lot in an auction you can follow the auction live by clicking the 'Follow Auction Live' check box when it becomes available. The Button is located above the 'Bidding Centre' on each Lot, you simply tick the box and you will be following the auction live. This function will ensure that each time a Lot closes your page will automatically move to the next Lot. This ensures you are ready to bid on each Lot and don't miss out on anything whilst trying to click to the next Lot manually. [See picture 2]
WHEN DOES AN AUCTION LOT CLOSE: Typically, auctions close at the estimated closing time. However, if there are any successful bids on a particular Lot within the last 15 seconds of the close of the online auction it will be extended until there are no successful bids within the ‘Refresh Period’. There is no limit to the number of times an online auction can be extended. This way it works more like a live auction where the bidding doesn’t stop as long as there is still interest in the Lot, rather than assigning a strict cut-off time, thus avoiding 'auction sniping'. It is a good idea to watch the auction as the auction nears closing time. When the auction is flashing 'Closing' please note there is only 5 seconds left in the bidding...do not leave your bidding to the final second, this is the best way to miss out. [See picture 3]
SUBMITTING A BID: Clicking the red "Bid Now" button will automatically place a bid at one increment above the current bid. If you do not believe you will be able to be online at the auction closing time or have doubts about your internet connectivity, it is advisable to ‘Submit a Bid’ at a price you believe would win the auction. Once you have submitted a bid, the system will bid for you against any other bidder up to the amount you have submitted. Once the bidding is above your maximum ‘Submitted’ price, you will be out of the bidding and need to enter another bid to compete for the Lot. This is not a guarantee you will be the successful bidder, but will enable you to compete for the Lot without having to be present at the time of the sale. Please be mindful of 'Submitting a Bid' during the 'Closing' time of the auction, at this point there is only 5 seconds left and the auction may close while you are typing a bid. [See picture 4]
MY BID IS IN CONTENTION? If the auction is not closed you are the highest bidder (or one of the highest bidders) at the moment. If the auction is closed you are the highest bidder, however this is subject to any reserve and on you paying for the lot. You can check to see if you bid has been accepted by going to the My Account > Purchases page. If the item appears here your bid has been accepted. If it does not, it has been submitted to the vendor for their consideration, and may be accepted, so please check back later. [See picture 5]
TEST BIDDING: This Lot can be used to test your bidding. * Please do not bid in the last 15 seconds of the auction as this will delay the start of the auction!
Lloyds Auctioneers and Valuers
UNRESERVED $1M Tool Insurance Claim #3 (A535)
Lloyds Auction Super Centre
69 Manchester Rd
Carrara QLD 4211
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Estimated time till sale:
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All amounts are shown in Australian Dollars $AUD
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Item reference: 1+1
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