FAQ: Timed Auctions

• I was outbid by someone else who placed a bid for the same amount. Why? [Answer] If two people place equal bids, the bid that was placed first is accepted as the highest bid. If you place a bid and are outbid right away, it is probably because someone placed an earlier Maximum Bid.
• I placed a Maximum Bid but I've changed my mind. Can I cancel my bid? [Answer] No. Every bid placed at a Ritchie Bros. auction is final and irrevocable. You cannot cancel or retract any bids you place in the Timed Auction system. When you place a Quick Bid or Maximum Bid, you will be asked to confirm your bid to ensure that you don't place any bids by mistake.
• Will the other bidders see my Maximum Bid? [Answer] No: your Maximum Bid will be hidden from the other bidders. You can see your own Maximum Bids, but you can't see anyone else's bids.
• If I place a Maximum Bid, will I have to pay that amount? [Answer] When you place a Maximum Bid, the system puts you in at the lowest amount possible and then bids for you, up to and including the amount you specify. The system will only raise your bid if you have been outbid. If you are the highest bidder when bidding closes, the item will be sold to you at your current high bid, even if your Maximum Bid was higher.
• What's the difference between a Quick Bid and Maximum Bid? [Answer ]A Quick Bid is a bid at the next highest increment. For example, if the current high bid is $5, you could place a Quick Bid at $10.
  
  A Maximum Bid is like a proxy bid; it is the maximum amount you are willing to pay – for example, $100. When you place a Maximum Bid, the system puts you in at the lowest amount possible and then bids for you, up to and including the amount you specify. For example, if the current high bid is $5, the system would place your bid at $10. If someone outbids you, the system would keep bidding for you until it reached your Maximum Bid (in this example, $100).
  
  If you are the highest bidder when bidding closes, the item will be sold to you at your current high bid, even if your Maximum Bid was higher. In this example, the item may be sold to you for LESS than $100 (your Maximum Bid).
• What is the benefit of placing a Maximum Bid? [Answer] Placing a Maximum Bid is the best way to save time and effort: the system bids for you so you don't have to stay at your computer or at the on-site internet kiosk. Just set your maximum (i.e. how much you would be willing to pay for an item) and let the computer do the bidding! If you place a Quick Bids, you have to stay online or come back to the computer to place another bid every time you are outbid.
• I don't want to stay at my computer all day. How can I find out if someone has outbid me? [Answer] There are two ways to save time and effort: place Maximum Bids (rather than Quick Bids) and sign up for email alerts. When you place a Maximum Bid, the system will bid for you, up to and including the amount you specify, so you don't have to stay at your computer to bid. And, if you sign up for email alerts in the Timed Auction system, you will be notified by email if you have been outbid or if an item was sold to you. Note: email alerts are not sent during the last five minutes of bidding.
• How do I know if I was the highest bidder? [Answer] You can find out if an item was sold to you by signing in to the Timed Auction system: check under My Selections (make sure you select Sold Lots from the dropdown menu) or click View Purchases. You can also sign up for email alerts: we'll let you know by email if you are the highest bidder.
• Are there any extra fees for the Timed Auction? [Answer] Payment terms and fees are the same, whether you bid in person, online or by proxy. There is no charge for registering or bidding in the Timed Auction. You may need to place a refundable bid deposit. See Deposit & Payment Information in the auction details on our web site for more information.
  
• I did not receive an email alert when I was outbid. Why? [Answer] You may not have received an email alert for several possible reasons. Please note:
  - Email alerts are not sent out during the last five minutes of bidding on an item
  - You must sign up for email alerts in the Timed Auction system (even if you provided your email address to Ritchie Bros. when you registered or set up an account)
  - You must sign up for email alerts during each separate Timed Auction (even if you signed up at previous Timed Auction events)
  - When you sign up for alerts in the Timed Auction system (go to Manage Alerts) you must click next to yes, type in a valid email address and click >> Update.
  
• There are many similar items, but I only want to buy one. Which one should I bid on? [Answer] If you want to buy a certain type of item, rather than a specific lot, you can create a choice group under Advanced Bidding. You select the items you'd like to bid on, specify the maximum number you'd like to buy and then place a Maximum Bid. Find out more about Advanced Bidding.
• There are multiple items included in the lot I want to bid on. Does my bid apply to each item? [Answer] No: your bid applies to an individual lot. Sometimes we sell multiple items as one lot (this is sometimes indicated as "Quantity of…"). The best way to confirm how many items are included in each lot is to inspect the lot for yourself.
• Why do you sell some items by Timed Auction? [Answer] In the past, small lots were always sold during our live auctions. The bidding is very fast, with most items selling in fractions of a minute, which makes it difficult for online bidders to participate. That's why most small items have only been available to on-site and proxy bidders.
  We wanted to open up the bidding and give everyone equal opportunity to bid on and buy smaller items, whether they were bidding on-site or online. Opening up the bidding is good for our consignors too, because it means more people have the opportunity to buy the items they are selling.
• I can't sign in with my bidder number and PIN. Why? [Answer] Your PIN is case sensitive. It has one letter and four numbers. Make sure your caps lock key is turned off and your number lock is turned on, then try again. If you're still having trouble, contact customer service.
• Why are there no bid buttons on a certain item? [Answer] If an item has been sold or removed from the sale, or if you placed a bid on it as part of a choice group under Advanced Bidding, the bid buttons will be removed from the item. If you want to increase your bid on an item in a choice group, click the link to My Choice Groups.
• The items I bid on are not listed under My Selections. Why? [Answer] Make sure you select All Lots or Sold Lots from the dropdown menu. If Upcoming Lots is selected, only items that haven't been sold will appear.
  
  If you created a choice group under Advanced Bidding, only the lots you are currently high bidder on will appear under My Selections. Go to My Choice Groups to review the whole group.
• Will the items in the Timed Auction be sold in the live auction as well? [Answer] No: an item is either sold by Timed Auction or in the live auction, not both. Every Timed Auction lot has a specific closing time; the highest bidder at that time is the new owner of that item.

FAQ ABOUT ADVANCED BIDDING

• I was the highest bidder on an item in a choice group – but it wasn't the lowest-priced item in the group. Why? [Answer] When you create a choice group, the Timed Auction system places your bids in a way that maximizes your chances of being successful. You may not be successful on the lowest-price items because other people are placing individual bids on items in your choice group. If their Maximum Bids are higher than your Maximum Bid, the system will not bid on those items for you (because you will be outbid).
• I was outbid on all of the items in my choice group but I still want to buy one or more. What should I do? [Answer] If bidding has not closed on those items, go to My Choice Groups. You can then increase your Maximum Bid or dissolve the group and start bidding again (either by placing bids on individual items under All Listings or by creating a different choice group under Advanced Bidding).
• Can I add items to a choice group if I've already placed bids on them? [Answer] No: if you are an active bidder on an item (or if it is part of an active choice group), you cannot add that item to a choice group.
• Can I change the quantity I want to buy from my choice group? [Answer] No: once you have confirmed your bid, you cannot change the quantity you want to purchase from your choice group. Make sure you are certain about the items you have chosen to bid on, the quantity you want to buy and the Maximum Bid you want to place before confirming your bid on a choice group.
• Can I add or remove items from my choice group? [Answer] No: once you have confirmed your bid, you cannot add or remove items from that group. Make sure you are certain about the items you have chosen to bid on, the quantity you want to buy and the Maximum Bid you want to place before confirming your bid on a choice group.
• Can I place individual bids on an item in my choice group? [Answer] No: once you create and bid on items as part of a choice group, you cannot bid on them individually. The bid buttons will be removed from those items so you can’t bid against yourself. Make sure you are certain about the items you have chosen to bid on, the quantity you want to buy and the Maximum Bid you want to place before confirming your bid on a choice group.
• I want to dissolve one of my choice groups but the button is missing. Why? [Answer] The Dissolve Group button will not appear if you are still an ‘active bidder' on one or more lots in your choice group. You are no longer an active bidder on an item if you have been outbid or if an item is sold (to you or someone else). You can only dissolve a group when you are no longer an active bidder on any item in that group.