What does no reserve mean in an auction?
When a car is being auctioned at No Reserve, it is for sale with no restrictions. The highest bidder will get the car with zero threshold to meet.
What does reserve mean in an auction?
A reserve price is a minimum price a seller is willing to accept from a buyer. In an auction, the seller is not required to disclose the reserve price to potential buyers. If the reserve price is not met, the seller is not required to sell the item, even to the highest bidder.
How do auction reserves work?
An auction reserve is the minimum price the seller is willing to accept for an item. In this type of auction, the seller is only obligated to sell the item if the bid amount meets or exceeds his or her reserve price.
How do you tell if an auction has a reserve?
You have to click through to the Listing Page for the particular listing to find out if there is an unmet reserve (will say “Reserve not met” under the “current bid” amount) and from there to the Bid History Page (click on the # of bids on the Listing Page) to find out if there is a reserve that has been met (will say …
What is the difference between an auction with reserve and an auction without reserve?
A no-reserve auction (NR), also known as an absolute auction, is an auction in which the item for sale will be sold regardless of price. This contrasts with a reserve auction, where the item for sale may not be sold if the final bid is not high enough to satisfy the seller. …
How do you set a reserve price at an auction?
When to set your reserve? Make a decision about the reserve price anywhere up to a few weeks prior to auction day. Avoid changing your mind without evidence to back your decision up. You are looking to try and make the decision as logically and unemotionally as possible prior to the day of auction.
Do eBay sellers have to accept the highest bid?
you don’t have to accept a bid on an auction. once the buyer sees the listing and bids, they are actively bidding and if they win and pay, you will get their shipping information.
What is the difference between starting bid and reserve?
When you post an auction listing, you can set a Starting Bid and/or a Reserve Price. A Starting Bid is the least amount a bidder is allowed to bid in an auction, and is the price at which the bidding starts. A Reserve Price is the least amount you are willing to sell the item for. …
What does it mean when an auctioneer says I’m out?
5. I’m out: How the auctioneer lets bidders know that the an absentee bid has been maxed out. 6. In the book: Another way the auctioneer may refer to an absentee, commission or written bid.
Is the reserve price the same as buy it now?
On eBay, a reserve price is the minimum price the seller will take for an item, while a Buy It Now price is a set price you can buy an item for. A listing with a Buy It Now option does not mean that the bidding has a reserve price, though the two features can be used together in one listing.
Do you have to pay reserve fee if item doesn’t sell?
The insertion fee and all listing upgrade fees, including the Reserve fee, are charged to your invoice at the time that the listing goes live, and they are nonrefundable. Most sellers avoid this by just starting the bidding at the lowest price they’d be willing to sell for.
What is the lowest reserve price on eBay?
Ebay for their own reasons decided that the minimum reserve price is £50, accept it and move on. As others have said start your auction at the minimum you’d be happy to accept, unless it’s a free listing day then yes you’ll have to pay an insertion fee but that will be alot less than the reserve fee.
Does eBay tell you if there is a reserve?
Sellers can choose to add a reserve price when listing an item in an eBay auction. Unless they state their reserve price in the listing, you won’t know what it is until you either meet it or bid above it. If you bid below the reserve price, you’ll see a “Reserve not met” message.
Should I reveal my reserve price on eBay?
Re: I’ve been asked to disclose my reserve price
No, that’s not the case. It’s to prevent the item from being sold for any less than the Reserve. There’s no reason at all to keep it a secret.