What does no reserve mean?
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.
What does no reserve mean in an auto 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 NR mean on GunBroker?
Final Value Fee
What does reserve mean on trademe?
Sellers can set a start price and specify a reserve. A Buy Now can also be added. Members place bids. If the reserve is met, the highest bidder is the winner. If the Buy Now is accepted, the auction will close right away.
What is the point of a reserve price?
The reserve price prevents a bidder who offers a price lower than what the owner will accept from winning the auction. The point at which the buyer and seller are no longer willing to negotiate is the walk-away point. The auction’s starting price tends to start lower than the reserve price to encourage bidding.
Why is there no reserve in auction?
A without reserve auction maximizes the prospect of a deal, as no item may have any minimum bid nor the right for the seller to decline any bid — so the item could sell for 1 cent in theory. Many more people respond to this opportunity than do people respond to auctions with minimum bids or seller confirmations.
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.
Is an auction without reserve a valid offer?
An offer is made when a party, known as the offeror, presents terms of a contract to another party. … Except in specific circumstances, an auction does not constitute a legally binding offer and agreement process. An auction can be held with or without reserve.
What does reserve mean?
As a noun, reserve refers to the quality of a shy or modest person who doesn’t easily express his or her feelings. As a verb, to reserve is to stash something away or to set it aside for future use. Reserve can also refer to backup supplies or resources.
How reliable is GunBroker?
Gunbroker is good in that they have a feedback system. So you know deals have gone through. The negative is that over 50% of the auctions are priced not to sell.
Can a seller cancel a bid on GunBroker?
A bid or purchase on GunBroker.com is considered a binding agreement/contract; therefore, it cannot be retracted or canceled unless there are exceptional circumstances. … You should not place a bid if you are not able to complete the transaction.
What is 15 minute rule on GunBroker?
In this mode, the listing is automatically extended until no bids have been placed within 15 minutes. When 15 minutes have passed with no bidding activity, the listing ends. The purpose for the 15 Minute Rule is to prevent sniping and offer all users the opportunity to bid.
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. …
Can you add a Buy It Now price after someone has bid?
You’ll need to end your auction and create a new fixed price listing. However, if there’s more than 12 hours remaining on your listing, and you’ve received no bids, you can add a Buy It Now price. The Buy It Now price gives buyers the option to purchase the item immediately.