ABOUT US

THE AUCTIONS LTD

Company number 602025

Nature of business (SIC)

45190 – Sale of other motor vehicles

47799 – Retail sale of other second-hand goods in stores (not incl. antiques)

52103 – Operation of warehousing and storage facilities for land transport activities

96090 – Other service activities not elsewhere classified

Types of vehicles auctions

Closed auction

In our auction process, you submit your own price without visibility into other participants’ offers. By the end of the auction, you may choose to increase your offer but cannot decrease or cancel it.

At the conclusion of the auction, the highest bid is presented to the seller for approval. If the seller consents, the participant with the leading bid completes the purchase of the vehicle.

Open auction

In this auction format, participants place bids, with the highest bid visible to all. If your bid is outbid by another participant, you can increase your offer (minimum increment: $500). Once a bid is submitted, it cannot be canceled.

At the conclusion of the auction, the highest bid is sent to the seller for approval. Upon the seller’s consent, the participant with the leading bid purchases the vehicle.

iBID assistant function (only on open auctions)

The Smart Assistant – iBID

The iBID Assistant automates bidding by placing bets on your behalf within the limits you set. It responds dynamically to other participants’ bids while keeping your limits private.

Key Features

MIN BID:
- The minimum bid amount submitted in the absence of competition or if competing bids have not reached this value.
- The iBID Assistant places this bid approximately 5 minutes before the auction ends to ensure the offer is competitive and avoids being too low for the seller to consider.
MAX BID:
- The highest amount you are willing to bid.
- In competitive scenarios, the iBID Assistant will automatically place a bid slightly higher than the competitor’s offer (by the smallest step allowed: $50 or $100, depending on the auction rules).
- The iBID Assistant will never exceed your set MAX BID.

Binding Bids

All bids placed by the iBID Assistant are binding.
Once you click “Confirm,” you cannot cancel or lower your bids.

This system ensures a smooth and efficient bidding process while maintaining your control over spending limits.

“Buy It Now” auctions

Vehicles are sold at a fixed price in this format. Once you click “Buy It Now”, your bid is immediately sent to the seller for consideration. If the seller approves, the participant who placed the bid completes the purchase of the vehicle.

Closed auction with “Buy It Now” possibility

In a closed auction, you can participate by bidding according to the auction rules. However, you also have the option to purchase the vehicle instantly at the specified price by selecting “Buy It Now”.

If you choose this option:

Your information is immediately sent to the seller.
The auction ends as soon as the seller confirms the transaction.

Open auction with “Buy It Now” possibility

In an open auction, you can place bids according to the auction rules. However, you also have the option to purchase the vehicle immediately at the specified price by selecting “Buy It Now”.