1. What is an auction?
An auction is a way of putting an item up for sale for a set period of time and allowing prospective buyers to place bids on that item. The highest bid amount wins the item and is sold to the winner at point-in-time when the auction ends.
2. What is bidding by proxy?
All auction bidding on Go Swap is done through "bidding by proxy". This means that a user places a bid amount that indicates the highest amount they are willing to pay for an item. The system will enter a bid for the user that is the lowest possible to win the item.
As the auction goes on, when other bidders attempt to outbid you, the system will automatically increase your bid up to (but not over) your maximum (proxy) bid in order to keep the high bid. Only when a bidder places a bid higher than your maximum bid, will you lose the item.
3. What is a Dutch Auction?
A Dutch Auction allows sellers to place a large quantity of items up for sale in one auction. Bidders may bid on a single or multiple quantities of the item at one time.
Currently, Go Swap does not support dutch auctions, but may do so at some point later in the future.
4. Can I change my proxy bid?
Yes, you may change your proxy bid on an auction item at any time by simply entering a new bid on an auction. This only applies to auctions where you are currently the high bidder.
You can either increase your proxy bid to make it higher than it was before, or you may decrease it to make it less. You can never make your proxy bid less than the current bid.
5. Can I cancel a bid that I've placed?
If you need to cancel a bid on an auction, you must first ask the seller for permission to do so. Once the seller approves your cancelation, the bid will no longer appear in the system.
In rare cases, Go Swap can assist you in canceling a bid in certain circumstances. But you need to contact both the seller and Go Swap BEFORE the auction ends.
6. What happens when I'm outbid?
We understand that it's important for our bidders to be notified when they have been outbid on an auction. That's why we have setup an outbid notification system that will send you an e-mail in the event that you lose your bid.
Included in the outbid notice are details about the auction you were bidding on along with a link to the auction item so you can quickly and easily enter a new bid or just check the current status of the auction.
7. Can I Upload an Image for my Auction?
We currently allow you to upload one image to be displayed with your auction. The photo uploaded should be 560 pixels in width.
If you upload an image that is not 560 pixels wide, the system will automatically resize the image. The system will attempt to maintain the correct proportions so that no distortion occurs.
8. What is a Reserve Price?
A seller may choose to place a reserve price on their auction which indicates that the item will only be sold if the current bid reaches the reserve price. This allows a seller to allow all bids, but only sell for a specific price.
As soon as a proxy bid is placed that meets the reserve price, the current bid will jump to that reserve price and the auction will indicate the reserve was met.
9. What is Buy It Now?
Another option available to buyers and sellers is Buy It Now. It simply means that instead of waiting for an auction to end, the buyer can choose to buy the item outright for a specific price. This price is the buy-it-now price.
This option may be used by the seller to create another method for selling their item. Just because an auction has a buy it now price doesn't mean that members can not bid on an item. However, after a buyer buys it now, the auction is closed and all previous bidding is meaningless.
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