- Auctions last up to 30 days
- Buyers must be accepted by Sellers in order to place a bid
- Auctions have a reserve price, which is the minimum value a Seller is willing to sell their assets for
- Once bids meet the reserve price, the highest bid will 'win' the auction and that bidder will be the Buyer, and is expected to proceed with payment and ownership transfer
Auctions can have a duration of from three (3) to 30 days.
Buyers bid in an auction through the period the auction is live.
In an auction, the value of the current high bid is displayed on the listing page.
Buyers who want to win the auction place bids that are $1 or more than the current highest bid amount. A Seller must first accept a bidder into their auction so that their bids are placed in the auction. More information can be found here How can I manage/ accept/ reject bids in my auction?
If a bid meets or exceeds the auction's reserve price, then that bidder can win the auction and become the Buyer. The bidder with the highest bid over the reserve price at the end of the auction period wins the auction and will be the Buyer. They would then proceed with payment for the listed assets and discussing with the seller the transfer of ownership in our Deal Completion Area. More information about reserve values can be found here What is a Reserve Price?
Sellers using auctions can also apply a Buy It Now (BIN) price to their listing, which is above the reserve price and generally represents the maximum amount which a Seller believes their assets would sell for on Flippa. Buyers who are happy to pay the Buy It Now (BIN) price can submit the stated BIN offer to purchase the listing and close the auction. Buy It Now cannot be used for negotiation or include different assets and/or services from the listing's reserve price. More information about Buy It Now (BIN) can be found here How does Buy It Now (BIN) work?
If an auction ends without bids meeting the reserve price, a Seller can make post-auction offers (like a classified listing) to anyone that was watching the listing or was accepted as a bidder in the auction. A seller can also relist their assets to try to sell again. Please note that relisting on Flippa creates a new listing instance and a new listing package fee will generally apply.
Flippa also provides classified sales (classifieds). The differences between auctions and classified listings can be found in What's the Difference Between a Public Auction and a Private Sale (Classified)?