How Auctions Work

Understanding Auction Listings

Auction listings differ from fixed-price listings in that the final price is determined by competitive bidding. On the listing page, you will see:

Placing Your First Bid

Each bid must be at least 1% above the current highest bid — this is the minimum bid increment enforced by the platform.

Example:If the current bid is $10,000, your minimum bid is $10,100 (current bid × 1.01).

1. 1Click on the listing to open the detail page.
2. 2Click "Place Bid" — the platform will show you the minimum bid amount.
3. 3Enter your bid amount (must be at or above the minimum).
4. 4Confirm your bid. You will receive a confirmation email.
5. 5You are now the highest bidder until someone else bids higher.

Auto-Bid Feature

Auto-bid lets you set your maximum price and the system automatically bids on your behalf — you never have to watch the auction live.

How it works: Set your maximum bid (the most you are willing to pay). The system enters the lowest bid necessary to make you the highest bidder, up to your maximum. If someone bids above your maximum, you are outbid and notified.

Example: Current bid is $8,000. You set auto-bid at $12,000. The system bids $8,080 (minimum increment). A competitor bids $9,500. The system automatically bids $9,595. This continues until someone bids above $12,000 or the auction ends — at which point you win at the lowest price needed to beat the competition, not necessarily $12,000.

Bid Cancellation

Bids can be cancelled within a 10-minute window after placement, provided you are still the highest bidder and the auction has more than 1 hour remaining.

To cancel a bid: go to your Dashboard, navigate to Active Bids, find the listing, and click "Cancel Bid". After the 10-minute window closes, bids are binding.

Excessive bid cancellations may result in temporary bidding restrictions on your account. Only bid when you intend to purchase.

Outbid Notifications

When someone outbids you, you receive:

• A push notification on your mobile device (if notifications are enabled)
• An email to your registered address with the new bid amount
• An in-app notification visible on your Dashboard

You can manage notification preferences in Account Settings. We recommend keeping outbid notifications enabled so you never miss an opportunity to rebid.

Buy Now Option

Some auction listings have a Buy Now price set by the seller. Clicking Buy Now immediately ends the auction and purchases the lot at that price — no waiting for the auction to end.

Buy Now is typically priced higher than the current bid but provides certainty — useful when you need the material urgently or when the lot is highly competitive.

When You Win

When the auction ends and you are the highest bidder:

1. 1You receive a winner notification via email and push notification.
2. 2You have 48 hours to complete payment via Stripe.
3. 3After payment, in-app chat with the seller is unlocked.
4. 4Coordinate shipping per the incoterm on the listing.
5. 5Once your scrap arrives, confirm delivery in the app to release payment to the seller.

Common Mistakes