BIDDER PROCESS

Bidder Process2022-05-19T07:13:46+00:00
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BIDDER PROCESS

Create Membership Account and Log In

  • There is no charge to create a Membership Account and Log In
  • A User Number (Paddle Number) will automatically be assigned
    • The User Number will be displayed in the User Account Section, in your posted Auction History Emails and normally on all Platform Communications
    • It is used in place of your Name / User Name on public postings to protect your privacy
  • Two-Factor Authentication (2FA) is offered as an option, providing additional security measures to protect Bidder and Seller Accounts
    • Two-Factor Authentication (2FA) is a security system that requires Two separate, distinct forms of identification in order to access your account
    • The first Factor is your password and the second is an email and/or text with a code sent to you to enter as confirmation
A Payment Method with a valid credit card on file is required to Submit Listings as a Seller (only, if and when a Listing is Accepted) or to Bid on Listings as a Bidder
  • Add a Payment Method (Must be created with a valid credit card with sufficient available credit for any potential charges as detailed herein)
  • Exclusive contracts with STRIPE for secure payment processing
  • Exclusive Does Not retain payment data internally

Exclusive is committed to protecting your information, please see our Privacy Policy for details

Please see our Terms & Conditions, Buyer Agreement and Seller Agreement for details on use of the Exclusive Auctions Platform

Reserve Auction Will show an Opening Bid Amount (minimum of $100) set by the Seller and as agreed and assigned by Seller and Exclusive, this Opening Bid Amount will be Listed in the Incremental Bid Box to start the Bidding process (Listing will only sell to the highest Bidder if Highest Bid amount meets or exceeds set Reserve Price)

  • Bidders may Bid on the Listing through the Incremental Bid Box or Proxy Bid Box during Live Auction Period
  • Make Offer is active during Upcoming Period
  • Make Offer is inactive during Live Auction Period

No-Reserve Auction Will show an Opening Bid Amount (minimum of $100) set by the Seller and as agreed and assigned by Seller and Exclusive, this Opening Bid Amount will be Listed in the Incremental Bid Box to start the Bidding process (Listing will sell to highest Bidder regardless of Bid amount)

  • Bidders may Bid on the Listing through the Incremental Bid Box or Proxy Bid Box during Live Auction Period
  • Make Offer is active during Upcoming Period
  • Make Offer is inactive during Live Auction Period

Buy Now / Make Offer Will show Buy Now Price (Listing will sell to the first Bidder that pays the Buy Now Price)

  • Buy Now is active and Bidders my buy the Listing immediately at the Buy Now Price
  • Make Offer is active
  • Bidders may Make Offer to Seller lower than Buy Now Price and Seller may accept such Offer at Seller discretion

Hybrid Auction (Reserve Auction + Buy Now / Make Offer) Will show an Opening Bid Amount and Buy Now Price (Listing will sell if Highest Bid amount meets or exceeds set Reserve Price or to the first Bidder that pays the Buy Now Price or Seller may accept Bidder’s Make Offer Price)

  • During Buy Now / Make Offer Period of the Hybrid Auction
    • Buy Now is active and Bidders my buy the Listing immediately at the Buy Now Price
    • Make Offer is active
    • Bidders may Make Offer to Seller lower than Buy Now Price and Seller may accept such Offer at Seller discretion
  • During Live Auction Period of the Hybrid Auction
    • Buy Now is inactive
    • Make Offer is inactive
    • Bidders may Bid on the Listing through the Incremental Bid Box or Proxy Bid Box

Two Bid type options:

  • $100 Increment Bids (Incremental Bidding in $100 Increments)
    • Bids will only be accepted in whole dollar amounts
    • The Platform automatically adjusts the next Bid shown in the Bid Box to be $100 dollars more than the previous Bid
      • Example: Current Bid = $15,100 – Bid Box will show $15,200 as the next Bid Amount to Bid
    • The Platform does not allow you to adjust a Bid in the Bid Box, as it is automatically set to $100 more than the previous Bid
    • You will be notified by the Platform and by email and/or text if you are Out-Bid
  • Proxy Bids (Automatic Bidding up to Max Bid Amount set by Bidder)
    • Exclusive’s Proxy Bid System makes Bidding convenient so you don’t have to keep coming back to Re-Bid every time someone Out-Bids you
    • To place a Proxy Bid, enter the maximum amount  you are willing to pay in the Proxy Bid Box
    • Proxy Bids NEED to be in whole dollar amounts but DO NOT necessarily need to be in multiples of $100
      • Example: Proxy Bid of $25,488 is acceptable
    • The Seller and other Bidders do not know your Maximum Bid amount
    • When a Proxy Bid is placed that is less than the Reserve amount set by the Seller, the Current Bid will immediately jump to the Proxy Bid amount set by the Bidder as it is still below the Reserve amount set by the Seller
    • When a Proxy Bid is placed that is equal to or greater than the Reserve amount set by the Seller, the Current Bid will immediately jump to the Reserve amount as Reserve has been met
    • The Exclusive Proxy Bid System will then place Bids on your behalf, bidding in $100 increments more than the Current Bid up to the maximum Proxy Bid amount you set
    • The Exclusive Proxy Bid System will only Bid the minimum amount necessary to make sure you remain the High Bidder, up to the maximum amount you set
    • You will be notified by the Platform and by email and/or text if you are Out-Bid
  • Proxy Bid Examples:
    • Example 1: ONE PROXY BID PLACED LOWER THAN SELLER’S RESERVE
      • Reserve = $50,000
      • Current Bid = $48,000
      • Your Proxy Bid = $49,500
      • New Current Bid = $49,500 (Platform places your Bid immediately at the Proxy Bid amount you set as it is still below Reserve)
      • If no other Bids are placed before Auction ends, you will be the highest Bidder but will not Win the Listing unless you continue to Bid and reach the Reserve set by the Seller prior to Auction end
    • Example 2: ONE PROXY BID PLACED HIGHER THAN SELLER’S RESERVE
      • Reserve = $50,000
      • Current Bid = $48,000
      • Your Proxy Bid = $50,500
      • New Current Bid = $50,000 (Platform places your Bid to meet Reserve)
      • If no other Bids are placed before Auction ends, you Win the Listing for $50,000
    • Example 3: OTHER BIDDER(S) CONTINUE TO PARTICIPATE AFTER RESERVE IS MET
      • As in the above example your Proxy Bid is $50,500
      • Current Bid = $50,000 (Platform placed for you as in previous example)
      • Next Current Bid = $50,100 (placed by Other Bidder)
      • Next Current Bid = $50,200 (Platform placed on your behalf)
      • Next Current Bid = $50,300 (placed by Other Bidder)
      • Next Current Bid = $50,400 (Platform Placed on your behalf) then
      • Next Incremental Bid Box Bid will be set at $50,600 (Platform internally holds your maximum Proxy Bid of $50,500 so any other Bids will need to be $100 greater than $50,500 hence Incremental Bid Box shows $50,600)
      • If the Auction ends at this point, you will win the listing for $50,400
    • Examples 4: TWO BIDDERS PLACE PROXY BIDS
      • Seller Reserve = $32,000
      • Bidder 1 Proxy Bid = $24,000
      • Bidder 2 Proxy Bid = $25,678
      • Current Bid = $25,678 (Platform jumps to the highest of the Proxy Bids)
      • Next Incremental Bid Box Bid = $25,778 and Bidder 1 will get an email and/or text stating “You have been Out-Bid”

The Platform will only accept one Bid or Offer at a time for each individual Listing

  • If multiple Bidders are attempting to place Bids or Offers on the same Listing at the same time, the Platform will accept the first Bid or Offer received for that Listing and issue a message to the other Bidder(s) that another Bidder is currently placing a Bid or Offer on the Listing
  • The specific Listing page will automatically refresh, approximately every 15 seconds, so that all Bidders know the current status of the Listing

– Sniping Protection extends the Auction clock by two minutes each time a Bid is placed in the Auction’s final moments

  • The Auction isn’t over until two full minutes have elapsed since the highest Bid was placed

Winning Bidder will be notified by email and/or text in order to complete the transaction

Communication Management (All Communication between Bidders & Sellers is Monitored & Managed through the Exclusive Auctions Platform)

  • Bidder may submit questions to Seller through the Exclusive Auctions Platform
  • Seller has Seventy-Two (72) Hours to respond to Bidder questions
  • Bidder may submit Offers to Seller for Listings in Buy Now / Make Offer status through the Exclusive Auctions Platform
  • Seller has Seventy-Two (72) Hours to:
    • Accept Bidder Offer
    • Counter Bidder Offer
    • Decline Bidder Offer

Any credit holds for Buyers Premium will be released at this time for Bidders who were Out-Bid on the Listing

Winning Bidder will be notified by email and/or text in order to complete the transaction

Seller Chooses Sales Success Fee Option During Listing Creation

  • Option 1) Buyers Premium – Buyer pays the entire Sales Success Fee in the form of a Buyers Premium (Seller Pays Nothing)
  • Option 2) Split Fees – Buyer and Seller Split the Sales Success Fee
    • Buyer pays 1/2 of Total Sales Success Fee in the form of a Buyers Premium
    • Seller pays 1/2 of Total Sales Success Fee in the form of a Sellers Premium
  • Option 3) Sellers Premium – Seller pays the entire Sales Success Fee in the form of a Sellers Premium (Buyer Pays Nothing)

Buyers Premium (if Seller selected Buyers Premium or Split Fees for Sales Success Fee Option) will be charged to the credit card on file of Winning Bidder immediately at the close of the Auction or accepted Offer by Seller

  • Sales Success Fee Structure (Applicable Sales Success Fee Option & Percentage for the Specific Listing is shown on the Listing Page)
  • Examples: (Assumes Sales Success Fee is set to 5%)
  • Buyers Premium Example: If you place a winning Bid of $40,000 on a Listing, a charge of $2,000 (5% of winning Bid Amount if Seller selected Buyers Premium for Sales Success Fee Option) will be placed on Buyer’s credit card on file
  • Split Fees Example: If you place a winning Bid of $40,000 on a Listing, a charge of $1,000 (2.5% of wining Bid Amount if Seller selected Split Fees for Sales Success Fee Option) will be placed on Buyer’s credit card on file
    • A credit hold of $1,000 (2.5% of winning Bid Amount plus fees) will be placed on Buyer’s credit card on file to cover Buyer’s responsibility in case of Buyer’s failure to complete the transaction per the Terms & Conditions | Seller Agreement | Buyer Agreement of the Platform, including the “How It Works” Section, Process & FAQ Pages and “Facilitation Services” Pages contained within the Website Platform set forth herein
    • Any credit holds will be released upon successful completion of the transaction
  • Sellers Premium Example: If you place a winning Bid of $40,000 on a Listing, there will be no charge (Seller selected Sellers Premium for Sales Success Fee Option) placed on Buyer’s credit card on file
    • A credit hold of $2,000 (5% of winning Bid Amount plus fees) will be placed on Buyer’s credit card on file to cover Buyer’s responsibility in case of Buyer’s failure to complete the transaction per the Terms & Conditions | Seller Agreement | Buyer Agreement of the Platform, including the “How It Works” Section, Process & FAQ Pages and “Facilitation Services” Pages contained within the Website Platform set forth herein
    • Any credit holds will be released upon successful completion of the transaction
  • There are NO REFUNDS of Buyers Premium (if any paid by Buyer) or Sellers Premium (if any paid by Seller) 
    • See “Terms & Conditions” tab on the Auction Process & Pricing page in the “How It Works” section of the Website Platform for details regarding Exceptions

If Buyer desires a PPI (Pre-Purchase Inspection), Buyer shall obtain PPI within Seven (7) Calendar Days (or other agreed upon time-frame, as agreed between Buyer, Seller and Exclusive) of notification of Winning Bidder status

In-Person Pre-Purchase Inspection
  • Buyer may request and Seller may agree to, an In-Person Pre-Purchase Inspection by Buyer or Buyer’s Agent, of the Listing prior to consummation of the sale
  • Buyer shall complete In-Person PPI within Seven (7) days or other agreed upon time-frame, as agreed between Buyer and Seller, of notification to Buyer of Winning Bidder status

Winning Bidder is responsible to pay Seller directly or fund the Listing purchase (if Exclusive Escrow Services are utilized) in full within Seven (7) Calendar Days (or other agreed upon time-frame, as agreed between Buyer, Seller and Exclusive) of notification of Winning Bidder status

Seller is responsible to deliver Listing to Buyer upon receipt of Payment In Full within Seventy Two (72) hours (or other agreed upon time-frame, as agreed between Buyer, Seller and Exclusive) for the Listing

If Exclusive Escrow Services are utilized: (Protecting Buyer’s & Seller’s financial interests, with funds held in a Secure Escrow Account until all the i’s are dotted and t’s are crossed)

Communication Management (All Communication between Bidders & Sellers is Monitored & Managed through the Exclusive Auctions Platform)

Facilitation Services are offered by Exclusive to help facilitate and complete a smooth Sale/Purchase transaction between Buyer and Seller
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