Thursday, March 30, 2023 01:50 PM

FAQ for Jefferson State Trading Company

(Frequently Asked Questions)

Table of Contents

  1. What is the difference between Standard and Dutch Auctions?
  2. Who determines the minimum or starting bid?
  3. What is the Bid Increment?
  4. Okay, what are Proxy or MaxBids?
  5. What does using this auction cost and how do I qualify?
  6. How do I bid?
  7. What are Reserve Bids?
  8. How do I Post an item for sale?
  9. How do I know I won?

What is the difference between Standard and Dutch Auctions?

In a Standard Auction an item is put up for sale and buyers compete, trying to out bid the other fellow. The winner purchases all that was offered. In a Dutch Auction, the seller names his fixed price and buyers agree to that price and the buyer names how many of the offered items they wish to buy.

For example in a Standard Auction 10,000 lbs of Petrale sole could have a starting bid of $2,500 and bidding could increase the price to $4,000 at the close of the auction. The high bidder would purchase all of the Petrale for $4,000.

In a Dutch Auction, 10,000 lbs of Petrale sole could be offered for sale at $0.40/lb. The first buyer could place his bid for 6,000 lbs and he would be buying 6,000 lbs at $0.40/lb. This would leave 4,000 lbs available for the next buyer.

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Who determines the minimum or starting bid?

The seller (the person who posted the item) decides at what price he or she wants the bidding to begin. Usually this is (and should be) just below the lowest price acceptable for the item. If you bid, the system will ask you to bid the starting price PLUS the Bid Increment.  Sellers are encouraged to start items at a reasonable amount and not absurdly high. Buyers like the auction process because it allows bargain shopping. If an item is priced right, people recognize the bargain and bid on it.

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What is the Bid Increment?

The Bid Increment ($1 is the default increment) raises the bidding each time by that minimum amount (you can always bump it up even higher).

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Okay, what are Proxy Bids?

Proxy bidding allows the system to bid for you automatically. Think of Proxy bidding as someone who stays and watches the auction 24 hours a day while you're off doing more interesting stuff. You activate Proxy Bidding by entering the highest amount you are willing to pay for an item into the place bid box. The system will then bid for you, bidding only enough to make you the high bidder. If someone tops that bid,our system places another bid for you and so on up to the maximum amount you've specified. Under no circumstances will Proxy Bidding ever bid MORE than you said. But the system will send you e-mail about an outbid so you can enter a higher Proxy Bid amount if you'd like.

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What does using this auction cost and how do I qualify?

This auction requires that all sellers and buyers be registered. This enables the auction to keep track of items for sale and who is bidding. It protects the auction and you as buyer and/or seller. Registration is simple. Click on [Register] here or near the top of any auction page. You must print and return a signed copy of the auction agreement. Once you have completed the on-line registration form, you will receive an e-mail with your password. Save a copy of this e-mail. Once the auction has received your signed agreement, you receive a second e-mail, informing you that your account has been activated. You may then logon to the auction. If you would like you may then also change your password to something more easily remembered.

The cost of the auction is paid by the seller as a percentage of the sale amount. There is no cost for purchasing items in this auction. The auction fees can be seen by clicking here[Seller Fees] or on the Seller Fees link at the top of the page.

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How do I bid?

Click on the name of items you'd like more information about. If you wish to place a bid, enter your bid in the box below the item, then just click on the place bid button nearby. We suggest that a good strategy for items you really want is to place the highest bid you are willing to pay. Otherwise, someone may beat you out. Should someone outbid you, the system sends you an e-mail notification with a link back here to the item. Click on the link right in your e-mail message and you will be returned to the directly to the item. You can then decide whether you want to raise your bid.

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What are Reserve Bids?

Sometimes (and our system supports this) a seller enters a Reserve Bid. For example, the item sells for $100 new. The seller decides to place a starting bid of $1 on the item but they want to get at least $80 for it. So a reserve bid of $80 is entered into the system. In such a case--even if you are the high bidder at, say, $60--you will not win the item unless you go over $80.

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How do I Post an item for sale?

Posting your items for sale here at Jefferson State Trading Company easy. Simply register if you have not already (by clicking [New Registration] here or at the top or bottom of any auction page). Our system automatically mails your password usually within a few seconds (no need to disconnect while you wait). Once you have the password, you might want to copy it from your e-mail and go to [Change Password] to replace our rather obtuse collection of letters and numbers with something you might more easily remember.

Posting items for sale is accomplished by clicking on [Sell] here or at the top or bottom of any auction screen. Fill in the form with a short descriptive title. Next, select the category the item should be in (if you don't see an appropriate category on the drop down list, please e-mail us Auction Administrator and ask for that category to be added.

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How do I know I won?

The system automatically sends the buyer (highest bidder) and seller of the item e-mail when the auction ends. Since this auction is selling items that require a change in title to occur with a Government Agency, payments are made to the auction. The auction holds the proceeds until title has changed. Once title has changed the the seller is paid by the auction, minus the auction fees.

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For any other questions you might have, please feel free to e-mail our auction administrator, Auction Administrator.

Jefferson State Trading Company

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