How Auctions Works
The Big Mickey Clearance Online Marketplace features great merchandise and surplus stock from BigMickey.ie. With auction-style bidding, you can place bids on items available from Big Mickey Clearance and if you are the highest bidder or hit buy it now you can pay for your item online. Bidding on items is controlled by software that accepts and places bids on your behalf and oversees the whole bidding process to ensure fairness. A predetermined set of guidelines that are explained in the Official Rules governs the entire process on behalf of bidders.
Note: Auctions will last for approximately seven days and if an auction ends unsold if will automatically relist after 48 hours, if an item is not paid for within 72 hours of a successful auction it will also automatically relist.
The Online Marketplace also features Proxy Bidding which means that you can submit a Maximum Secret Bid for an item and let the software submit bids on your behalf up to your maximum if your current leading bid is outbid by another participant’s bid.
The benefit of this type of bidding is that you do not have to constantly submit one bid after another when you are outbid, and consequently, do not have to follow the bidding minute by minute as it unfolds.
Not only is this a tremendous opportunity to purchase featured items at unheard-of prices, but bidding is competitive, exciting and fun!
How do I participate?
- Determine the maximum amount you are willing to pay for the item you are bidding on. That will be your Maximum Secret Bid. Your Maximum Secret Bid may not necessarily be the price you pay if you are the successful bidder (you may pay less, but never more). However, choose a maximum carefully as you won’t be able to reduce or cancel it later and you’ll be legally bound to pay up to that price if it is the winning bid. Also note that items may have a reserve price, this will be stated on the auction listing and is something you should considering your maximum bid, if your maximum bid does not exceed the reserve you will not win the item
- Register to bid. You must register to bid by providing your name, address, phone number and email address. The unique User Name assigned to you will allow you to track the progress of your bids online and in your account dashboard.
- Once bidding has commenced, search or browse for the item you wish to place a bid on and enter your Maximum Secret Bid for that item. When the bidding ends, if you have won an item the system will automatically notify you.
How do I keep track of my bids?
The website always shows the status of each item, as well as this you can access your personal bid history from the auctions tab of your account dashboard. You can also keep a ‘watch list’ of those items which you wish to track.
If you are outbid on an item by another bidder, you will receive a notice via email. In this case, you might want to consider placing a new, higher Maximum Secret Bid to still try to win the item.
How do I pay for and receive items?
For most items, you will pay online at this website, if you win an item a payment link will be emailed to you. Your payment is due no later than 48 hours after the close of the auction. As soon as your payment is complete, we will be in touch to arrange a delivery time for your item.
Why a Maximum Secret Bid?
Because our auctions are not a live event, you cannot react instantly to someone bidding against you on the same item. For this reason, we use a system called Proxy Bidding. Under Proxy Bidding, you tell the software the most you are willing to pay for an item. This is your Maximum Secret Bid and is known only to you and the Software. The Software then places a bid on your behalf at the lowest level possible to make you the Leading Bidder for the item.
If another Bidder places a bid on the same item and their Maximum Secret Bid is less than yours but greater than your leading bid, the software automatically raises your bid in €10 increments until you are again the Leading Bidder or your Maximum Secret Bid is reached. Your bid will NEVER exceed your Maximum Secret Bid unless you submit a new, higher Maximum Secret Bid. By using a Maximum Secret Bid, you save yourself the trouble of having to enter a new bid every time another bidder bids on the item, and you reduce the chances of being outbid at the last minute before the bidding ends.
What is the Bui It Now (BIN) Status?
Some item may have a buy it now price (BIN) on them. This means that you can either bid on the item and try to win by outbidding others and meeting the reserve, or you can buy the item outright at the stated buy it now price. Buy it now prices are usually heavily discounted and can be a great option for a person that does not want to bid or wait on an auction to end.
What is the Reserve Status?
Most item have a Reserve Value. This is the minimum amount that bidding must reach for the item to be sold. The Reserve Value usually varies and as with all auctions is undisclosed. If the Reserve Value is not reached through bidding, the item will not be sold.
During the course of bidding, each item will display one of two Reserve Statuses:
Reserve not met. The amount of the highest bid is less than the Reserve Value and the item has not yet sold.
Reserve met. The amount of the highest bid is at least as much as the Reserve Value and the item will be sold to the highest bidder.
If your Maximum Secret Bid is the first to meet or exceed the Reserve Value, the software will automatically place your bid at the Reserve Value and declare reserve met for that item.
Example of the Bidding Process
- Bidder A determines that he is willing to pay up to €120 for an item with a Value of €150, and therefore submits a Maximum Secret Bid of €120 for the item.
- Since Bidder A’s €120 bid was greater than the Reserve Value, the software places a bid of €75 (the hidden reserve value) on behalf of Bidder A, making Bidder A the Leading Bidder, and declares Reserve Met.
- Bidder B determines that she is willing to pay up to €100 for the same item, and therefore submits a Maximum Secret Bid of $100 for that item.
- Since Bidder A has a higher Maximum Secret Bid than Bidder B, the software places a second bid on behalf of Bidder A in the amount of €110, which is the minimum amount needed for Bidder A to remain the Leading Bidder (€10 over the next highest secret bid – €100 from Bidder B).
- Bidder C determines that he is willing to pay up to €130 for the same item and submits a Maximum Secret Bid of $130. Since Bidder C’s Maximum Secret Bid is now the highest, the software submits a bid of €120 on behalf of Bidder C (€10 over the next highest secret bid) and Bidder C becomes the new Leading Bidder.
- Bidding ends and Bidder C is declared the winner. Bidder C purchases the item for €120 once the reserve is met (plus delivery, if applicable).
At any point while bidding is in progress, Bidders A and B could enter higher Maximum Secret Bids, to attempt to outbid Bidder C, or additional bidders could enter the bidding on this item, making for a competitive and exciting auction-style online marketplace.
Please read the Official Rules for more information about the Big Mickey Clearance Online Marketplace.