Place Bid Format. Seller may offer a Vehicle for sale with a Reserve Price or minimum opening bid amount (the “Minimum Bid”). The Reserve Price may be disclosed or undisclosed, at Seller’s option. The winning bid will be the highest bid received at the end of the auction for that Vehicle that meets or exceeds the Reserve Price. Seller may lower or remove a Reserve Price or Minimum Bid amount at any time before an auction cycle begins. A Reserve Price or Minimum Bid amount cannot be increased once bidding on the Vehicle has started. Errors in Reserve Price or Minimum Bid amount may be corrected by withdrawing the Vehicle from sale and relisting it in the next auction cycle.
Place Bid Format. At Seller’s option, it may designate the minimum price Seller will accept for the Vehicle (the “Reserve”), and/or may designate a minimum opening bid amount (the “Minimum Bid”). Reserve may be disclosed or undisclosed, at Seller’s option. The winning bid shall be the highest bid at the time that the auction cycle for that Vehicle closes which meets or exceeds any Reserve. Seller may decrease or remove Reserve or Minimum Bids at any time before an auction cycle begins in the manner that is established in these Terms and Conditions. A Reserve or Minimum Bid cannot be increased once bidding on the Vehicle has started. Errors in Reserve or Minimum Bid may be corrected by withdrawing the Vehicle from sale and relisting. If the auction cycle closes and the Vehicle fails to sell because no bids were received (a “No Sale”), Seller may remove or alter Reserves or Minimum Bids for subsequent Sales.
