What is a reverse auction?
As opposed to a traditional auction, where the highest bidder wins, the reverse auction winner is the person with the lowest unique bid. The lowest unique bid is a bid that no one else has bid and is the lowest in value. At the end of the auction, the person with the lowest unique bid gets to buy the item with the amount of their bid. How to make a bid? User sends bids from their mobile AND they receive status messages to their mobile. A user participates in an auction by sending a specific keyword (BID, WIN, OFFER etc) to a premium number. Note: All status messages sent back to users mobile are all FREE of charge. Check our reverse auction terms & conditions here.. Bidding format: KEYWORD plus one space then followed by the bid amount in cents. e.g. : WIN 120 to sms number 1999 9999. Example: Texting your bid to keyword WIN 120 to SMS number 1999 9999. (Keyword is WIN and the bid amount is 120 cents (=$1.20). - Bid amount in cents. e.g : 1 = 1cent ; 2=2cents; 10=10cents; 90=90cents; 120=$1.20 , etc...
After sending the bid, the user will receive a reply with the status of their bid (FREE of charge). The reply message is one of the four different options: - Lowest Unique Bid - Lowest Unique Bid is a bid that no one else has sent and is lower than all the other unique bids.
- Unique Bid - Unique Bid is a bid that nobody else has sent but it is not the lowest.
- Push Out Bid - Push Out Bid is one where a person had a unique bid or previously the lowest unique bid, but someone else has sent the same bid and knocked everyone else, including themselves, with the same bid out.
- Non-Unique Bid - Non-Unique Bid is one where a person nominates a bid but someone has already sent that bid.
When the auction closes, the person who possess the Lowest Unique Bid, (i.e. it is lowest and unique), gets to buy the item for that amount. Filinvest Solutions Pty Ltd (T/AS JLPeret) will contact the successful bidder after the closing of the auction to arrange the payment and the delivery of the product(s). Aged 18 and over will be permitted to participate and the successful bidder will be required to provide proof of age. Bid Amount | Bid Date & Time | Bid No. | Result | $0.01 | 19-10-2008 05:30:22 | 1 | Lowest but not unique | $0.01 | 19-10-2008 08:45:59 | 2 | Lowest but not unique | $0.03 | 19-10-2008 06:24:44 | 3 | Winner | $0.04 | 19-06-2008 06:25:10 | 4 | Unique but not lowest | $5.56 | 31-05-2008 09:20:48 | 5 | Unique but not lowest | $7.00 | 31-05-2008 09:10:04 | 6 | Unique but not lowest | $0.01 | 12-06-2008 10:05:24 | 7 | Lowest but not unique |
Table 1: Example of the winner with the low unique bid. Bid Number 3 is the winner with the lowest unique bid, whereas the Bid Number 1, 2 and 7 are lowest but not unique. Bid Amount | Bid Date & Time | Bid No. | Result | $0.01 | 19-10-2008 06:35:23 | 1 | Winner | $0.02 | 19-10-2008 08:47:40 | 2 | Unique but not lowest | $0.03 | 19-10-2008 06:34:45 | 3 | Unique but not lowest | $0.04 | 19-10-2008 06:35:15 | 4 | Unique but not lowest | $6.56 | 31-09-2008 10:05:59 | 5 | Unique but not lowest | $7.00 | 31-09-2008 08:13:22 | 6 | Unique but not lowest |
Table 2: Example of the winner with low unique bid. Bid Number 1 is the winner with the lowest unique bid, As it is the lowest and no other bid is same(unique)
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