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Auctions, Bidding & Payments

How does the bidding process work?

Every auction progresses through the following phases:

Open Auction

Auction is LIVE and bids are taken throughout the designated auction time.
Users place bids against other users. This phase usually lasts for a few days or weeks. Users can provide a bidding display name or can bid anonymously. During this phase, bidders will see what the current bid is and the bidding tool will tell you if a minimum bid increment is required. For example, if bidding increments are set at $100, and the current bid is $200, the next bid must be at least $300 to be accepted.

Users can manually set bid values or they can leverage automated bidding through the proxy bid feature. Items may be offered with a reserve price. If that price is not met by bidders, the auction will close without declaring a winner, and the seller will have the option of setting a future auction with a lower reserve or offer the item at No Reserve.

Extended Bidding

Continued bidding after the Open Auction time has elapsed.
To ensure fairness, when the winning bid is issued within the last few minutes of an auction, the auction close time is automatically extended and email notifications are sent to the previous top bidder that they are not longer the top bidder. The Extended Bidding phase is typically 15 minutes but will be variable based on auction conditions and to prevent bots from coding to expected behaviors. The number of extended phases is also randomized, but typically, Genuine allows for at least 2 extended bidding phases.

Post Auction: Completing the Purchase

Users have 3 days to complete their purchase. Should the user fail to complete the transaction, the account on file will be automatically charged for the purchase price plus applicable taxes, duties, and taxes. Should the user fail to complete the transaction, the winner will be invalidated, and the next highest bid will be contacted as the winner.

Does Genuine charge a buyer’s premium?

No. Genuine does not add a buyer’s premium to any items auctioned, sold, or won on our platform. The buyer is responsoble for shipping, taxes and usual fees, but no premuims are ever assessed.

For more information about our Conditions of Sale, please visit the following link: Conditions of Sale.

Does my credit card get charged as soon as I place a bid?

No, not necessarily. Pre-authorization hold(s) will be applied based on the value of the item.

  • Items at $1,000 or less:
    Genuine will not bill your payent method until the auction has ended and a winner has been determined.
  • Items above $1,000:
    To protect the integrity of the Genuine platform, a temporary authorization will be placed on your credit card once you have placed your bid greater than $1000.00, when that bid is the top bid. This is a temporary hold/authorization only.

Once you another user has out bid you (or if the auction ends), the authorization disappears from your credit card within one (1) business day. If you place multiple bids where you end up as the top bidder, the difference gets temporarily authorized for each bid (i.e. not the full amount of each bid).

How does the payment process work once I've won an auction?

The payment process for our auctions follow these steps:

Once you have won an auction, you will be sent a notification via email that you have won the auction. This notification will include a link to complete the purchase. This link will take you to your order history page, where you can find items that require payment. Click on the item link to complete the transaction.

Alternatively, you can access this information by seecting the profile icon in the upper right corner of the website or by selecting the Cart icon in the uper right hand corner (make sure you're signed in first).

You have three (3) days to pay the invoice, and you have the opportunity to change your payment method here if you wish. If no payment has been made within three (3) days, your credit card on file will be automatically charged.

How does Genuine prevent "bid sniping" (or "auction sniping")?

Bid sniping refers to the practice of users placing a bid at the very end of an auction (usually within the last few seconds), in order to try to win the auction without giving the existing top bidder a chance to counter-bid. This practice is often executed by bots (i.e. computer-driven programs) and or enabled proxy bids.

Genuine believes in giving everyone an equal chance to react to newly placed bids. To ensure fairness, when the winning bid is issued within the last few minutes of an auction, the auction close time is automatically extended and email notifications are sent to the previous top bidder that they are not longer the top bidder. The Extended Bidding phase is typically 15 minutes but will be variable based on auction conditions and to prevent bots from coding to expected behaviors. The number of extended phases is also randomized, but typically, Genuine allows for at least 2 extended bidding phases.

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