How does the bidding work in a sample auction?  Lets suppose that were selling a backhoe loader in a Featured Auction which opens at €20,000 and has a bid increment of €500. The following gives an example of how the bidding for this auction might unfold.

1. Bidder A starts the bidding by entering a maximum bid amount of €23,000.  The eu.ironplanet.com auction system bids €20,000 on Bidder As behalf, which is the minimum amount required to put Bidder A in the lead.

2. Bidder B enters a maximum bid of €20,500 in an attempt to take the lead.  However, since Bidder A has a higher maximum amount, our auction system responds with a bid of €21,000 to maintain Bidder A's lead.

3. Bidder C then joins the bidding with a maximum bid of €28,000.  Our auction system first tries to bid on behalf of Bidder A at his maximum amount of €23,000.  But, since Bidder C's maximum amount is higher, the system cannot keep Bidder A in the lead.  The auction system then places a bid on behalf of Bidder C for €23,500, which is the minimum amount required to make Bidder C the high bidder.

4. Bidder A then attempts to reclaim the load with a maximum bid of €25,000.  But, since Bidder C's maximum amount is higher, our system responds to keep Bidder C in the lead with a bid of €25,500.

5. No more bids are submitted to this auction, so Bidder C wins this Featured Auction at €25,500, even though his maximum bid amount was €28,000.

6. Please note: After an auction ends and the Reserve price has not been met, the seller has 2 business days to accept or decline your highest bid. Your bid remains binding during this period.