Reserve amounts must be indicated prior to the auction being published and cannot be added after the auction has been published as live.
- Reserves are programmed during lot creation in K-BID.com software. This can be done manually or included in your lot description spreadsheet. The minimum Reserve that can be set on a lot is $100.
- IMPORTANT: It is the responsibility of the affiliate to ensure every lot with a reserve is indicated and the reserve amount entered for each lot is accurate, prior to publishing an auction to live status in K-BID Software. Viewing the item in Edit Item or the Lots page will allow you to search and verify that all reserves have been programmed correctly. Reserves cannot be added to a lot once an auction has been published to live status.
- It is important to verify that reserves have been programmed before the auction goes live. This can easily be checked by sorting the Reserve column within the Lot List.
Lowering Reserve Prices
Users have the ability to lower a reserve price on an item up until the auction starts to close and in some cases after the auction has ended. Reserves can be lowered to any amount above or at the current bid price but can never be raised.
IMPORTANT: The number one ground rule for this policy: If “Reserve Not Met” was applicable at the time the winning bidder placed his bid, the bidder cannot be held accountable for failing to honor his bid. Affiliates must recognize when bidders become winning bidders by default, due to lowering the reserve after the bid was placed, the invoice the bidders receives for the asset is basically just an offer to sell the asset for the bid amount. If the bidder refuses to purchase the asset, there is no penalty to the bidder and the invoice should be processed as a No-Sale. In the case of vehicle auctions, the affiliate will be charged a No Sale Doc Admin fee if the winning bidder opts not to purchase the vehicle.
Reserves may be lowered to the current bid price within 24 hours of the auction closing. In this scenario the winning bidder will receive an emailed notification and the invoice will be generated on the bidder/affiliate dashboard. It would be recommended to call the bidder and explain that the seller has lowered the reserve price on the item.
How to Lower a Reserve
- The Lot List within an auction will display the Reserve and Current Bid prices.
- Select the lot number to edit the item in which the reserve will be lowered.
- Within the Edit Item page, the reserve price may be lowered. Once saved, the new reserve price will be programmed and the price will be reflected on the Lot List page.
- In order to lower the reserve price to the current bid, simply click the button labeled "Set To Current Bid." Once completed, the previous bidder will be emailed a notification that they are the leading bidder on the item.
TIP: Once a reserve price has been adjusted it may not be raised. It is recommended to get direction in writing from your seller before lowering the reserve price on an item.