Typical Auction Timeline

Auction Timeline

Now that you are accustomed to the look and feel of the affiliate login, we will provide you with a quick overview of the auction process along with the specific pages within the AKB that will help you find more detail.   

Step	Details
Consignment Agreement Signed	The signed auction contract or consignment agreement is a requirement and should be the first step in the auction process.
Pictures/Descriptions/Videos	Quality pictures and descriptions are one of the most important factors in an online auction.
A New Auction is created in K-BID.com	The first step to auction creation is to create the auction shell. This is also the page where auction details will be entered before an auction is published to a live status.
Lots and Descriptions are Created	Lots are created in K-BID.com.
Images Uploads	Images are uploaded into K-BID.com
Reserves are Programmed	Reserve amounts must be programmed in the auction description before the auction goes live.
Lot Fees are Entered	Required fees (DMV/DNR registration, rigging fee...etc.) are assigned to each lot prior to publishing to a live status.
Auction is Published	Affiliates are responsible to ensure accuracy before an auction is published to a live status.
Auction Inspection	The opportunity for bidders to inspect the items being offered is required for each auction.
Auction Closing	Auctions will start to close during the specified closing time. Close times for your lots are staggered based on the intervals you chose during your auction setup. Auctions will close individually with at a least a 5 minute interval between each auction.
Invoices are Created	Invoices will be available after the close of an auction. Affiliates and bidders may access invoices from their dashboards.
Auction Removal	Assets are removed during the scheduled removal dates.
Invoices are Processed	Affiliates will process invoices as Paid Cash, Paid Credit, No-Show or No-Sale within 10 days of the auction closing.
Auction Amounts Verified	Processed invoices will determine sales tax reports, seller settlements and K-BID Billing. The Close Report is used to reconcile auction proceeds.
Settlement Reports Generated	Settlements are created to pay out consignors.
K-BID Payment Procedures	Affiliates are billed twice a month for Buyers Premium.
Sales Tax Reports	Sales tax reports are sent at the beginning of each month via email. These reports are determined by the sales tax rate that has been assigned to the auction and how each invoice has been processed.