Navigating the world of auction reserves can be confusing. Learn more about reserve amounts and how to navigate them.
Reserves: What Exactly Are They, And What Can YOU Expect?
Reserve amounts are used in auctions so that sellers can ensure that their items are sold for a minimum set price. The Reserve amount is determined by the seller and is considered the lowest dollar amount the seller is willing to allow the item to be sold for.
If an auction does have a reserve, there will be a Reserve Not Met message in the bid box like this:
The reserve amount is NOT made public, however, bidders are notified if their bid has met the set reserve amount.
Reserve Met
What happens when the reserve is met?
Once the reserve has been reached the "Reserve Not Met" message will no longer appear on the auction page. Bidders still have time to place additional higher bids on the asset while the auction is still live. It is highly likely that the seller will approve the highest bid amount at the end of the sale and issue the asset to the highest bidder. All Bids are subject to the Seller’s approval
Reserve Not Met
What happens when the reserve is NOT met?
If the auction is ongoing, continue to monitor it and place bids, you or another bidder may place a bid that meets the reserve.
If the auction has ended and the reserve was NOT met, please monitor your inbox over the next week for any potential updates from GovDeals. The Seller may:
- Issue a second chance offer to the highest bidder to accept the highest received bid. That bidder can choose to accept or decline this offer.
- Repost the Lot back onto the website for a future bidding opportunity.
What Happens After An Auction Closes?
After the auction closes, you will be notified via e-mail if your bid is acceptable to issue an award. If awarded, you will receive a Buyer’s Certificate. All submitted bids are presented to the Seller for review. Please be sure to monitor your inbox after the auction closes for updates.
Need a quicker answer? Please call Customer Support at 800-613-0156 to verify if the Seller has made a decision.
Q: I have submitted 3 bids and the Reserve is still NOT MET. Do I keep bidding?
A: Absolutely! Feel free to continue bidding with amounts you are comfortable with, as all bids are taken into consideration.
Still Unsure About Reserves?
If you still have questions about reserves, don't hesitate to call Customer Support at 800-613-0156. We're here for you!
