Grouped extension is a way to minimize the chance you as a bidder will miss out on a good value when several similar assets are sold in an Internet only auction. Grouped extension will work in harmony with our existing automatic bidding extension feature that is familiar to anyone who has bid in a Purple Wave Internet-only auction. That existing feature will continue to apply to all items that are not part of an extension group.
How does it work?
Occasionally, Purple Wave will group together similar assets in an Internet only auction and place them in a bidding extension group. Any bid within the last few minutes that causes an automatic extension of bidding on any one of the assets in that group will now automatically extend the bidding on ALL assets in that group. When no more bidding has occurred on any assets in a group for the specified time, then bidding on all assets in that group will close simultaneously.
What does this do for me as a bidder?
If several similar assets interest you but you do not want to bid aggressively on several of them at the same time and risk actually owning all of them, the grouped extension feature may help you. When similar assets are included in a group for bidding extension, you can bid aggressively on any one item in the group until you have exceeded the price you are willing to pay for that item. You can then shift to any other item in the group and bid on it until you have won the item or exceeded the amount you want to bid. You won’t have to worry that the chance to bid on other items in that group will close while you are trying to outbid someone on another item in the group. If you want to stop bidding on one item in the group and focus on another item, you’ll have a better chance to do that under the grouped extension feature.
What will happen if a bid is placed within the last few minutes before an item’s or group’s original bid closing time?
If a bid is placed within the last few minutes before an item’s or group’s original bid closing time, then the bidding window will extend for an additional period – this additional time is called the extension period. Once the original bid closing time has passed, a message will appear on the bidding page indicating that an extension period has been triggered and bidding will be allowed for the remainder of the extension period. Be sure to click “refresh” to see the latest bids and amount of bidding time left.
How long will the bidding period extend if someone bids on an asset in the group?
It depends on the terms stated on the auction details page for that auction event. Most often, the extension period will be five minutes, however it could be shorter or longer.
What will happen if a bid is placed during an extension period?
If a bid is placed during an extension period, the bidding will be immediately extended for another extension period. Extensions will continue one after another until no bids for that item (or any other item in the group in the case of group extension) are placed during the extension period and the bidding window is closed. The high bidder at the close of the bidding will be declared the winning bidder, provided they have properly qualified to bid under the terms and conditions.
How do I know if an asset is included in a group for grouped extension purposes?
You can tell if something is grouped with other assets for grouped extension by reading the last few lines of the asset’s description. You’ll see the words “grouped extension”, a reference to the group name and a list of all items included in the group.
Can multiple bidding extension groups exist in one auction?
Yes. Within any Internet auction, one or more sets of bidding extension groups may exist. For example, a group of grain hopper trailers and a group of combines may exist in the same auction. A group of flat panel televisions and a group of generators may also exist in the same auction. The information at the end of each item’s description will tell you which bidding group, if any, it belongs to.
Do all of the assets in a particular auction have to be part of a bidding extension group?
No. Assets do not have to be part of an extension group.
Questions about this feature? Email us at email@example.com or call 866.608.9283.