This is a reducing price auction, meaning the price drops until you or another bidder clicks ‘Buy’.
If there any eskies left the price on the clock starts again just a bit above the last buy price.
The price continues to drop until all the eskies are sold or the fisherment’s reserve is reached.
All prices are in AUD $ per kilogram. The quantity is the number of eskies and the weight is the
weight of each esky. When you sign into the auction you will see a screen like this:
If you sign in before the auction starts, you will see a countdown to when the auction begins.
Once the auction time is reached, the first lot is automatically started and you will see a picture
and description of the 1st lot appear in the top left of the screen.
A. THE CLOCK
The clock displays the Start Price and the Current Price, both in AUD$.
When the auction starts you will see the red dot move around the clock. Each revolution of the clock represents $1
and each dot repesents 1 cent.
The auction starts at the starting price. In this example the starting price is $25.00 and the price has dropped to $23.65
have a look at the red dot: it's pointing to 65. The red dot travels around the clock as the price reduces and represents
the cents of the current price.
Next to the clock is the auction listing. This shows you the lots that are coming up. Before the auction or even during the
auction you can enter pre-bids.
Bid for me - YES.
This means the system will automatically attempt to buy your required quantity at the nominated price.
In the right hand corner of the screen you will see the quantity keypad. When the price reaches the price you are prepared to pay just click on the quantity button you want to buy.
From the example if you wanted to buy the full lot of 5 cases at the current price of $15.50 per kg you would click the '5' button (maximum bid).
As soon as you buy the clock will stop whilst your order is processed and will then re-start at a price a little higher than before if there is any quantity left to sell.
Let's say you wanted to buy 5 eskies. Click the 5 button in the Buy area of the screen. You can also pre-set your buy quantity in which
case your quantity will appear in a green button.
C. ORDER DETAILS
Just below the Quantity keypad you will see the items that you have bought and the price.