Auction Formats for -Wheelin' n' Dealin'

Each "Auction Block" item is offered in a sales/auction format, as follows.

Action Auction(TM) ( Multi-item) - A number of identical items are offered for sale at the same time (minimum bid -no set increment). When the auction closes, the highest bidders win the available items at their actual bid price.

Demand Auction(TM) (Multi-item) - A number of identical items are offered for sale at the same time ( minimum bid & increment). When the auction closes, the highest bidders win the available inventory at the lowest successful bidder's price (when all quantity available is covered by group's bids, everyone benefits).

For both Action and Demand Auctions:

If bids are for the same price, larger quantities win over smaller quantities. If bids are for the same price and quantity, earlier bids win over later bids. In other words, the bids are sorted in order of price, then quantity, then time. Prior to closing, the currently successful bidders are listed in priority order, including their price, quantity, and time. ( sellers may set minimum bid and increment)

Note that your bid retains the time when it was first placed even if you later increase your bid. Therefore, it is to your advantage to get an initial bid in as early as possible. To increase your bid, simply rebid using the same account number as your original bid - this will cancel the earlier bid and substitute the later one.

You can place a bid for one or more of the items offered, and can specify whether you will accept only the exact number you specify, or are willing to accept fewer if necessary. (Your bid is 'per-item', so the actual amount you are offering is your bid times the number of items you specify.) Note that you can "bump" bids at the same price off the winning list by ordering larger quantities.

The Action and Demand auctions close at the posted closing time or ten minutes after the last bid is received, whichever is later. Therefore, the auctions may remain open for quite a while after the posted closing time during this "Going, Going, Gone" period. This is a great format for "close-out/excess" inventories.

Straight Sale (multi-item) - The items are available for sale at a fixed price. If you place an order, it is immediately accepted at the price listed. No action here, just first come first served. We encourage sellers to set a low price, to sellout quick!! Typical sales format for Classified Ads liquidating excess inventories.

Buy or Bid (Multi-Item) - You can purchase one or more of the remaining inventory at the currently posted asking price by clicking the "buy" button. If you don't like the current price, you can post a Offer/bid (by clicking the "offer/bid" button) at a lower price. (Note that only the top ten bids that are over the asking price will be listed on the item summary page.) Your Offer/bid will be automatically executed if the selling merchant drops the asking price to or below your Offer/bid. The merchants will be watching the bidding activity, and will periodically adjust their asking price( can go up if demand is great). PLEASE NOTE: This works like a "bid/ask" stock market, not like a standard auction, so there is no guarantee that your bid will be accepted by the merchant.

If you wait until later to place your order or if you bid below the current price, you may get the item at a lower price, but you run the risk that the price will go up and/or the item will be sold out!

Standard Action Auction - The single listed item goes to the highest bidder. The minimum bid, bid increment, current high bidder, current high bid, and closing time are displayed.

All Standard Action Auction bids are 'proxy' bids, which means that we keep your actual bid secret and make lower bids as necessary on your behalf. As long as you are the highest bidder, we will place a public bid in your name at one bid increment above the second-highest bidder's price. If there are no other bidders, we will place a public bid in your name at the minimum bid price. You may also make a firm request, that your bid be 1 increment higher than highest bid, ( No- limit bid) to assure that you receive the item (regardless of price- often risky).

This means you never pay more than a little above what someone else is willing to pay, and so are free to place your highest bid privately with us right from the start. It also means that you don't have to stay around to watch the bidding in order to actively participate. Please note that the closing times on standard auctions are absolute. Sellers choosing this format can participate in the "bidding forum", to answer questions about the displayed item from anxious buyers, often escalating bidding action. In no case is seller notified that a "No-limit" bid has been received.

Other bidding rules and notes:

• All bids are non-cancelable once submitted.
  
• Posted closing times are approximate. The Auction Block reserves the right to close early or extend auctions at any time at its discretion. If winning bidder cannot secure payment to seller ( within reasonable 72 hr time frame), then item goes to next highest bidder. Posting of results, requires time, and often is delayed for 24 Hrs.
  
• A "Buyer's Premium" will be added to winning bids only when specifically stated on the individual item description. This is a percentage surcharge fee based on the price at which you win the merchandise. At bidders option, the Buyer's Premium may be charged to your credit card separately directly by The Auction Block. Currently only a small number of items carry a Buyer's Premium, because we feel the Ad costs should defer to sellers.
  
• To find out if you won, check the item's page after the closing time - it will remain in the system usually for a couple of days. We will also notify you by email to the address you provided to us. All 2-3 position bidders will also be notified, in case winner defaults on payment.
  
• All bids are made in increments and are subject to a minimum, as posted for each item. If you bid between increments, we will round your bid down to the nearest increment.
  
• Note that there are unpredictable delays in the transmission of email, and so bids submitted by email may arrive after an item is closed, or after a bid at an equal price or quantity has been made. Faxed bids are posted as received. We accept no phone bids.
  
• Bids do not roll over to subsequent auctions of similar items. If you see a similar item on sale after one closes, or if two of the same item are offered separately, you will need to bid again.
  
• We keep track of unsuccessful bids/offers for each item. If a problem arises with the successful bid(s) ( none reaching minimum asking price), seller may offer the item to you at a later time at the price you bid/offered, or may decide to put the item back up for auction again.
  
• Universal Graphics -Online wants to make these auctions and Action Ads work for buyer & seller. We feel that remote purchasing using the Internet is not only secure, but exciting. Displaying your treasured item is a art, so we make every effort to do it properly. The SafetyNet "escrow" service prevents any chance of fraud. We use the latest Netscape security features on any transactions, and are hosted by the worlds largest "public" ISP service. Please don't screw up the auction process by testing it with false bids, as it ruins the fun for everyone, and puts you at substantial personal legal risk.

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