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How do auctions work?

Last updated on 6/2/2021

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Auctions

DreamCars auctions are typically 7 day listings, allowing for interaction between both the seller and buyer, while providing high resolution photos and information on each car.

Each bidder can bid their maximum value at anytime, and the bid will instantly adjust to that price.

During the last 24 hours, the comment section will go from most relevant, to a more conversational chat style. This allows for action packed final minutes of auctions, similar to a live stream video.

The end of the auction

The final 5 minutes of DreamCars auctions is unique, allowing buyers to get the most while giving each bidder the chance to win without bid snipers.

Once the timer goes below 5 minutes, each bid will add 30 seconds to the clock up to a maximum of 5 minutes. This means that a bid at 4:45 remaining will bring the clock back up the 5:00 minute mark.

Any bid placed under 2 minutes will bringing the time back up to 2 minutes remaining, which allows for everyone to think and bid without rush.

After the auction

Once the auction ends, we will automatically charge the winning bidder's card for the commission rate of 5% -- with a $1000 minimum and $5000 maximum charge.

As soon as this occurs, we will provide the sellers information to the buyer to complete the sale.

If at any point something comes up, we're available to help.

Prospective bidders who did not win the auction will be stored incase an issue arises so they may have a chance to purchase, pending seller's approval.

Related Articles

What is DreamCars?How do auctions work?General FAQHow do auctions work?

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