The winner in each auction is the bidder who bids the ‘lowest unique bid’ or ‘lowest unmatched bid’, after the Required Number of Bids has been reached. Each bidder must register (for FREE). An Administration Fee is charged for each bid placed.
Following is an example of how the ‘lowest unique bid’ is determined:
Auction Item: BP Fuel Card
Recommended Retail Price: $100.00
Required Number of Bids: 100
Administration Fee: $2.00 per bid
At the conclusion of the auction (when the Required Number of Bids has been met) the lowest ten bids might be as follows:
| Bid 1 |
$0.01 |
| Bid 2 |
$0.01 – Bids 1 and 2 are the lowest bids, but are not ‘unique’ |
| Bid 3 |
$0.02 |
| Bid 4 |
$0.02 |
| Bid 5 |
$0.03 – WINNER – this is the lowest ‘unique’ bid |
| Bid 6 |
$0.04 |
| Bid 7 |
$0.04 |
| Bid 8 |
$0.05 – ‘Unique’ bid, but not the lowest |
| Bid 9 |
$0.06 |
| Bid 10 |
$0.06 |
Bid 5 will be the successful bid as it is the ‘lowest unique bid’. This bidder would pay $0.03 for the BP Fuel Card PLUS a $2.00 Administration Fee = $2.03 for $100.00 worth of fuel from BP! Note that this bidder may have made more than one bid and therefore may have paid more than one Administration Fee. |
