Reverse Auction...

Each Reverse Auction has a reserve set at the amount of players needed to complete the game. Once the reserve number is met the auction will close and the winner contacted. The winner in each auction is the bidder who has guessed the ‘lowest unique bid’ or ‘lowest unmatched bid’, after the required number of bids has been reached. The results will be posted on the site after each game.

The winning bidder does not have to pay their bid amount for the item; we simply give this to the winner! How good is that!

 How much to play?

New members will receive $20.00 credit in their accounts, this can be used to play Reverse Auctions, if the member has become Address Verified. (Once these credits have been spent, you will need to top up your account if you wish to continue playing, click here to find out about Crediting My Account)

Each Reverse Auction will have differing administration fees. If you think of a Reverse Auction as a bit like buying a raffle ticket and guessing how many jelly beans there are in the jar? You can make as many guesses as you like and hope you get it right and win all the jelly beans!

The admin fee charged to play Reverse Auctions will vary, these will be based on the retail value per item being auctioned.

• Items  $0 - $1000  =  $1.00 Admin Fee
• Items  $1000 - $5000  =  $2.00 Admin Fee 
• Items  $5000 - $10,000  =  $5.00 Admin Fee

There are no other fees involved for Reverse Auctions, if you're the winning bidder the item will be won on the lowest unique guessed amount. The winning bid amount is not deducted from your trading account.

The administration fee per auction will always be made very clear in the actual listing and these will be directly debited from your Trade Away account each time you place a bid.
 

 Reverse Auction Bidding? 

You will need to be Signed In. Click on the Reverse Auction listing you have spotted, (look out for the Dice). Make sure you familiarize yourself with the rules of the game. Read the item description thoroughly and ask any questions through the Q&A if required. If you decide you want to try and win the item, go right a head and start guessing. You can bid as many times as you wish until the auction closes.

There are no minimum bid increments; however you must bid in cents. To register your bid, type in the amount you’re guessing into the box under where it says 'Your Bid' then click on ‘Place Bid ' to enter your bid into the game. Your bid/bids will then be added to the others relating to that item.

Your bid/bids history will register on the Reverse Auction page you have bid on, but only for you to see and these will only be visible to you while you’re signed in. Other members cannot see your bids at any point.

 

Your can also view your bidding history, (as would with any auction) in ‘My Account’ ‘My Bids’. Remember you don’t enter the highest price you think the item will sell for but the lowest UNIQUE!

 

 

 Bid Increments

There are no actual bid increments. Place your bids in cents.  $4.09 - $5.65 - $34.89 - $00.30 etc

Remember you're trying to guess the Lowest Unique Bid amount.

 Reverse Auction 'lowest unique bid' example:

• Auction Item:                             I pod Shuffle
• 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

 Reverse Auction Duration ?
If for any reason the Reverse Auction is not capable of running as planned due too (including but not limited to infection by computer virus, bugs, tampering,
unauthorised intervention, fraud, technical failures or any other causes), anything which may corrupt the integrity or proper conduct of the Reverse Auction, Trade Away reserves the right to cancel, terminate, modify or suspend the game.

If there is no unique lowest bid when the required amount of players has been reached, we will issue a statement pertaining to that fact and extend the auction until such a bid is made. The Item will be delivered to the address provided by the successful bidder within 30 business days.
Larger Items such as cars, boats, caravans and home entertainment systems may take longer to deliver depending on geographical location of the item and the successful bidder's nominated delivery address and government regulations. We determine the Reverse Auction closing time.

 After a Reverse Auction?
We will contact the lucky winner by telephone and arrange delivery of the winnings, (unless you won the home and land package of course!) We can't wait, how cool would that be to win a house for lets say $65 bucks! We hope we can get the good folk of WA excited about these and give away some fantastic prizes!

We will post the results of each Reverse Auction on the site.