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Open-Bid Auction
The Open-Bid Auction creates a true open market for products to sell at competitive prices.
Buyers have current pricing information available to them online, during the auction, to make
intelligent buying decisions. Quick responses from the Seller, usually in less than an hour
after the auction closes, insure prompt position knowledge. This format enables Sellers to manage
multiple Buyers bidding on material simultaneously in a competitive format.
Features of the Open-Bid Auction include:
- Seller determines date and start/end times of each auction - as short as ½ hour.
The Auction automatically extends for three minute intervals if a higher bid is submitted within three minutes
prior to the scheduled close time or during any additional three-minute incremental period.
- Sellers offer a fixed quantity of scrap from a specified shipment location,
during a specified time period and pre-set a confidential minimum reserve price,
for each item offered.
- When each auction opens, Buyers submit bids - the highest price and quantity bid is shown
to all bidders… display indicates whether or not bid meets Seller's reserve price.
- Buyers can either bid on the total quantity offered for any lot, or a
partial quantity, if specified by the Seller…and quickly update their bid price
during the auction.
- Buyers' names are not displayed to other Buyers or to the Seller during the
auction. After the auction closes, Seller only sees the Buyers' names if their bids
meet or exceed the Seller's reserve price.
- Sellers must award scrap offered, if highest bid(s) received meets or exceeds
their reserve price … except for credit reasons only.
- At the end of the auction, prior to awarding or declining any bids, the Seller has
the option of lowering their reserve price and awarding scrap to those Buyers
who have submitted bids meeting or exceeding the Seller's lowered reserve price.
All ScrapSite commerce methods provide access to private, secure, online historical databases and reports.
Whatever commerce method is chosen to conduct your business,
you build secure, web-based, historical databases of all details
of your scrap sales and purchase transactions…accessible only by
authorized individuals in your company at any time, day or night!
ScrapSite … focused on the recycling industry
unbiased, secure & confidential marketplace
Please call us at 1-877-544-4458 (in the U.S.) or 412-661-6429 (outside the U.S.) today
to learn more about participating in ScrapSite's auctions… it's
easy!
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