A timed online-only auction is automated and takes place solely online through out website www.adams.ie. The bidding for each lot is opened at a predetermined level set by the auctioneer, for a set period of time.
During this period of open bidding you will be able to see the current highest bid on each lot. You may place a higher bid at the defined bidding increment you choose. Bidders are automatically informed by email if they are the winning bidder, or if they have been outbid by another competing bidder. At the end of the defined bidding period, if the highest bid offered meets the minimum price designated by the Auctioneer. (i.e the seller’s reserve price), the lot is sold.
Bidding on all lots in a timed online auction will close at a specified time. If a bid is placed on a lot within a specific time before closing, the bidding may automatically be extended for a set period of time to facilitate the last minute bidding. The length of extended bidding is set by the Auctioneer prior to the opening of the auction.
By placing your maximum bid, the system will automatically adjust your bid to reflect the next winning bid increment which could be lower than your maximum bid. Your bid will automatically increase should someone else bid, only up to your maximum bid.
Example: Bidder A leaves a maximum bid of €100, bidder B leaves a maximum bid of €200 on the same lot. Bidder A is now knocked out of the lead and Bidder B holds the current winning bid that auto adjusts to €110 (NB not their maximum bid). The system auto adjusts the bid to the next winning increment. Bidder B’s bid will only be further executed if another user bids above their current bid of €110 up to their maximum bid of €200, after which they will be knocked out and an email will be issued advising them to increase their bid.