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The online process differs from experience of attending a live auction in that you register at the Dayco Auctions website. The Dayco Auctions’ online auction system keeps track of the items being sold and the items you bid on. When you enter one of Dayco Auctions’ online auctions to place a bid, our online auction system determines the amount you must bid in order to become the highest bidder. You can either accept this amount, or you can place your own bids as you compete with other bidders. As each participant places their respective bids, our online auction system compares your bid against the current bids to determine if your bid is the winner.

Most of the lots for sale in any of the auctions in progress on the Dayco Auctions website have an opening bid set at a predetermined dollar amount. Sometimes the clients we are selling for request a “reserves” to be set on selected items or lots. A reserve is a minimum dollar amount that must be reached before an item can be sold. In order to have full transparency with our bidders, Dayco Auctions sets any requested reserves on our lots to show as an opening bid.

Much like bidding during a live auction, the auctioneer generally will not gavel at the first bid. Auctioneers will give other bidders an opportunity to increase their bids until there is no additional bidding action on the item. The Dayco Auctions system features “extended bidding” in our online auction format because best mimics live bidding at a real auction, employing a timed format best used in an online format.

Many people ask that question. Though it may seem like the bids places on items being sold at your auction seem low as the auction starts. As the auction progresses, keep in mind that most of the bidding action takes place within the final hours of the auction (sometimes the last 15 minutes to an hour) of the closing of any lot or sale.
Most bidders will “watch the site” — and maybe place a low bid here or there; but they are “watching” so they do not “show their hand” too early. Many will wait until the final minutes to bid. Then the bidding frenzy starts. You will see more intense bidding as the auction draws to a close.

At most of our auctions, especially those we few or no items with “reserves”, our sale rate is close to 100%. At some auctions, however, some items/lots may not sell. In those situations, communicating with the communication with the auction manager will answer any questions.