FAQ | Buyer

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Auction is one of the selling formats in which multiple registered buyers bid for the same bid. The bid starts from the minimum bid value specified by droom. And highest bidder wins the auction.
The process of making a bid for the listing placed under auction is called bidding.
Reserved Price is the minimum price that the auction must reach for the transaction to be closed.
The bid made automatically by the system on behalf of the user using automatic bidding. Automatic bidding is the systemized bidding process automatically done by the system on behalf of the bidder, wherein bidder sets the highest bid amount he wants to pay. The bidder specifies the highest bid value into the system, and system automatically bids on his behalf. The bid made is more than the current bid price and increased by minimum bid increment.
The highest bidder after the reserve price is met wins the auction.
Participation fee is the fee that bidder has to pay in order to participate in the auction. However, we don’t have participation fee for auction as yet but will be implemented soon.