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1 Hour Auction - Process
What is a "Dutch" Auction
A Dutch or "Reverse" auction presents an item or items for purchase with a high initial Bid Amount. The Bid Amount lowers until someone until someone agrees to purchase the item by approving the bid amount. The bidder waits for the price to lower to where he wants it, knowing that at any time somene else may claim the bid or the Bid Amount may go below the Seller's Reserve Amount. In either case, the opportunity to purchase that item is gone.
The main thing to remember is: the First Bid is the Winning Bid!
Registering for the 1 Hour Auction
You must be registered with AlpacaStreet.com to bid on the 1 Hour Auction. Registration is free. To register, click the "Log in/Register" button on the top center of this page. If you are already a registered member of AlpacaStreet.com, there is no further registering you need to do. All bidders must be Logged In to their AlpacaStreet.com accounts in order to place a bid. Being on the site and watching the auction does not mean you will be able to bid. You must be logged in.
The Process
The 1 Hour Auction will present a panel of 5 or more alpacas at a time. A Buy Now Amount will be displayed at the top of the screen. The Buy Now Amount represents the amount for which you can purchase any one of the alpacas on the displayed panel. The Buy Now Amount will decrease every few seconds. The bid amount will continue to decrease until it hits the lowest reserve of the alpacas listed. At that point, that panel is replaced with a new panel of alpacas and the process starts over again.
Placing a Bid
Once the auction begins, you can place a bid on any displayed alpaca where the "Buy" button is still shown. To buy, click the "Buy" button above the alpaca you wish. Remember, if you click it, you win it!
If you are the successful bidder, the "Buy" button will change to "You Win".
If someone else purchases an alpaca, the "Buy" button will change to "Sold".
If the bid amount goes below the Seller's Reserve amount, anyone clicking that alpaca's "BUY" button will see "Offer Made" and no sale will be made, but the Buyer and Seller information will be exchanged to see if a negotiated sale can take place.
If You Win
If you are the winning bidder on an alpaca, AlpacaStreet.com will contact you to confirm the bid and provide you with contact information for the Seller. We will give the Seller your contact information, too. You will be expected to enter into a contract to purchase the alpaca as per the 1 Hour Auction Terms and Conditions.
TIPS:
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The 1 Hour Auction is best viewed using Mozilla Firefox as your browser
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Some computers may freeze up if inactive for a period of time. To avoid this, click on 1 "INFO" button on each panel.
1 Hour Auction Terms and Conditions.
