Online Auction
The online auction is an Internet-based service where participants sell or bid for tangible or intangible products and services. The most significant benefit is that you can bid from the comfort of your home or even during your lunch break at work.
10% Buyer's Premium
Starting April 15th, 2022, all items in our online auctions on bestauction.ca and bestauction.hibid.com are subject to a 10% Buyer's Premium!.
The premium percentage will be displayed on the auction event's browsing page and on the listing's page. The buyer's premium is taxable! You pay the premium and the applicable taxes upon checkout.
For example, if you won an item for $10, at the checkout, you will be asked to pay $10 for the item + $1 Buyer's Premium + 13% GST/HST = $12.43.
Payment
Credit Card - you can use the credit card associated with the account to pay online (we work with PayPal and Stripe) from ''Invoices" on the home screen or go to your account's dashboard.
Debit/Credit/Cash - you can also pay on-site when you pick up in our stores. The buyer's premium is taxable! You pay the premium and the applicable taxes upon checkout.
For example, if you won an item for $10, at the checkout, you will be asked to pay $10 for the item + 10
Bid
This is the price you are ready to pay for the item. Bidders (participants in the auction) compete with each other by bidding (placing an offer) for the lots (items).
NB! You have to place your bid ONLY if you are sure that you are ready to buy the item! Placing your bid is a form of a contract between you and the seller. Under our terms and conditions, you can not withdraw your bid after you place it. However, if another bidder outbid (place a higher bid than yours), your contract is cancelled, and you have to decide if you want to enter a new contract (by placing an even higher bid) or not.
Non-payers will be penalized! Best Auction will take the necessary legal steps to protect its interests. Bidders who do not pay will be suspended from future participation in our auctions.
Pickup
It is mandatory to pay for and pick up all items purchased by the end of the auction you participate in before the final pickup date for this event.
If you do not pay for an item, no matter the reason, or you do not pick it up during the time frame, you will have to pay a restocking fee of 15% (minimum $10) of the item's sale price. We will use the credit card associated with your account to withdraw the applicable fees without further notice.
If we cannot do so, we reserve the right to suspend the account with an outstanding balance without further notice. A reactivation fee of $50 plus all fees owing must be paid in advance to reactivate the account.
Buyer's remorse
All sales are final, and once you place your bid, it creates a contract between you and the seller. However, we can allow an account holder to cancel a purchase by paying a restocking fee of 15% (minimum #10) of the sale price for each cancelled lot.
Quick Bid
Our Auction Software has predefined bid increments (bidding steps). It makes it easier for the bidder to place a bid that is higher than the existing one.
Proxy bid
The Proxy Bid is another helpful feature of our software. It allows you to tell the system the maximum amount you are ready to pay for the item. The software automatically bids instead of you if another bidder places a higher bid than yours. The software will do it ONLY if somebody outbids your bid! It will not increase the amount up to your maximum if nobody else bids for the lot.
Bid Increments
Bid increments determine the minimum valid bid amount a user (the bidder) may enter when bidding on an auction.
A user may bid any amount equal to or greater than the (Current Price) + (Bid Increment).
Increments are applied at each ''price level'' up to the next defined ''price level''.
Our Bid Increments
Current Price Bid Increment
$0.01 - $24.99 $1.00
$25.00 - $99.99 $2.50
$100.00 - $199.99 $5.00
$200.00 - $999.99 $10.00
$1,000.00 - $2,499.99 $25.00
$2,500.00 and up $50.00
Anti-snipe (Auto Time Extend)
Auction sniping is the practice of placing a bid during the final moments of the auction (we are talking about a timed online auction) to win it.
Our auction software has a build-in Anti-snipe feature, which extends the bidding by 120 seconds if somebody bids during the last two minutes of the auction.
That is how we can guarantee that every bidder will have the opportunity to bid up to their maximum amount without concern about the time left.
Auction end
Our auction ends by closing groups of lots with time intervals between the groups.
If the auction is scheduled to close at 6 pm, the first lots/items will be closed for bidding at 6 pm. After a pre-set time interval, the next group of lots will be closed.
Please be aware that the Anti-snipe time extension may affect the sequence of lot closure!
This section is an integral part of our Terms & Conditions, and by creating an account and participating in our auctions, you agree with them.
Good luck, and most importantly, enjoy it!
TK AUCTION Team