Sliding Headers 10 1400x492 - GMI Auction Market FAQs

Frequently Asked Questions

Sellers

How do I post items to sell?

You can submit a single item for sale or up to hundreds. Set starting price, reserve price, auction start & end date, etc… by filling out the product upload spreadsheet.  You can either submit that spreadsheet here or reach out to [email protected] or (763) 712-8717 to coordinate the sale of your items. 

What happens once my auction ends?

Upon the end of an auction (assuming the reserve price is met), the GMI Market team will connect with the buyer right away to collect any necessary tax exemption forms, process the payment and send them a certificate of payment. 

Who is responsible for coordinating and paying for shipping?

Once payment is confirmed, the GMI Market Team will connect you to the buyer as they will need to connect with you to coordinate shipping logistics.  Buyer is responsible for coordinating all shipping logistics and expenses.

When will I receive payment?

The GMI Market Team will release payment (less the auction fee) to you 10 business days after confirmation that the buyer received instrument(s).

Does it cost anything to list my products on the GMI Auction Market?

There is no cost to list anything on the GMI Auction Market.  However, there is a 15% auction fee deducted from the final sale price.

Buyers (Auctions)

How do I register for auctions?

In order to participate in an auction, you must first register on the GMI site. Once you have registered on our site, you can begin to add products to your “watchlist” and participate in auctions. 

What happens once my auction ends?

Upon the end of an auction (assuming the reserve price is met), you will receive an automated email with payment instructions.  Additionally, the GMI Market team will connect with the you right away to help collect any necessary tax exemption forms, process the payment and send you a certificate of payment. 

Once payment is confirmed, the GMI Market Team will connect you to the seller as they will need to connect with you to coordinate shipping logistics.  Buyer is responsible for coordinating all shipping logistics and expenses.

Are there fees to participate in GMI Auctions?

There is no cost to register and participate in auctions.  However, there is a 15% auction fee added to the final sale price.

What is the Next Acceptable Bid?

A next acceptable bid is a single bid that you wish to submit the specific dollar amount shown. It is simply the current highest bid + the bid increment. 

How does proxy-bidding work?

Bidders can and are encouraged to bid the maximum amount that you are willing to spend on listings that you want to purchase. The GMI Auction System will bid incrementally on your behalf up to your maximum bid. Your maximum bid is kept completely confidential from other GMI buyers and sellers.

Example:   Min Bid = $2,000       Your Maximum Bid = $7,000         Bid Increment = $100

You’re winning at $2,100. If another participant bids $2,200, the GMI Auction system instantly bids on your behalf and you will be winning at $2,300 because the system bids for you up to your maximum.

However, if someone else puts in his or her maximum bid at $7,500, you will be loosing at $7,100 because your maximum bid has been overtaken.

My bid was beat by another bidder with same amount?

When Proxy Bidding is in effect, it can appear as if one bidder has beat another bidder with the same bid amount. This is normal and occurs when a bidder has a proxy bid in effect and a second bidder comes along and makes their bid at the exact same amount the current proxy bid is at. Since the proxy bid was placed earlier, that is the bid that will succeed. For the second bidder to succeed in placing a bid, they must bid higher than the proxy bid that is in effect.

What is the reserve price?

A reserve is the minimum price a seller is willing to accept for the item. Reserve prices are kept confidential. The seller is not obligated to sell an item if the reserve price is not met. The winning bid must meet or exceed the reserve price.

Will I be notified if my bid is outbid?

Yes. You will receive an email notification alert.

Why did my bid price increase by more than the minimum bid increment?

This happens in the case of simultaneous bids and especially when maximum bids are utilized. If two bids occur in close succession, the bid price is driven up by both bids and may appear to occur simultaneously. For example, if Buyer A bids $1,000 on a $500 item and Buyer B bids $1,100 on the same item, the current high bid automatically jumps to $1,100 from $500 with Buyer B winning because the system is automatically bidding for both buyers up to their maximum amount.

Why isn’t my bid appearing online?

When you view pages from the web, they may be “cached” to your hard drive to save you time. That means that when you want to look for your bid online, it won’t appear on the bid page until you clear your cache. We recommend changing your cache setting to “0” in your browser settings or hitting “reload” frequently.

What is a bid increment?

The amount by which a bid will be raised each time the current bid is outdone. It is either set manually or computer generated based on the current winning bid amount. Current Bid + Bid Increment = Next Bid.

How do I keep track of items that interest me?

To track the bidding activity of certain items, use the Watch List feature. Useful for Buyers and Sellers alike, it puts items from different categories into one place. (Requires an account.) If a lot is of interest to you, click the link “Add Item to Watch List” within the listing page. You can manage your Watch List from the “My Account” page (upper right hand corner. Adding items to your Watch List is a great way to receive updates on the items that most interest you.

How can I retract or change a bid in an online auction?

Once bids are submitted you cannot remove or modify them, although you can place additional bids. If you make a mistake in your bid, please call our GMI Auction Team at (763) 712-8717 or email us at [email protected]

 

 

Buyers (Make An Offer)

How do I register for auctions?

In order to participate in an auction, you must first register on the GMI site. Once you have registered on our site, you can begin to add products to your “watchlist” and participate in auctions. 

What happens once my auction ends?

Upon the end of an auction (assuming the reserve price is met), you will receive an automated email with payment instructions.  Additionally, the GMI Market team will connect with the you right away to help collect any necessary tax exemption forms, process the payment and send you a certificate of payment. 

Once payment is confirmed, the GMI Market Team will connect you to the seller as they will need to connect with you to coordinate shipping logistics.  Buyer is responsible for coordinating all shipping logistics and expenses.

Are there fees to participate in GMI Auctions?

There is no cost to register and participate in auctions.  However, there is a 15% auction fee added to the final sale price.

What is the Next Acceptable Bid?

A next acceptable bid is a single bid that you wish to submit the specific dollar amount shown. It is simply the current highest bid + the bid increment. 

How does proxy-bidding work?

Bidders can and are encouraged to bid the maximum amount that you are willing to spend on listings that you want to purchase. The GMI Auction System will bid incrementally on your behalf up to your maximum bid. Your maximum bid is kept completely confidential from other GMI buyers and sellers.

Example:   Min Bid = $2,000       Your Maximum Bid = $7,000         Bid Increment = $100

You’re winning at $2,100. If another participant bids $2,200, the GMI Auction system instantly bids on your behalf and you will be winning at $2,300 because the system bids for you up to your maximum.

However, if someone else puts in his or her maximum bid at $7,500, you will be loosing at $7,100 because your maximum bid has been overtaken.

My bid was beat by another bidder with same amount?

When Proxy Bidding is in effect, it can appear as if one bidder has beat another bidder with the same bid amount. This is normal and occurs when a bidder has a proxy bid in effect and a second bidder comes along and makes their bid at the exact same amount the current proxy bid is at. Since the proxy bid was placed earlier, that is the bid that will succeed. For the second bidder to succeed in placing a bid, they must bid higher than the proxy bid that is in effect.

What is the reserve price?

A reserve is the minimum price a seller is willing to accept for the item. Reserve prices are kept confidential. The seller is not obligated to sell an item if the reserve price is not met. The winning bid must meet or exceed the reserve price.

Will I be notified if my bid is outbid?

Yes. You will receive an email notification alert.

Why did my bid price increase by more than the minimum bid increment?

This happens in the case of simultaneous bids and especially when maximum bids are utilized. If two bids occur in close succession, the bid price is driven up by both bids and may appear to occur simultaneously. For example, if Buyer A bids $1,000 on a $500 item and Buyer B bids $1,100 on the same item, the current high bid automatically jumps to $1,100 from $500 with Buyer B winning because the system is automatically bidding for both buyers up to their maximum amount.

Why isn’t my bid appearing online?

When you view pages from the web, they may be “cached” to your hard drive to save you time. That means that when you want to look for your bid online, it won’t appear on the bid page until you clear your cache. We recommend changing your cache setting to “0” in your browser settings or hitting “reload” frequently.

What is a bid increment?

The amount by which a bid will be raised each time the current bid is outdone. It is either set manually or computer generated based on the current winning bid amount. Current Bid + Bid Increment = Next Bid.

How do I keep track of items that interest me?

To track the bidding activity of certain items, use the Watch List feature. Useful for Buyers and Sellers alike, it puts items from different categories into one place. (Requires an account.) If a lot is of interest to you, click the link “Add Item to Watch List” within the listing page. You can manage your Watch List from the “My Account” page (upper right hand corner. Adding items to your Watch List is a great way to receive updates on the items that most interest you.

How can I retract or change a bid in an online auction?

Once bids are submitted you cannot remove or modify them, although you can place additional bids. If you make a mistake in your bid, please call our GMI Auction Team at (763) 712-8717 or email us at [email protected]

How to make an offer?

You can make a Best Offer on items where you see the Make An Offer button on the listing.Once you’ve found an item you want to buy that accepts offers, here’s how to make your offer:

  1. Choose Make An Offer.
  2. Enter your offer. If you want to add any additional terms, you can add a message to the seller.
  3. Review your information and select Submit offer.

Have a list of products?

Reach out to our GMI Market Team, and we can mass upload your products for you.

[email protected]

(763) 712-8717