MaxWaxPax.com Dutch Auction Terms and Conditions

MaxWaxPax.com Dutch Auction Terms and Conditions

Welcome to MaxWaxPax.com's Dutch Auction page. You must create an account on our website and in order to access out online auctions. If you have not created an account, please click here to do so.

If you have already registered for your account and have received your email confirmation for access, please click here to access our auction listings. You may also bookmark this link in order to bypass this page in the future.

What is a Dutch Auction:

Our Dutch Auction is designed to automatically reduce the price of an item rapidly until a buyer clicks the buy button or the minimum reserve limit is reached. In instances where there is no minimum, the auction would end when the price reaches $0.00 or when someone clicks on the buy button.

Why use a Dutch Auction:

While the most common auctions use the standard auction process, where prices begin low and only increase when bids are submitted, there are always concerns of bidders submitting bids for the sole purpose of forcing the price to increase to a price point that satisfies the owner of the item. Commonly known as Shill Bidding, the seller will usually coordinate efforts with close friends and colleagues to watch the auction and input bids in order to drive the price of their item higher and higher. If the seller does like feel as though the price is high enough, the seller will then arrange to have the item bid on so that it does not sell to an outside buyer. The seller will then file an unpaid claim on the item and maintain ownership for future auctions.
Another common practice with standard auctions is Auction Sniping. This is when potential buyers wait until the very last second of an auction to submit a winning bid. While this practice can be considered fair-game by some auction participants, the use of third-party sniping software has created a very unfair environment for many bidders. Simply put, a buyer can program a price into their software and then walk away. When the time us right, the software will simply take over and enter a last second bid automatically, thus beating the highest bid through the use of software generated commands. One method used to combat Auction Sniping was the introduction of Popcorn Bidding. When Popcorn Bidding is activated, the ending time of an auction is automatically extended by a set duration in order to allow other bidders the chance to rebid. With Popcorn Bidding active, Auction Sniping no longer remains an advantage.
With a Dutch Auction, Auction Sniping and Auction Shilling are completely useless, resulting in a fair experience for all potential bidders. Sellers cannot force the price of an auction up and bidders cannot use third-party software to gain an advantage. Bidders must pay close attention to each Dutch Auction and do their best to designate a desired price point that is be above another bidders desired price point.

Are their negative aspects of Dutch Auctions:

Perhaps the most negative aspect of a Dutch Auction is the fact that if there are not enough participants, the seller risks receiving a much lower price for an items than if the item were to be sold under standard auction practices. For example, if a seller lists an item for $10,000.00 and was hoping that the item would sell for $7,500.00, but when the auction starts only a handful of people are present, the seller may find that the final selling price fell far short of the target price.
With the MaxWaxPax.com Dutch Auction parameters, auction times are limited to 60 seconds which requires all bidders to pay close attention to the price as it drops at a very rapid pace. Since the items being auctioned are our own property and not here on consignment, we absorb 100% of the risk of prices falling below our target sale price due to low bidder participation. This is why we are going to be actively promoting our Dutch Auctions and offering special incentives to all bidders during each of our Dutch Auction Events.

Are there reserves in Dutch Auctions:

Minimum reserves are permitted in Dutch Auctions. These reserves simply limit the price that an item is permitted to reach before the auction is ended automatically. For example, if the seller in the example above had a target goal of $7,500.00 and knew that if the item went below $5,000.00 the loss would too large to accept, the minimum reserve could be preset at $5,000.00. Once the auction begins, the auction would remain active until a bidder clicked on the "Buy Now" button or until the minimum reserve was reached. Once the minimum reserved is reached, the auction would end and the item would be labeled as "Unsold"

How do I pay for an auction once we win:

Once you win, you will automatically be sent to your checkout cart with the item won and the discount code entered automatically in the discount field. This discount code will provide you with the necessary discount so that the checkout price in your cart reflects the winning price of your won item. Simply complete our checkout process and you are done.

How long do I have to pay for an auction that I won:

Winning bidders must pay for their auction immediately so please do not participate in a MaxWaxPax.com Dutch Auction unless you are prepared to checkout immediately following the completion of the auction.

Can I bid on more than one auction at a time:

MaxWaxPax.com Dutch Auctions only run one at a time. They are spaced apart so that winning bidders have the chance to complete the payment process for their winning auction before the next auction begins.

Can I combine items at checkout if I win more than one auction:

In order to preserve the integrity of our auctions, we require all winning bidders to immediately pay for their winning auctions. Therefor it is not possible for winning bidders to combine their auctions into one shopping cart at checkout time.

If you have any questions about the MaxWaxPax.com Dutch Auctions, please click here to contact us.