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Carwow Auction Bidding & Second Chance Offers Terms
Carwow Auction Bidding & Second Chance Offers Terms
Will Morgan avatar
Written by Will Morgan
Updated over a month ago

Auction Bidding

  1. Each listing will specify the minimum price that the seller is willing to accept for their vehicle (“Reserve Price”). The vehicle will not be sold during the auction if the Reserve Price is not met or exceeded.
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  2. In order to bid on the vehicle, you must specify the maximum purchase price which you are willing to pay for it (“Maximum Bid”). You may increase your Maximum Bid at any point whilst the listing is active. Whilst the Maximum Bid does not have to meet the Reserve Price to enable you to bid on the vehicle, your Maximum Bid will not be successful if it does not meet the Reserve Price. No person may submit a bid for vehicles which is less than the sum specified from time to time by Carwow in relation to those vehicles on the Carwow platform. (“Minimum Bid Amount”).
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  3. If your Maximum Bid is equal to or below the Reserve Price it will automatically become the highest bid unless another bidder submits a higher bid. If your Maximum Bid is equal to or above the Reserve Price and there is no other bid which meets or exceeds the Reserve Price, you will win the listing at the Reserve Price (subject to additional checks Carwow may make from time to time).
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  4. When another bidder places a bid which equals or exceeds the Reserve Price but is lower than your Maximum Bid, our system will automatically bid on your behalf in increments of £50 (or such other amount as Carwow may determine from time to time) each above the next highest bid up to your Maximum Bid.

  5. When there are two bids which meet or exceed the Reserve Price, the listing will be won by the bidder who has outbid the others.
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  6. If two bidders enter the same Maximum Bid which:

    1. equals to the Reserve Price and there are no higher bids, the first bid received will win the listing at the Reserve Price; or
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    2. exceeds the Reserve Price and there are no higher bids, the first bid received will win the listing at the price which is at least £50 above:
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      1. the next highest bid if the next highest bid equals to or exceeds the Reserve Price; or
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      2. the Reserve Price if there are no other bids or if the next highest bid is below the Reserve Price.

Second Chance Offers

  1. If the vehicle is not sold during the initial listing, the vehicle will be automatically listed as a second chance offer (“Second Chance Offer”) on the following conditions:
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    1. its original Reserve Price will be the price at which the vehicle can be bought right away (“Buy It Now Price”);
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    2. each Maximum Bid (if any) submitted during the original listing will be used to ascend from;
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    3. if no bids were placed during the original listing, the Minimum Bid Amount will be used to ascend from;
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    4. new dealers can submit bids on the vehicle;

  2. the bidding increments correspond to the Reserve Price of the vehicle, being:
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    1. where the Reserve Price is less than £1,000, the bidding increments will be £25;
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    2. where the Reserve Price is less than £10,000 but more than £1,000, the bidding increments will be £50;
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    3. where the Reserve Price is less than £50,000 but more than £10,000, the bidding increments will be £100; and
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    4. where the Reserve Price is more than £50,000, the bidding increments will be £250;

  3. the vehicle will be sold as soon as an offer meets the Buy It Now Price; and

  4. any offers below the Buy It Now Price will be presented to the seller. Bids placed will be valid for two working days.

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