Bidding Rules · RideAuction

RIDEAUCTION CANADA — BIDDING RULES These Bidding Rules explain how bidding, Buy Now and post-auction offers work on RideAuction Canada. They form part of the RideAuction Canada Terms of Bidding and Sale. All amounts are in Canadian dollars (CAD). ──────────────────────────────────────── 1. WHO MAY BID ──────────────────────────────────────── 1.1 Only dealerships that RideAuction has verified and approved for buying may bid, use Buy Now or make post-auction offers. 1.2 A dealership acts only through staff members to whom RideAuction has given bidding authority for that dealership. A staff member without bidding authority can view auctions but cannot bid. To request bidding authority for a staff member, contact RideAuction. 1.3 A dealership cannot bid on, buy or make an offer on its own unit. RideAuction administrators cannot bid. 1.4 RideAuction checks the dealership's approval and the staff member's authority again on every bid, purchase and offer, at the moment it is received. ──────────────────────────────────────── 2. RULES FIXED FOR EACH AUCTION ──────────────────────────────────────── 2.1 Each auction has its own bidding rules (bid increments, minimum starting bid, Max Bid and Jump The Bid availability) and timing rules (closing interval and time extensions). They are shown on the auction page and become fixed, at the latest, when bidding opens. A rule change after that never affects the auction. 2.2 The fees for an auction are fixed when the auction is scheduled. See the RideAuction Fees document. 2.3 RideAuction Canada Standard Rules currently set: - bid increments of $100 below $11,000; $250 from $11,000; $500 from $16,000; and $1,000 from $25,001; - a minimum starting bid of $100; - Max Bid and Jump The Bid available; - time extensions as described in section 8; - lots closing 60 seconds apart; - at least 24 hours of bidding. The rules shown for a particular auction govern that auction. ──────────────────────────────────────── 3. STARTING BID AND BID NOW ──────────────────────────────────────── 3.1 Each lot has a starting bid. The seller proposes it and RideAuction may adjust it when approving the lot. It is never below the auction's minimum starting bid and never above the lot's reserve. 3.2 The minimum next bid is the starting bid when the lot has no bid yet, and otherwise the current bid plus the bid increment for the current bid. 3.3 "Bid Now" places the minimum next bid shown. If another bid was accepted first, your bid is not placed and you are shown the new minimum. ──────────────────────────────────────── 4. MAX BID ──────────────────────────────────────── 4.1 A Max Bid is the highest amount you authorize RideAuction to bid for your dealership on a lot. RideAuction then bids for you by the bid increment, only as much as needed to keep you in the lead, up to your maximum. 4.2 If you lead, you may raise your Max Bid. A Max Bid cannot be lowered or withdrawn once accepted. 4.3 Your maximum is private. It is never shown with your dealership's name. It appears as a public bid amount only when RideAuction has to bid all of it, for example when another bidder outbids it. ──────────────────────────────────────── 5. JUMP THE BID ──────────────────────────────────────── 5.1 Jump The Bid places the full amount you enter at once, after a separate confirmation. The amount must be at least the minimum next bid. It cannot be undone. 5.2 Your amount becomes the current public bid unless another bidder's earlier Max Bid is equal to or higher than it. In that case that Max Bid answers your bid, as described in section 6. 5.3 The leading bidder cannot Jump The Bid on its own lead; it can raise its Max Bid instead. ──────────────────────────────────────── 6. ORDER OF BIDS AND EQUAL MAXIMUMS ──────────────────────────────────────── 6.1 A bid exists only when RideAuction's server accepts it. RideAuction processes the bids on a lot one at a time, in the order its server receives them, and records the time on its database clock. Your device, browser, connection or screen never decides whether or when a bid was accepted. 6.2 If two maximums are equal, the one RideAuction accepted first keeps the lead. 6.3 RideAuction may limit how many bid attempts a staff member can send in a short period. A refused attempt has no effect. ──────────────────────────────────────── 7. RESERVE AND NO RESERVE ──────────────────────────────────────── 7.1 Each lot is offered either with a reserve or with No Reserve. 7.2 A reserve is the seller's private minimum selling price. RideAuction never discloses the amount. While bidding is open the lot shows whether the reserve is met. 7.3 The reserve never decides whether a bid is accepted. It decides only whether the lot sells when it closes. 7.4 If the leading bidder's Max Bid is at or above the reserve while the current bid is below it, RideAuction raises the current bid to exactly the reserve amount, and never above that Max Bid. 7.5 When a lot closes: - a No Reserve lot with at least one bid sells to the leading bidder at the leading bid; - a reserve lot sells only if the leading bid is at or above the reserve; - a lot with no bids, or with the reserve not met, does not sell at auction and may then be offered under section 11. ──────────────────────────────────────── 8. TIME EXTENSIONS (SOFT CLOSE) ──────────────────────────────────────── 8.1 Each lot has its own closing time. Under RideAuction Canada Standard Rules, if RideAuction accepts a bid on a lot when less than 2 minutes remain on that lot, the lot's remaining time is reset to 2 minutes from that bid. This repeats every time, without limit. 8.2 Only that lot's closing time moves. Other lots keep their own closing times. A closing time never moves earlier. 8.3 Raising your own Max Bid while you already lead does not place a public bid and does not extend the lot. 8.4 A bid received at or after a lot's closing time is refused. ──────────────────────────────────────── 9. STAGGERED CLOSING ──────────────────────────────────────── 9.1 Lots in an auction close in lot-number order, a fixed interval apart (60 seconds under RideAuction Canada Standard Rules). Lot 1 closes at the auction's first closing time; each later lot closes one interval after the lot before it. 9.2 Because a lot can be extended under section 8, an extended lot may close after lots with higher lot numbers. ──────────────────────────────────────── 10. BUY NOW ──────────────────────────────────────── 10.1 A seller may offer a unit with Buy Now at a fixed price instead of an auction. A Buy Now lot has no bids, no reserve and no starting bid. 10.2 Buy Now is available from the time bidding opens until the lot's closing time. It is not available while the auction is paused. 10.3 Before you confirm, you see the Buy Now price, fees included in the applicable frozen Auction rules, the total before any tax determined under approved rules, and a statement that the purchase is binding, which you must tick. 10.4 The purchase is binding when RideAuction's server accepts it. RideAuction checks at that moment that the lot is still available at the price you reviewed. If two dealerships try to buy the same lot, only the first purchase accepted succeeds; the other is told the lot has sold. A Buy Now purchase ends the lot. A Buy Now lot that is not bought by its closing time does not sell. ──────────────────────────────────────── 11. POST-AUCTION OFFERS ──────────────────────────────────────── 11.1 When a lot does not sell, the seller (or RideAuction, with a recorded reason) may open an offer window of 24 hours to 7 days, shown on the lot. The seller may close it early. 11.2 An eligible dealership may have one live offer on the lot at a time. The minimum offer is $100. 11.3 The seller may accept, decline or counter an offer. A counter-offer must be higher than the offer. The offering dealership may accept or decline a counter-offer, and may withdraw its offer while the offer or a counter-offer is waiting for an answer. 11.4 Making an offer and accepting a counter-offer are binding. When the seller accepts an offer, or the dealership accepts a counter-offer, the sale forms immediately and every other live offer on the lot closes. 11.5 Offers are private. Other dealerships never see them, and the seller sees offering dealerships only under anonymous labels. ──────────────────────────────────────── 12. HOLDS, BUYING LIMITS AND LARGE BIDS ──────────────────────────────────────── 12.1 RideAuction may place a dealership's bidding on hold and may set buying limits, for example total open exposure, number of open purchases, amount per auction and amount per bid. A bid or Buy Now purchase that would exceed a limit, or that is placed during a hold, is refused and has no effect. 12.2 RideAuction may refuse bidding between dealerships it has recorded as affiliated. 12.3 For an unusually large bid compared with the lot's current bid (or its starting bid when there is no bid), RideAuction asks you to review and confirm the amount before it is placed. ──────────────────────────────────────── 13. BINDING BIDS AND REQUIRED DOCUMENTS ──────────────────────────────────────── 13.1 Every accepted bid, Max Bid, Jump The Bid, Buy Now purchase, offer and accepted counter-offer is a binding commitment to buy at the resulting price plus fees and applicable taxes, if a sale forms. Accepted bids cannot be withdrawn. 13.2 When RideAuction requires it, a staff member must acknowledge the current published version of each required RideAuction document before bidding, using Buy Now, making an offer or accepting a counter-offer. A new published version must be acknowledged again. 13.3 If a technical fault or a genuine irregularity affects an auction, RideAuction may act as described in the RideAuction Canada Terms of Bidding and Sale. END OF DRAFT. ──────────────────────────────────────── PROPOSED DECISIONS AND PUBLICATION HOLDS ──────────────────────────────────────── PROPOSED / DEMO DECISIONS — NOT APPROVED OR IN EFFECT Use the auction's displayed versioned rules as the authoritative snapshot. The rule card must show increments, starting bid, Max Bid/Jump The Bid availability, close spacing, minimum duration and soft-close window before bidding. The existing standard rule set in this draft is a product snapshot; Admin must reconcile actual per-auction rules before publication. For holds and buying limits, preserve current behavior: enforced on bids and Buy Now only. Do not represent that post-auction offers are covered unless that capability changes. Offer privacy, one live offer, acceptance/counter and binding sale formation remain as described in the implemented offer flow. No buyer or seller may see another dealer's identity, a private Max Bid or the private reserve amount. Reserve status may be shown, not the numeric reserve. A server-accepted bid is the authoritative event. Rejected, timed-out or unconfirmed requests do not create a bid; refresh/reconnect reads the canonical server state. Soft close, staggered lots, equal-max priority and eligibility remain governed by the frozen event rules. No bid may be removed or retroactively changed outside the audited correction process. A material system fault may result in an authorized pause/correction with recorded reason and notice; there is no promise that every auction interruption is automatically reversed. The Admin Rules & Fees page read on 2026-10-18 showed no processing fee in the current Standard Rules. The Reserve Fee proposal is seller-side and never discloses the reserve amount; No Reserve has zero Reserve Fee. Regular/60-Minute Reserve fee assessment stays OFF until separately activated and is not part of a bidder's displayed costs.