GlassPass Auctions Guide

What features do Auctions on GlassPass have?

Based on input from our community, we’ve built a suite of features to make it as easy as possible to auction your glass.

• Allow Buy it Now Price to let a buyer buy the item immediately at a publicly set price
• Bids are displayed in chronological order, with live updates when new bids are placed
• Live countdown by the second during the auction
• Built-in Anti-Snipe Extension: any bid made during the final 3 minutes of an auction automatically extends the auction by 3 more minutes, repeating until timer ends
• Buyers get notifications if you get outbid, time extends, or if you win
• Active Auctions are displayed in your Buyer/Seller Dashboard for easy access
• Add a Reserve to set a hidden minimum price that must be surpassed by a bid for the auction to successfully end. If the reserve isn’t met, the auction will end without a winner
• Schedule an auction to start in the future, or let it start right when you post
• and more features to come! If you have any suggestions, let us know!

How Do Auctions Work on GlassPass?

For Sellers:

As a seller, you can run an auction when selling an item on GlassPass. There are multiple options for you to customize when creating your auction:

• Starting Bid Price
  • Minimum price required for the first bid on the auction
• Buy It Now Price (optional)
  • Sets a price for a buyer to immediately purchase the item, ending the auction early
• Shipping Price (optional)
  • Estimated cost of shipping. When the auction ends, this amount is added to the total price paid by the highest bidder
• Reserve Price (optional)
  • Minimum price a bid must exceed to successfully complete the auction
  • This price isn’t visible to buyers, but they can see if the Reserve has been met or not before placing a bid
• Schedule Start Time (optional)
  • Allows you to schedule an auction to start in the future
• Auction Duration
  • Length of time the auction will be active & open for bids

There’s also a few key features to be aware of when running an auction:

• Automatic Anti-Snipe Protection
  • All auctions on GlassPass have built-in anti-snipe extensions, Any bid placed during the last 3 minutes of the auction extends the remaining time by an additional 3 minutes.
  • If there’s another bid made during the extra 3 minutes, the auction extends again by 3 minutes, repeating until the timer runs out.
  • An auction can extend by a maximum of 24 hours.
• Binding Bids
  • Any bid placed by a bidder requires a valid payment method to be selected before a bid can be submitted.
  • Winning bidder’s payment method is charged automatically at the end of the auction for the total sale price of the auction. This reduces the likelihood of buyers flaking.
  • If the Winning bidder’s payment method fails, they have 24 hours to pay before the transaction is canceled. Any buyers that fail to pay may not be allowed to bid again.
• Editing an Auction after it’s posted
  • If not started, you can change any of the settings.
  • If started, you can only change the Buy It Now price.
  • If it has bids, you cannot change any of the settings.

For Buyers & Bidders:

It’s important to know what to expect when bidding on a live auction. All bids are binding, which means if you win the auction, your payment method will be automatically charged at the end. When placing a bid, you’re required to select a payment method before you can submit the bid. The following terms are necessary to understand the auction process on GlassPass:

1. Starting/Current Bid
   • The lowest bid price to start bidding on the auction
2. Buy It Now Price
   • The price you can purchase the item at immediately, which ends the auction.
   • Sellers decide if there is a BIN price, so some auctions may not have a BIN.
3. Shipping Price
   • Additional shipping price added to the winning bid, determined by the Seller.
4. Reserve Met vs Reserve Not Met
   • The Reserve is a hidden price set by the Seller that must be exceeded for the auction to be completed successfully. Some auctions may not have a reserve price at all.
   • Reserve Met = the auction will complete successfully, with the highest bidder winning.
   • Reserve Not Met = the auction won’t sell unless higher bids are made.
5. Auction Start Time
   • Some auctions may be scheduled in the future. The start time is shown in your local time zone, with a countdown to when the auction starts.
6. Auction End Timer
   • All auctions have a countdown timer, showing the remaining time left by the second.

Important Auction Rules to Know

Binding Bids

By submitting a bid you’re agreeing that if you’re the highest bidder and you win the auction, your payment method will be charged automatically when the auction ends.

• To place a bid, you must select a payment method before submitting your bid.
• If you lose the auction, or Reserve isn’t Met, no charges will be placed on your card.
• If you win the auction, your payment method will be charged for the sale immediately when the auction ends.
  • If your payment fails, you have 24 hours to pay with an alternate method.
  • Non-payment results in sale cancellation & penalties on your GlassPass account, including potential suspension, ban, additional charges, and/or temporarily higher fees.

Anti-Snipe Extensions

• All auctions on GlassPass have a built-in anti-snipe time extension: any bid placed in the final 3 minutes extends the timer by an extra 3 minutes.
• If another bid is made during the extension, an additional 3 minutes are added. This process repeats until the timer hits zero.

Frequently Asked Questions (FAQs)

Buyer FAQs

Can I outbid myself?

• Yes. You are able to outbid yourself.

What does “Reserve Not Met” Mean? What is a Reserve?

• A Reserve price is a common feature in all auctions. The Reserve Price is the minimum price that a bid must be greater than for the auction to end. If the Reserve is not met, the auction ends with no winners. A Reserve is optional and selected by the seller, prior to the auction. Buyers cannot see the actual Reserve price; only if the Reserve was met or not.

When do I pay for an auction I won?

• Immediately when the auction ends, the winning (highest) bidder will be charged using the chosen payment method from when they placed the bid.
• If your chosen payment method fails, you have 24 hours to complete the payment or risk a suspension/ban on your account.

What if I don’t win an auction I placed a bid on?

• Nothing. There are no charges or fees for not winning an auction. Even though you entered your card information to place the bid, there will be no charges on your card if you are not the winning bidder.

Where can I see auctions I’ve bid on?

• The Dashboards show all of the active auctions you’ve placed bids on. Go to your dashboard, tap the Buying tab, then tap “Active Bids.” Even if you aren’t the highest bidder, every auction you’ve entered that’s still active will be displayed here. You’ll also get notifications during the auctions if you were outbid, win, or lose. Once the auction ends, it will be removed from “Active Bids” on your Buying Dashboard..

Seller FAQs

Where do I see auctions I’ve created?

• The Dashboards show all of the active auctions you have running. Go to your dashboard, tap the Selling tab, then tap “Live Auctions.” All of your active auctions will be displayed here, showing the highest bidder, the bid, and time remaining. You’ll get notifications during the auction for new bids. Once the auction ends, it will be moved to “Need to Ship” on your Selling Dashboard.

When can I delete my auction?

• You can only delete your auction if it hasn’t started, has no bids, or ended with no bids.

Can I edit my auction after I post it?

• If not started, you can change any of the settings.
• If started, you can only change the post details or tags, but NOT any pricing or auction rules.
• If it has bids, you can only change post details such as description or title.

What if my auction ends without a winning bid?

• Nothing. You can choose to restart it, relist it, or delete it.

What if the winning bidder doesn’t pay for my auction?

• Buyers have 24 hours to complete any failed payments. If they don’t, they are given a one-time warning then a ban.
• You can restart the auction, or reach out to other bidders to complete the sale.

If you have any additional questions, contact us at support@glasspass.com!