Marketplace listings on Source are now all auctions. Details about how Source auctions work are explained in detail below:
Auctions on the Source Marketplace use proxy bidding for our buyer's convenience. Simply provide your maximum bid amount and our auction system will bid the minimum increment up until your maximum bid amount has been reached (or until you win the auction if no other bidders outbid your proxy bid maximum).
Auction Duration - Time Remaining
Auctions on the Source marketplace last 4 days. You'll see the actual time remaining for an auction in two places, both on the actual marketplace listing itself and on the Source homepage.
The total bid count can also be seen on both the marketplace listing and Source homepage.
Current Bid $ Amount
The current bid amount on an auction can be found on both the marketplace listing and the Source homepage.
Winning an Auction
In the final moments of an auction, any new bids will extend the duration of the auction by 5 minutes. At the close of an auction, you will be declared the winner if you have outbid all other auction participants. An email notification will be sent to your Source account email address informing you that you have 2 days to pay for the won auction. You can also see all of your won & unpaid auction activity within your Source buyer dashboard.
Paying for a Won Auction
To pay for a won auction, simply navigate to your Source buyer dashboard. You'll see a banner at the top of your dashboard informing you of any won auctions that are awaiting payment. You can also navigate directly to the Auctions Tab within your dashboard to pay.
Unpaid Auction Penalty
Auctions that go unpaid will result in penalties. The penalty schedule is outlined within the Unpaid Auction Penalties policy.