https://www.akebono-akb.com/post/two-stages-of-auction-bidding-akebono
Often we have to explain why, when our client has a bid of, for example, 100,000 yen, the car leaves not sold at auction, for example, for 60,000 yen, and how then this car can be redeemed.
All trades (except for “urikiri trades” - trades without a reserved price) are divided into two stages: 1) Bidding before the reserved price (before"urikiri") and 2) Bidding after the reserved price is reached (After "urikiri" opened). The reserved price of a car is known only by the auction system, which controls the bidding and the car seller. Likewise, the seller himself can control the sale process and press the “urikiri” (reserved price) button when he decides that he is ready to sell the car at the current price.
We, the buyers, know that the auction has reached the reserved price for the illuminated “売 切 り” (urikiri) light and we understand that the car will definitely be sold to the one who presses the joystick last. If at the first stage of the bidding, that is, at the stage where the urikiri light has not yet turned on, there is only one willing to buy a car, the car leaves unsold. At the first stage of bidding, at least two buyers must participate in the bidding.
If we take our example above, if on the amount of 58,000 yen (where the step is 2,000 yen), we last pressed the joystick and no one else pressed, and the reserved price was, say, 80,000 yen, then the car will leave unsold for 60,000 yen.
If the car is not sold, then it is possible to enter into negotiations.
Read more: https://www.akebono-akb.com/blog
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