MARKETING - BoatBid Auction - Process

This help doc explains the process of the Boatbid Auction.

The auction is used as an extra marketing tool to promote your boats and to gain more exposure for them by encouraging customers to view them online. Extra marketing is carried out in the lead up to the auction to promote the boats that are entered.

Which boats can be entered into the auction?
ANY! we accept all boats no matter how big/small or their value

How do you enter a boat?
The boat can either be entered by the broker by completing the ENTRY FORM on BoatBid.com or the vendor can go to My Boatshed and enter themselves.

Should I let the owner know the boat has been entered into the auction?
The vendor must agree to enter their boat into the auction before you complete the entry form.

What is the start price?
The start price should be 50% of the current advertised price, this will encourage potential purchasers to place a bid on the boat (this is not the price the vendor is agreeing to sell the boat for).

What is the reserve price?
The reserve price is the lowest price the vendor is willing to sell the boat for, we would recommend a reserve price of 10% lower than the current asking price. The terms of BoatBid are the vendor agrees to sell their boat if the reserve price is met so ensure your vendors are aware of this.

What does it cost?
It's FREE! The vendor will still have to pay the commission they agreed on their signed listing agreement but there is no extra cost to enter the boat into BoatBid.

Should you charge more or less commission?
NO, the commission remains the same whether you sell the boat through BoatBid or the normal way.

Can an offer be accepted before the auction starts?
YES, if an offer has been accepted before the auction starts then let us know and we will remove the boat from the auction.

Can the boat be removed from the auction?
Once the auction starts the boat has to remain in the auction

Why should I use BoatBid?
It's FREE and it's another marketing tool to help promote your boats. It also helps you understand the lowest price the vendor is willing to sell their boat for.

As a broker what do I have to do?
All you have to do is talk to your vendors and ask them if they would like to enter and we do all the rest!

How long does the auction run for?
The auction starts on Monday morning at 0900 GMT and runs until Sunday evening at 1900 GMT.

What is the catalogue?
The catalogue is released one week before the auction starts, it's an online catalogue and all the boats that are entered into BoatBid will be displayed.

Do customers have to be registered to place a bid?
YES, the customer must be registered with Boatshed before they can place a bid on a boat.

How does someone make a bid in the auction?
The customer just goes to BoatBid.com and clicks on the latest catalogue, they find the boat they are interested in and then click on the place bid button. They enter the amount they would like to bid and submit (each bid must increase by a minimum amount set individually for each boat)

What happens if someone makes a higher bid?
If the customer is outbid they will receive a notification either by email or text.

Will I be notified if someone bids on a boat?
You will receive an email to let you know that a bid has been made on one of your boats.

Where can I view the bids?
Go to the dashboard Manage>BoatBid>Click on the auction>View my Boats

What happens if someone makes a last minute bid?
To ensure that everyone has a fair chance of placing the winning bid, the auction end time will automatically extend by 10 minutes when a bid is placed within the closing stages of the auction, this will continue until no more bids are received for 10 minutes.

Can an offer be accepted on the boat whilst the auction is running?
NO, once the auction has started all offers must go through BoatBid, you can't accept an offer outside of the auction until the auction has ended.

Can viewings be conducted whilst the auction is running?
YES, you can still take people to view the boat

Does the purchaser have to pay anything to bid in BoatBid?
NO, it's free for them to bid.

As a Broker what do I have to do?
Keep an eye on the bids and of course answer any queries from customers.

When does the auction end?
The auction closes at 1900 GMT on Sunday evening, the auction end time will automatically extend by 10 minutes when a bid is placed within the closing stages of the auction, this will continue until no more bids are received for 10 minutes.

How do I know if there are any bids on my boats?
When the auction ends you will receive an email letting you know whether your boats have received any bids.

What happens if the reserve price has been met?
The terms of BoatBid are the vendor agrees to sell their boat if the reserve price is met. Contact the purchaser to confirm they are the highest bidder and to confirm their bid (offer). You will also need to ask them to confirm what their bid (offer) is subject to ie survey, sea trial. Once you have confirmed all the details contact your vendor to discuss.

What happens if the reserve price has not been met?
We suggest contacting the highest bidder to see if they would like to increase their bid (offer). Then contact the vendor to discuss.

What do I do if the boats haven't received any bids?
If there haven't been any bids on the boats then now is an ideal time to discuss a price reduction with the vendor. Don't forget you can always use Mailsender to send a bulk email to customers to let them know the price has been reduced.

Does the normal Boatshed sales process still apply?
YES, the normal sales process still applies - always stick to the process!

Can the purchaser still have a survey/sea trial?
YES, they can still have any inspections before purchasing the boat but don't forget to get the sale and purchase agreement signed and the deposit in place before any take place

Do I still charge commission?
YES, you still charge the same commission that was agreed on the signed listing agreement.

As a Broker what do I have to do?
Keep an eye out for the auction ended emails and make sure you contact all purchaser and vendors to let them know the results of the auction. Even though an offer may have come through the auction you should still stick to the Boatshed sales process.