A new way to buy and sell: Introducing timed auctions.

OpenLivestock is introducing timed auctions, giving farmers another way to buy and sell cattle through our online marketplace.

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Until now, cattle listed through OpenLivestock have primarily been offered on a Buy Now basis, allowing buyers and sellers to agree a direct sale. That option will remain. Timed auctions simply add another route, particularly for sellers who would prefer their cattle to be marketed through a competitive bidding process.

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Each timed auction will run for one week. Before the auction goes live, the seller will provide accurate details, photographs and video of the cattle, together with a confidential reserve price. Once the auction has started, that reserve cannot be increased.

 

Registered buyers will be able to view the lot, follow the link to the bidding page and place bids in pence per kilogram. Bids can be increased in minimum increments of 2p/kg, and buyers may bid as many times as they wish during the auction period.

 

All bids are binding, so buyers should only bid at a level they are prepared to honour. Bidding will remain anonymous throughout the auction, although OpenLivestock will be able to identify each bidder through their registered account. And all bidders will be able to see when the reserve price has been met.

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OpenLivestock timed auctions at a glance

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• Auctions run for one week.

• Buyers bid in pence per kilogram.

• The minimum bid increase is 2p/kg.

• Buyers can bid as many times as they wish.

• All bids are binding.

• Bidding remains anonymous.

• The seller’s reserve price remains confidential.

• Buyers pay no auction fee.

• Late bidding may trigger a five-minute extension.

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The auction will close at the advertised time. However, where several bids are placed in the final minute, a five-minute extension will be added to give interested buyers a fair opportunity to submit their best and final bid.

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If the highest bid meets or exceeds the seller’s reserve, OpenLivestock will introduce the successful buyer and seller so they can complete the transaction through the usual process.

 

Where the reserve is not met, and with the express permission of the seller, we will speak first to the highest bidder to see whether a deal can be agreed, before working down the bidder list where appropriate.

 

There is no fee for buyers. Sellers pay the same commission whether cattle are sold through a timed auction or on a Buy Now basis: 1%, with a minimum charge of £6 per animal, capped at £16 per animal and £600 per deal for larger lots.

 

Timed auctions are designed to give farmers more choice, while keeping the process straightforward, transparent and supported by the OpenLivestock team.