Provided bidding reaches the seller’s reserve price, sellers must sell and bidders must buy the listed item at the end of the auction. The buyer agrees to pay 5% of the final bid price to The Bike Shed Times within 24 hours of the auction ending and the remaining 95% to the seller within 48 hours of the auction ending (unless otherwise agreed, prior to the commencement of the auction). There is no cooling down period and no warranty, unless expressly stated otherwise in the listed item’s description or agreed in writing between the seller and the bidder prior to the commencement of the auction.
What happens when the auction ends?
If bidding does reach or exceed the reserve price by the close of bidding, the highest bidder will be obliged to purchase the bike at that price and the seller will be obliged to sell. (Learn more about the legalities of online auctions here.)
The Bike Shed Times will alert the winning bidder that they have won the auction and send them an invoice for 5% of the final bid. When the winning bidder pays that invoice, The Bike Shed Times will advise the buyer and seller that all is clear to finalise payment of the outstanding 95% and to arrange collection/delivery and transfer of ownership.
Please note that The Bike Shed Times retains the 5% payment as its commission. The Bike Shed Times is not involved in arranging or finalising payment of the balance, nor in collection or delivery of the bike.
If bidding does not reach the reserve price, sellers will be invited to list the bike for sale on the website as a regular Bike For Sale advertisement, free of charge.
Cancellation or sale outside the auction process
Sellers are able to cancel the auction at any time, including during the bidding period. However, if the bike is sold to one of the registered auction bidders before, during or within 30 days after the auction ending, The Bike Shed Times’ sales commission remains payable by the seller at a rate of 5% of the actual selling price or 5% of the reserve price, whichever is the higher.
Note: If the seller cancels the auction, he or she does not qualify for a free post-auction advertisement.