BWM Dutch Auction
Updated June 7, 2022
What is a Dutch Auction?
As Wikipedia explains it, “a Dutch auction is one of several similar types of auctions for buying or selling goods. Most commonly, it means an auction in which the auctioneer begins with a high asking price in the case of selling, and lowers it until some participant accepts the price, or it reaches a predetermined reserve price. This type of price auction is most commonly used for goods that are required to be sold quickly such as flowers, fresh produce”, or, in our case,…. Woodworking Machinery!
“A Dutch auction has also been called a clock auction or open-outcry descending-price auction. This type of auction shows the advantage of speed since a sale never requires more than one bid. It is strategically similar to a first-price sealed-bid auction.”
BWM’s Dutch Auction Process
Each week we will sent out a list of machines we have included on auction, including the prices and a link to the pictures and other detailed information about the machines.
We have listed each of these machines at prices already reduced significantly from our initial list prices. In addition, the prices on each machine will be lowered by 5% each week, until it is sold or we reach our bottom-line price. As soon as the 1st person accepts the price, he/she wins the auction and pays that price for the item.
For example, one of our machines might be listed with a starting bid of $1,000. If nobody accepts this initial bid, our next week’s mailing will show the price to be 5% lower, or $950. If there are no takers at that time, the next week the price will be $902.50, and so forth.
At some point, we will reach a price where a particular buyer—who feels that price is acceptable and that someone else might soon grab it—will quickly accept the bid, and will pay that price for the machine.
How to Accept a Price?
You have 2 simple ways to give us your written bid offers.
1) Click “View on Website” and then “Instant Price” on the machine you want to buy. Fill out the contact information, plus "I want to buy" in the comments field, and submit. We will receive immediate notification of your intent to purchase, and you will receive an immediate email back showing the listing you have put your offer on.
2) Email Ivan at IvanFudge@brightonmachines.com and state "I want to buy" and provide LISTING #(s) and title(s) of the machine(s) you are purchasing. We will reply back as early as possible to confirm that your offer was received.
Note 1: Please feel free to call Ivan at (647) 384-9663 if you have any questions. However, written offers only are accepted for the auction bids.
Note 2: In the case of multiple bids on any single mailing, we will use the timestamps on the “Instant Price” or Email Response received.
Note 3: Once an offer has been accepted, an invoice will be sent to you for payment on the machine(s) you bid on. Visa/MC/e-Transfer payments will be accepted. If payment is not received within 24hours after sending the invoice, we have the right to accept the next bid received.