How Bidding works on SAMDirect.net

SAMDirect.net uses two bidding mechanisms to place a bid on an asset—the SAM Auto Bid and the Single Bid.

SAM Auto Bid:

The SAM Auto Bid allows the bidder to place a starting bid with a user-specified bid increment and a maximum bid value. If another bidder outbids a starting bid, then the increment value will be added to your bid to place you ahead of the new bidder.

The SAM Auto Bid has three steps. They are:

Place Minimum Bid: This is your starting bid value for an asset.

Place Increment: This is the amount you want the computer to increase your bid automatically on your behalf. SAM allows you to choose your own increment.

Place Maximum Bid: This is the maximum value you are willing to pay for an asset. The computer will increase your bid by your increment as others bid against your high bid status. The computer will stop bidding on your behalf once your maximum bid has been met. Any user that places a bid above your maximum bid will become the high bidder at that point.

• Your maximum bid and increment are kept secret from other bidders

• SAM will send you an email notification if (or when) you are outbid by another bidder, or if another bidder causes your current autobid bid amountto increase.

• You can raise your autobid values at any time in the auction by making a new bid.

Single Bid:

The Single Bid allows a bidder to place one bid for a set amount. The bid is entered against any other bids or becomes the opening bid if there are no other bids. There is no auto bidding of the number. The dollar value you enter is the dollar value of the bid.

• If there are no other bids, your single bid entry is the closing sale price if it meets or exceeds the reserve price.

• You can enter single bids as you are out-bid, or at any point in the auction.

Current Bid:

The current bid is the highest dollar value bid that has been placed for an asset. In order to become the current high bidder, you must enter either a SAM Auto Bid or Single Bid that is higher in value than the current bid.

Reserve Price:

The reserve price of an auction item is the minimum sell price the owner of the asset has set. No items are sold below the reserve price. The final current bid amount equal to or above the reserve price is the winning bid.

Bid Retractions:

There are no bid retractions allowed. If you are the winning bidder and do not want to purchase the item you won, you will be subject to the legal terms of the user’s agreement that you accepted as a prerequisite to bidding.

If you made an erroneous bid entry, contact SAM within 1 hour of the mistake for free correction. The bid can be revised for a $30.00 processing fee if you ask SAM to revise it more than 1 hour after the original bid was placed. No bid corrections will be accepted for 24 hours before the close of the auction without the consent of SAM. Bids can be revised upwards through normal bidding but cannot be revised downwards unless the revised bid will be above the opening reserve price and any other placed bids.

High Bidder:

The High Bidder is the person that currently has the highest bid entered in the SAM auction for that particular asset. The High Bidder at the end of the 16-day auction is the winner of the asset for the closing current bid price. The winning bidder is responsible to pay SAM the winning bid amount plus the buyer’s fee disclosed in the user’s agreement. The winner of auction has to make payment arrangements with SAM with in 5 days of the auction closing. The terms must be acceptable to SAM, the seller of the asst and the terms set forth in the user agreement. Winning High Bidders are notified via email and customer service

For most cards the verification number is a 3 digit number found on the back of the card on the signature panel (normally the last 3 digits). Click on the image to see a larger version.