Public Surplus uses two auction formats:
No. Bids are binding contracts. However, if you feel that you have a legitimate reason to withdraw your offer, you may contact the seller via email. On the main bid page there is a section that contains information on the auction contact. If the seller does allow the bid to be retracted, be aware that this cancels any further bids you may make on this particular auction.
As soon as someone has placed a bid higher than yours, an email will be sent informing you that you have been outbid. If you have placed a proxy bid, you are only notified once someone has beat your maximum amount.
Proxy bids are when you place the maximum amount that you are willing to pay for an auction and Public Surplus automatically increases the amount of your initial bid for you in set increments. For example, a TV is being sold that you would like to bid on. It's currently listed at $60.00 with an increment level of $5.00. You don't want to pay more than $100.00. The proxy bid will set your first bid at $65.00 so that you are the winning bidder. If another bid is made for $75.00, the proxy bid will automatically increase your bid amount to $80.00. It will continue doing this until it reaches your maximum bid amount of $100.00. Proxy bids are very useful for when you don't want to have to watch an auction to verify your bidding status. When you are finally outbid, you will receive notification through email.
If there is a reserve price, proxy bidding will automatically bid to try and meet the reserve price. If your maximum bid is lower than the reserve price, your bid will stop at your maximum bid. If the reserve has been met, and your maximum bid amount has not been reached, your bid will stop at the reserve price, and only proxy bid again when another bidder tries to outbid you.
Shortly after an auction ends, the winner of the auction will receive an email telling them they have won. If you receive an email informing you that you have won an auction, it is your responsibility to contact the seller to arrange an exchange.