Overview of Auctioneer Software Functionality

Auctioneer Software is designed to facilitate seamless and transparent auctions for high-value assets like farmland. It integrates pre-bidding and live auction phases, allowing bidders to submit maximum bids during the pre-bid period, which automatically carry over to the live auction. This process ensures competitive bidding while providing conveniencefor all participants.

How the Pre-Bid and Live Auction System Works

1. Pre-Bid Period Setup: - The auction administrator sets specific dates for the pre-bid period and the live auction. - During pre-bidding, participants can enter a maximum bid, which is the highest amount they are willing to pay per acre. 2. Automatic Bidding During Pre-Bid: - When other participants place bids, the system automatically raises the current bid incrementally on behalf of the pre-bidder, up to their maximum bid amount. 3. Transition to Live Auction: - Any maximum bids placed during pre-bidding are carried forward to the live auction. - The live auction begins with the highest pre-bid amount as the starting point. 4. Live Auction Process: - The system continues to increment bids automatically on behalf of pre-bidders until their maximum bid is reached. - Live bidders compete with pre-bids, ensuring the item is sold to the highest bidder.

Example: 80-Acre Tillable Farm Property Auction

Property: 80 Acres of Tillable Farmland Pre-Bid Period: January 1 to January 10 Live Auction Date: January 11

1. Pre-Bid Submission: - Bidder A places a maximum bid of $10,000 per acre during the pre-bid period. The starting bid is $6,000 per acre. - Bidder B places a bid of $7,000 per acre. The system automatically raises Bidder A’s bid to $7,100 per acre, maintaining their lead. - Bidder C bids $9,500 per acre. The system automatically raises Bidder A’s bid to $9,600 per acre, which is still within their maximum bid. 2. Transition to Live Auction: - On January 11, the live auction begins with the current bid at $9,600 per acre (Bidder A). 3. Competitive Bidding During the Live Auction: - Bidder D enters the live auction and bids $10,200 per acre, exceeding Bidder A’s maximum bid of $10,000 per acre. - Bidder E places a bid of $11,500 per acre, outbidding Bidder D. - Bidder F places the final winning bid of $12,200 per acre, securing the property. 4. Auction Result: - Bidder F wins the 80-acre farmland at $12,200 per acre, for a total sale price of $976,000.