Our bidding process is designed to be straightforward and user-friendly. Once you’ve registered and logged into your account, you can participate in auctions by entering your bid for a lot. Bids can be placed directly on a lot’s page up until the auction closes. The highest bid at the end of the auction period wins the lot, subject to any reserve price set.
We offer a diverse range of UCO (Used Cooking Oil) lots suitable for various needs, including biofuel production, animal feed, and other industrial uses. Our lots vary by quantity, quality (based on free fatty acid content), and location. We ensure that all our UCO lots are clearly described, with relevant information provided to help you make informed bidding decisions.
A bidding increment is the minimum amount by which a bid must be raised after the initial bid is placed. This increment varies depending on the current bid level but is designed to keep the bidding process fair and competitive. The increment encourages gradual increases in bid amounts, preventing any drastic jumps in price and allowing all participants a fair chance to bid.
Yes, some of our auctions may have a reserve price, which is the minimum price that the seller is willing to accept for the lot. The reserve price is not disclosed to bidders but is set to ensure a fair return for the seller. If the auction ends without any bids meeting the reserve price, the lot will not be sold. We aim to set reserve prices that are realistic and reflective of the market value to encourage successful sales.
Our platform employs rigorous security measures to protect all users’ data and ensure the authenticity of every transaction. We conduct thorough vetting of both buyers and sellers, requiring documentation that verifies their identity and legitimacy. Our platform uses SSL encryption for data protection and we have a dedicated team monitoring for any suspicious activity. Additionally, all UCO lots are inspected and must meet specific quality standards and certifications, including ISCC (International Sustainability and Carbon Certification), to ensure they meet the environmental and sustainability standards expected by our buyers.
Yes, winning a bid on our platform may be subject to a buyer’s premium and additional fees. The buyer’s premium is a percentage of the final bid price, which is added on top of your winning bid. This fee covers administrative costs, platform maintenance, and other services provided by our auction site to facilitate the transaction. Additionally, depending on the location of the lot and the buyer, there may be taxes, shipping, and handling fees that could apply. We strive to maintain transparency regarding all potential costs, and detailed information about these fees is provided on each lot’s page and in our terms and conditions. We encourage all bidders to review this information carefully before participating in an auction to fully understand the total cost of acquiring a lot.
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