After setting the product data as ‘Auction Product’, you will get the ‘Auction’ tab, where different field will be found. We are explaining these in detail below.
Product condition – Specifies the condition of the product, old or new.
Base price – Specifies the starting/minimam price of the product from where the auction will be started. E.g : if base price is 100, it means the starting price for the auction will be $ 100.00 (Assuming USD as your store currency).
Bid increment – Specifies the unit/step of increasing the bid. E.g : If this is set to 2 , it means, the user is to increase the bid by at least $ 2.00 each time he bids.
Deposit Fee – If you want the bidders to deposit a specific amount of money , you can specify the amount here. Participating a bid needs the bidder to have an auction token, which he found in the auction page. If you set the deposit fee to 10.00, the token for that auction product will cost $ 10.00, and the bidder will have to purchase that token to join the auction.
Buy now price – if your want people have the scope to buy it instantly even without joining the auction, specify the amount here. Note that, this price will be unavailable if the bid price becomes higher than this price
Auction start date – When the auction will start from
Auction end date- When the auction will end
Auction status – Specify if the auction is running or processing or completed. You need not worry with this much , since system will update the status automatically.
Role based capability to bid – If you want only the users of specific roles to have access to join the auction, you can check this option.