Confused about the Virgin Red Reverse Auction? Here’s how it all works.
Unlike a traditional auction, the winner of a Reverse Auction is the person who makes the lowest unique bid. If you’ve seen a prize that catches your eye and you’d like to make a bid, you’ll need to use the following information to work out what your lowest unique bid should be:
- The value – How much the prize would be if you were paying for it at face value.
- Max entrants – The maximum number of bids we’ll be taking during the period of time the Reverse Auction is live on Red.
- The average percent off – How much of a saving the winner of a Reverse Auction usually makes. This is calculated using all of our previous Reverse Auction data.
A few things to remember before you make a bid:
- Your bid can only be in whole pounds.
- Some higher value prize Reverse Auctions cost more than £1 to enter.
- If you’re the winner, you’ll be asked to pay the amount you bid.
- If there is no ‘unique’ bid, then the winner is the first person to make the lowest and most unique bid (for example, if there were four bids of £10 and two bids of £5, the winner would be the first person who bid £5).