How do auctions work on Cyclem?

Question

Cyclem allows sellers to offer certain items at auction, giving buyers the opportunity to place bids and increasing the chances of a sale.

Setting up an auction

When creating the listing, the seller can choose the Auction mode.

They then define:

a starting price (minimum amount to start the auction),
a buy-it-now price, which is higher and allows a buyer to purchase the item immediately without waiting for the auction to end.

Once the listing is published, the auction mode is applied according to the defined rules.

How the auction works

The auction is open for a duration of 7 days.
Buyers can place bids throughout the auction period.
At any time, a buyer can choose the buy-it-now price, which ends the auction and directly triggers the sale.

End of the auction and payment

At the end of the 7 days:

the buyer with the highest bid wins the auction,
they have 48 hours to make the payment directly in the app.

If the payment is made on time

the sale is confirmed,
delivery and validation follow the standard process.

If the payment is not made within 48 hours

the sale is automatically canceled,
the item can be relisted by the seller,
no payment is owed to the seller.

Important rules

The entire transaction must take place exclusively within the Cyclem app.
Payments made outside the platform are neither secure nor covered.
The usual rules for delivery, validation, and commissions then apply.

Key points to remember

✔ The seller chooses the auction mode when creating the listing
✔ A starting price and a buy-it-now price are defined
✔ Auctions last 7 days
✔ The winner has 48 hours to pay
✔ If no payment is made, the sale is automatically canceled

Keywords: auctions, starting price, buy-it-now, 7-day duration, highest bid, 48-hour payment deadline, automatic cancellation, listing