|
|
 |
Dot Ca Auction > Auction Procedures
- Please describe the auction process
The following takes place:
1) Auction category list is announced 45 days prior to auction start.
2) Domains are submitted for potential inclusion 3-4 weeks prior to auction start.
3) Domain owners submit their domains with corresponding reserves and categories
3) Our selection committee reviews the domains submitted and accompanying reserves. Revised list is sent back to domain owner for their approval. This goes back and forth until a final list of domains and corresponding reserves is approved.
4) Domain owners of final list complete the authentication, fraud prevention, and auction security steps.
5) Domains for whom step 4 above is completed in time, will be the domains included in the auction. Once the domain owner authentication documents are received, the domains become officially listed and are publicized on MyID.ca. This will take place two weeks preceding the auction start.
Each listed domain then enters a lockdown period of 45 days from that day. During that period, a listed domain cannot be removed from auction nor sold outside of MyID.ca.
6) The auction starts on a Thursday and ends on the following Thursday.
7) Once auction is over, domains owners and winning bidders are notified of results by email. Invoices are sent to winners. GST and domain transfer fees will be added to winning bids.
8) Payment must be received within 48 hours from auction end. Payment options that are accepted are Interac email transfer, hyperwallet.com, webbanking transfer for TD bank account owners, direct walkin to any TD branch, and wire. Fees incurred for payment are buyer's responsibility.
9) Registrar transfer is started immediately after auction end for all domains sold that are not registered with MyID. The fee of $15 plus GST is added to purchase price and thus is covered by buyer which is the logical option seeing that the transfer will increase the domain registration by 1 year. Domain owner must approve the registrar transfer within 24 hours of being advised to do so by CIRA and/or MyID.ca.
10) Once registrar transfer is complete, a registrant transfer is started for all domains sold. Domain owner must approve transfers immediately. We as a registrar will approve the transfer only after having received the funds to our escrow account. Then buyer approves the transfer and process is complete.
The registrant transfer fee is $15 and will be added to purchase price. It is again covered by buyer as domain registration period will be extended by 1 year.
11) Funds are released to seller via one of the following ways: Hyperwallet.com, webbanking transfer for TD bank customers, and wires. All fees incurred while sending payment will be deducted from amount sent. They are the responsibility of the domain seller.
12) All domain sales are published on our Dot CA Auction blog.
- What is the authentication process?
Every one participating in any of MyID.ca DOT CA Auctions must complete the authentication process. The documents can be sent by fax ((866) 224-4095) or email.
A) All users (buyers and sellers) must submit the following documents the first time they use our auction service:
1) A government issued photo ID, and,
2) Both sides of a credit card issued in the name of the auction participant.
3) The auction operational agreement.
B) Sellers: Once the status of the domains submitted to the auction is finalized, you will see a link to download the auction agreement. This must be done for each auction in which one has domains listed.
- Are any anti-sniping measures implemented in the DOT CA auction?
Yes. A 3 minute extension will take place whenever a bid is received in the last one minute of an auction end time.
- What is a hidden proxy bid?
A hidden proxy bid allows one to place a proxy bid before the auction start. This would mostly come in handly when someone cannot attend a particular auction session. At the start of the auction, system will then place that proxy bid on behalf of the bidder.
Let's take an example.
Domain25.ca is on auction. Reserve is $600 and domain owner selected their reserve to be part of a reserve range (i.e. $500-$750).
Bidder1 is interested in the domain but cannot attend the auction.
Bidder 2 will be attending the auction.
Bidder 1 places a hidden proxy bid for $700.
When the auction starts, the system places a proxy bid on domain25.ca for $700 on behalf of bidder.
The current bid becomes $600 and the reserve is met.
The smallest bid bidder2 can place is now the current bid of $600 plus the bid increment, so $625.
Now bidder2 places a bid of $625. System then places bid of $650 on behalf of bidder1.
If the maximum bid of bidder2 is not larger than the hidden proxy bid of bidder1, bidder1 wins. In other words, bidder 2 has to place a higher than $700 bid for him to win the auction.
So if bidder2 places $650 and stops there, bidder1 wins without attending the auction and the winning bid is $675.
- What will the auction interface offer?
Your interface will show all domains you are interested in bidding on together with:
Current Bid
Whether reserve has been met or not on the domains you are bidding on
Whether you are the highest bidder or not on each domain of interest
Your public bid on each domain
Your Proxy bid on each domain
Auction end time
All bids received on your your domains.
You will be able to bid on multiple domains as well as specify proxy bids vis same screen.
- What does 'hide domains' mean?
This is a feature that we offer to reduce clutter and make the bidding experience more pleasant and less overwhelming.
Suppose there are 135 domains on auction but you are only interested in 10. Instead of watching your domains among the rest, you can hide the ones you are interested in and monitor only these.
You can unhide any domains you have hidden at any time.
- Please explain the various bid terminology used
Starting Bid: The minimum bid a domain will have when auction starts and before any bids are placed. This is the lower value of the reserve range. So if a domain has a reserve of $1750, its reserve range is $1001-$2500 and the starting bid would be $1001.
Current bid: If the auction ends now, this would be the final bid. If current bid is above reserve, auction is successful and whoever placed that bid would have won the auction. All parties bidding on this domain will see that bid.
Bidder Public bid: This is the bid currently placed by an individual bidder and is shown to that bidder. Others can see it only if it is high enough to be the current bid.
Proxy bid: This is a hidden bid placed by an auction bidder so that system bids on his behalf in case he gets overbid by another. The bid the system places is equal to the sum of the current bid and the increment bid.
Winning bid: The domain final sale price.
- How does the auction determine the current and increment bids?
The following rules are observed when calculating the current and increment bids:
A) Current Bid:
1) Initially, it is the higher of $50 or the minimum end of the reserve range under which the domain is listed.
2) Then it is the second largest proxy hidden bid
B) Increment Bid:
1) If current bid is less than $250, the increment bid is $10
2) If current bid is between $251 and $500, the increment bid is $25
3) If current bid is between $501 and $999, the increment bid is $50.
4) If current bid is above $1001, the increment bid is fixed at $100.
5) If bid increment results in a value higher than highest private maximum proxy bid, then the bid increment becomes the difference between the current bid and the maximum hidden proxy bid.
|
|
|
|
|
| |
 |
 |
All rights reserved. No part of this website
can be reproduced without explicit written approval from MyID.ca INC.,
INC.
Copyright 2000-2010 MyID.ca, Inc.,
an Ontario Canada corporation |
| |
