These Auction Rules apply to every auction on Soda and form part of our Terms of Service. By listing an item for auction or placing a bid you agree to them.
Daytime Consulting provides the auction technology only. We are not the seller, the buyer or the auctioneer of record, and the contract of sale is formed directly between the seller and the winning bidder.
1. Who can take part
Only verified dealers in good standing can list or bid. No deposit is needed to bid: every bidder has passed our KYC/KYB verification and is shown by real name. We may restrict bidding for accounts with incomplete verification, unpaid fees, active strikes (see section 11) or open disputes.
2. Bidding is transparent
Auctions on Soda are fully transparent. The bid history on every auction shows each bidder's real name, company and company rank, with their country flag (for example Daniel Okafor (Meridian Time Co.) [Owner]), the amount and the time of the bid, newest first. The auction also shows the number of bidders, bids and watchers. Other dealers can open a bidder's profile from the bid history. By placing a bid you agree that your name, company, rank and bid are shown in this way.
3. Listing an auction
- Sellers must own the item or be authorised to sell it, and must describe it accurately in line with our Community Guidelines.
- Sellers set a starting price, a start time (immediately, or scheduled up to 30 days ahead), an auction length (from 15 minutes to 14 days) and bid increments. There are no reserve prices and no "Buy Now" option: every auction runs until the clock ends, and the starting price is the lowest price the seller accepts.
- A seller can change the terms or cancel the auction only until the first bid is placed. Once an auction has received a bid, the seller cannot change its terms, cancel it or withdraw the item. Only our team can cancel an auction after that, for a genuine reason (for example the item has been lost or damaged), and we tell every bidder when we do.
- The seller may add clarifying information to the description at any time, but must not change it in a way that misleads bidders.
4. Bids are binding
Every bid is a binding offer to buy the item at the bid amount, on the terms in the listing. If you are the highest bidder when the auction ends, you have entered a binding contract with the seller and must complete the purchase. Bids are binding. Failing to complete a won auction results in a strike (see section 11).
Bids cannot be retracted by bidders. If you make a clear typing error (for example an extra zero), contact support straight away through Help & support in the Platform while the auction is still live. Our team may remove the bid; any automatic bids placed in response to it are removed too and the auction is recalculated. Every removal is recorded with a reason, and we may refuse requests or treat repeated requests as misuse.
5. Bid increments
Bids must meet the minimum increment shown in the auction. The seller chooses the increment when listing: a fixed amount (from presets or a custom amount), or tiered increments that grow with the price (for example a larger minimum raise on more expensive watches). The increment that applies is always shown on the auction page. You can bid the next increment, jump by several increments, or enter a custom amount.
6. Proxy (maximum) bidding
You can enter a maximum bid. The system will then bid on your behalf, only as much as needed to keep you in the lead, up to your maximum.
- The amount of your maximum bid is kept private from the seller and other bidders. Bids the system places for you appear in the bid history under your name and company, like any other bid.
- If two bidders enter the same maximum, the one placed first wins.
- Your maximum bid is binding up to its full amount.
7. Starting price (no reserve prices)
Auctions have no reserve prices. The seller's protection is the starting price: bidding opens there, so sellers should set the lowest price they are happy to sell for. An auction that ends with at least one bid is a binding sale to the highest bidder at the final bid, and a deal is created automatically. An auction that ends without bids does not sell; the seller can relist it or sell it at a fixed price.
8. Anti-sniping extension (the 60-second rule)
To keep auctions fair and prevent last-second "sniping", every auction has a soft close:
- Any bid placed in the final 60 seconds of an auction adds 60 seconds to the clock. This repeats for every late bid, until no bid is placed in the final window.
- The rule is always shown on the auction page. While the clock is in the final window it is marked "Extension active", and every extension is shown to all bidders.
- The window and the extension length are set by us and may be changed from time to time. The values that apply are the ones shown on the auction page when the auction starts.
- Our server's clock is the authoritative time. The countdown on your screen is kept in sync with it, but network delays on your side are your responsibility.
9. Prices in USD, and no deposits
- All auction amounts, including starting prices, increments and bids, are in US dollars (USD). Bids are always entered and placed in USD, so every bidder competes on the same number.
- Where the Platform shows an amount in another currency, it is an approximate estimate for reference only. The USD amount is what you bid and what you owe if you win.
- There are no bid deposits. Seriousness is protected by verification, transparent real-name bidding and the strike system in section 11.
- No money passes between dealers through the Platform.
10. After the auction: payment and delivery
When an auction ends successfully, the seller and winning bidder are notified and a deal record is created, where each can see the other's contact, payment and shipping details. They then settle directly and off-platform:
- The winning bidder must pay in full within 48 hours of the auction ending, using the seller's payment details shown in the deal. The deadline is shown on the deal page in your local time. We may change this period for future auctions; the deadline shown on the deal is the one that applies.
- The seller must ship or hand over the item within 3 business days of receiving cleared funds, with insurance appropriate to its value, and should add the tracking number and packaging photos or video to the deal.
- Both parties should confirm completion in the Platform.
Use only the payment details shown in the deal. If the deal shows "Payment details changed on [date]", confirm them by phone using a number you already trust before sending money (see our Community Guidelines). Dealers may choose to use our optional Middleman Service.
11. Non-payment, non-performance and strikes
If a winning bidder does not pay within the deadline, the seller can report it from the deal page (a non-payment report can only be made once the payment deadline has passed). The bidder then has 48 hours to respond:
- if the bidder does not respond, a strike is recorded on their account automatically;
- if the bidder contests the report, it goes to our team as a dispute under our Dispute Resolution Policy; and
- the seller may offer the item to the next-highest bidder at that bidder's highest bid, which that bidder may accept or decline.
A seller who does not honour an auction that ended with at least one bid (for example by refusing to sell or ship to the winner) receives a strike through the same process: the winner reports it from the deal page. If both parties agree to cancel, no strike is recorded.
Strikes have consequences:
- 1 strike: a warning by email and in the Platform;
- 2 strikes: auction bidding and Mark as Sold are paused for 30 days;
- 3 strikes: the account is suspended pending review by our team.
Strikes expire after 12 months. Active strikes are shown on the dealer's profile. Our staff may remove a strike, with a recorded reason.
12. Sellers and their employees may not bid
Sellers, and the employees of the seller's company, must not bid on the company's auctions, whether directly, through another account, or through relatives or associates. The Platform blocks bids from the seller's own company. This is shill bidding. We monitor for linked accounts and suspicious bidding patterns. Shill bidding leads to cancellation of the auction, strikes, and removal of the seller and anyone involved.
13. Cancelled and void auctions
We may cancel an auction (before or after bids are placed) or void its result if we reasonably believe the item is prohibited or misdescribed, there has been shill bidding or other manipulation, a technical fault affected the outcome, or the law requires it. When we cancel or void an auction, we email the seller and every bidder with our reason, neither party is bound by its result, and no strike is recorded against a party who was not at fault.
14. Our role
We do not inspect, authenticate or guarantee any auctioned item, and we are not liable for the conduct of sellers or buyers. Disputes are handled under our Dispute Resolution Policy.