Drops pilot rules
Version drops-pilot-2026-10. These rules apply to Drops in addition to the site Terms. Rules that apply to a Drop are fixed when it opens and do not change after the first bid.
1. What a Drop is
1.1 A Drop is a timed bidding event for specific units a seller has allocated from its own inventory. The seller remains the seller and owner of the units; the contract of sale is formed between the winning bidder and the seller, and the seller invoices the buyer, as described in Section 1 of the Terms. LotWagon provides the bidding software and coordinates completion. 1.2 Units in a live Drop are not available through Request to Buy or Make Offer while the Drop runs. 1.3 Drops open without a published schedule. Followers who asked for alerts are notified when a Drop opens.
2. Who can bid
2.1 Only approved bidder accounts can bid. We review each request and may decline or revoke approval at any time. 2.2 A seller, its employees, and anyone acting for or connected to the seller may not bid on that seller’s Drops. Undisclosed connected bidding is grounds for voiding the result and closing the account. 2.3 You are responsible for activity under your access key and must keep it private.
3. How bidding works
3.1 You enter a maximum bid. The system bids for you only as much as needed to lead, up to your maximum. Your maximum is never shown to other bidders or the seller. 3.2 If two maximums are equal, the one accepted first leads. 3.3 Minimum raises:
- $0 – $999: $25
- $1,000 – $4,999: $50
- $5,000 – $9,999: $100
- $10,000 – $24,999: $250
- $25,000 and up: $500
3.4 Our server’s clock decides when a bid is accepted. A bid is placed only when the page confirms it; a bid accepted at or after the close time is rejected. 3.5 Soft close. A Drop opens for a stated period (normally two hours). If a bid that raises the price is accepted in the last two minutes, the close moves to two minutes after that bid. This can repeat. 3.6 Bids are binding and cannot be withdrawn, except where we void a bid that was plainly entered in error and you contact us before the Drop closes.
4. Reserve
4.1 A Drop may have a reserve, a minimum the seller will accept. Each Drop shows whether it has a reserve and whether it has been met; the amount stays private. 4.2 If the leading maximum reaches the reserve, the price is at least the reserve. If the reserve is not met, there is no sale, and the seller may contact the high bidder.
5. After the close
5.1 The high bidder at close, subject to any reserve, is the winning bidder and agrees to buy the units at the final price on the seller’s invoice terms. 5.2 The final price excludes sales tax, freight, and any fees shown on the seller’s invoice. 5.3 We contact the winner within one business day with the invoice, payment instructions and pickup or freight options. Nothing is charged automatically by LotWagon. 5.4 If the winner does not complete the purchase as invoiced, we may close the account, and the seller may offer the units to the next bidder or relist them.
6. Cancellation and errors
6.1 We may cancel a Drop before it closes for a listing error, a technical problem affecting fairness, suspected fraud, or if the units become unavailable. All bidders on a canceled Drop are notified and no sale results. 6.2 Every bid, extension and result is logged so outcomes can be audited.
7. Contact
Questions or disputes about a Drop: sales@lotwagon.com.