Lots and Items

Lot Groups

A lot group is a group of lots that open and close at the same time and auto-extend together. During a Live Event, if a new extension-qualifying bid arrives for a single lot inside of a lot group, Iasta SmartSource will extend the close time of the Live Event for all the lots in the group. A new project, by default, has a single lot group where all new lots are created unless you manually organize the lots into separate lot groups.

Place lots into a single group when all bidders can bid on all lots and you want to give them time to change their bids on individual lots to remain competitive for the entire project.

Break lots into different lot groups if all bidders are not bidding on all lots or if you want to use cascading lot groups. Cascading lot groups occur when you set the individual lot groups to open and close at different times during the Live Event. For example, you may have two lot groups set to open for 30 minutes with two minutes in between openings (and closings) to allow bidders maximum time to place bids AND allow time to focus exclusively on the currently open lot.

Lot Groups are not available for Dutch Auction Projects. See Lots and Items for Dutch Auctions for more information.

See Adding a Lot Group for more information.

Lots

Lots are logical units for bidding in Iasta SmartSource. Iasta SmartSource supports the following lot types:

Standard Lots: Standard lots can contain several items to give additional information to the bidder. However, bidders can only place one comprehensive bid for all the items listed.
ItemBid Lots: ItemBid lots allow bidders to place bids individually for each item in a lot during Live Event.
FlexBid Lots: A FlexBid lots is an aggregation of Standard and/or ItemBid lots. FlexBid bidding enables bidders to apply a percentage discount or premium in an attempt to obtain the business for all lots in the FlexBid lot. You can also use FlexBid lots and leave them closed during the Live Event to show bidders their current rank on a certain aggregation of lots. Bidders must enter a bid for each individual lot included in a FlexBid lot before they can enter a discount for the FlexBid lot. FlexBid lots are available for reverse auctions only.
ActiveBid Lots: An ActiveBid lot is an aggregation of Standard lots. ActiveBid bidding enables bidders to reduce their bids on all lots in the ActiveBid lot at once by entering a percent bid reduction. The percent reduction is applied discreetly to all lots in the ActiveBid lot. Bidders must enter a bid for each individual lot included in a ActiveBid lot before they can enter a percent bid reduction for the ActiveBid lot. ActiveBid lots are available for reverse auctions only.
Dutch Auction Lot: The type of lot that is used in Dutch auctions. It includes price and time settings for intervals.

Items

An item is a specific good, service, or contract placed up for bid. All items are placed inside of a lot, which is inside of a lot group. Lots can contain multiple items that can either fall under a single bid or, in the case of ItemBid lots, receive individual bids for each item.

Maximum number of lots and items

You cannot have more than 10,000 lots and items in a Iasta SmartSource project.