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Frequently Asked Questions

How is this different from other auctions?

Apex Ag Exchange is a seller driven software platform for private treaty sales. All monies pass directly from the buyer to the seller. Apex Ag Exchange provides supporting services but the settlement responsibilities lie with the seller and buyer.

How long does it take to get approved?

24 hours is usually sufficient to approve a seller or buyer.

What is the Reserve Price?

This is the base price that the Seller sets to trigger an automatic sale at the close of the auction. If the final price is lower than the Reserve Price, then the seller has the option to accept the final bid within one half hour of the close. The Reserve Price may be modified up to the time of the sale. Once the sale begins the Reserve Price is established for the duration of the sale.

Is there a minimum bid?

The Reserve Price serves as the de facto minimum bid. While you can bid below the Reserve Price, the seller does not have an obligation to sell until it hits the Reserve Price. However, they do have the option to accept a price below their reserve price.

What is the Max Bid?

The Max Bid box is the maximum price you are willing to pay for the cattle in $/cwt. If the Max Bid is above the Reserve Price, then only the amount that is required to “own” the highest bid will be used. If the Max Bid is below the Reserve Price, then the full amount of your Max Bid will be used until the Reserve Price is met.

I bid the offer price in the Max Bid box but did not get the bid, why?

Another bidder has a Max Bid higher than the next bid price so they will retain the “first right” to that price until someone enters a higher Max Bid.

Can I change my Max Bid price during the sale?

You can move your Max Bid higher anytime during the sale. However, you can only move the Max bid lower when you have the highest bid above the reserve price and your current Max Bid is higher than the highest bid that you own.

Do I have to enter a Max Bid price?

No, the next required incremental bid is placed in the bid box for your convenience and all that is needed is to click the Bid Now box. The site automatically refreshes every minute to keep you up to date. During the last two minutes the page refreshes every 5 seconds.

How does the slide work?

There are two choices for the slide. Slide up adjusts the purchase price lower when the pay weight is higher than the advertised base weight. Bracket 0 adjusts the purchase price higher when the pay weight is lower than the advertised base weight and lower when the pay weight is higher.

Slide up only - If the weight is above the base weight, then the price decreases by the slide on a cents per pound basis. Example – If the base weight is 850 lbs, sold for $150 / cwt and the slide is .08 cents per pound, then a pay weight of 860 lbs is $149.20 per cwt.

Bracket 0 - If the weight is above or below the base weight, then the price adjusts by the slide on a cents per pound basis, plus or minus. Example – If the base weight is 850 lbs, sold for $150 / cwt and the slideis .08 cents per pound, then a pay weight of 860 lbs is $149.20 per cwt. Conversely the pay weight of 840 pounds is $150.80 per cwt.

Can someone submit a last second bid?

No, there is a Horse Race feature that extends the bidding time one minute whenever a buyer attempts to place a bid at the last second to “steal” the auction.

What is the cost to use Apex Ag Exchange?

Costs are not incurred until an item is sold. Currently, for feeder cattle, the listing cost is $5.00 per head sold. As other items are added to the site, a listing service fee schedule will be provided to the sellers.

Who can I contact if I have additional questions?

If time permits you may email info@apexagexchange.com or if time is of the essence, please call 402-276-2084.