How does an expired domain auction work?
When a name drops and more than one member held a backorder on it, the name goes to a private member auction. Only those members see it and can bid. The auction has a fixed closing time shown on the auction page. Bids are binding, each new bid must be higher than the current bid, and the highest bid at the close wins, and the winner pays the closing bid.
- Only members with a backorder on the name can bid
- Every bid is binding and must beat the current bid
- The closing time is shown on the auction page
- The highest bid at the close wins
- Payment settles through domain escrow and the name moves to the winner's account