This tour will give you a simple and clearly organised overview of the internal section of watchPool24 (wP24), which is reserved for approved dealers from the watch trade. Here you see the opening page ? this appears after members log in and it provides all important information presented in a clear and attractive way.
This important and innovative information bar shows, in chronological order, the most recent ten auctions you have opted to watch. Here, too, the status colour shows you immediately and clearly the phase in which each individual article is at the moment. A click on the "Open" button expands this information into a detailed view with bidding assistant and "Buy now" option.
The click on the article in an auction opens this view, which provides detailed information about the article, together with an evaluation system for its condition which has been specially developed for the trade.
Relevant commercial information such as the seller's terms of payment and delivery can be viewed immediately. If you have a question about the article the seller can be contacted by email at the click of a mouse. And of course in the detailed view you can also use the functions "Watch this article", "Bid" or "Buy now" at any time.
Just as in the entire internal section of wP24, here too the colour immediately indicates the status of the article. For an explanation of the status colours and the operation of the PoolTool - the innovative wP24 trading process - please click on "Continue".
This is how the PoolTool works
1 Enter article
The intelligent entry mask has been designed specially for the trade, which makes it a lot easier to enter an article - the entire process takes about ten minutes. Here you can also fix the starting time for your reverse auction, together with the reverse stages, starting price and reserve price.
2 Preview phase
The article has now been entered and can be viewed by all wP24 users. On the basis of the starting time the seller decides on the duration of this preview phase (min. 1 day, max. 7 days). Potential purchasers can now use the bidding assistant to submit their bids (see Point 9) or to contact the seller if they have a question about the article. Articles in this phase have green as their status colour.
3 Preview phase Top Hot
Top Hot is a special marketing option for the fastest possible sale or pricing. The article is launched with a reduced preview phase (1-24 hours) and highlighted prominently on the opening page. Here, too, the articles in the preview phase have green as their status colour.
4 Reverse auction phase
The auction begins with the indicated starting price, which is reduced every 60 seconds by a certain amount which the seller has set in advance. Articles in this phase have red as their status colour. Interested parties can complete the transaction at any time using the "Buy now" button. If the price at any time corresponds to a bid which has been entered using the bidding assistant, the bid is immediately submitted. The reverse auction ends at the latest when the seller's reserve price has been reached.
5 Post-bidding phase
If there is no bid higher than the seller's reserve price the article then enters the post-bidding phase for ten minutes and the status colour changes to yellow. During this time interested parties can make a new bid (bids from previous phases are included). Here, too, the seller is informed about the current highest bid by email.
6 Decision phase
The seller now has 24 hours to accept the highest bid by simply mouse click or to reject it. During this time the highest bid remains binding. If the seller does not react to the bid this counts as a rejection.
After an article has been sold the purchaser and the seller receive from wP24 all the necessary data about each other. They should then get in touch with each other within three days and complete the transaction within ten working days.
This contains all product and price information, which can be viewed by registered wP24 users. Details of sellers are not shown here any longer.
9 Bidding assistant
Use your time flexibly: as early as the preview phase you can use the bidding assistant to make a binding bid for an auction. The bidding assistant automatically submits a bid at the price you have set in advance, even if you don't have time to follow the auction live. If your bid is below the reserve price or if you are outbid by a different dealer, wP24 informs you immediately by email. Any bids below the reserve price are included in the post-bidding phase and remain binding until the end of the decision-making phase.
10 Not sold
Auctions which don't reach the reserve price or where the post-bidding offer is rejected by the seller end as "Not sold" and receive the status colour black.
A direct purchase using the "Buy now" button during the reverse auction, a successful bid using the bidding assistant or an offer accepted in the post-bidding phase all lead to a successful completion of the auction. The article is classed as "Sold" and the status colour changes to turquoise.