The price slide may change as feed costs or costs or gain change. Once the information has been collected on the description sheet, it is entered into a main computer. The electronic sales are conducted from the main computer. Buyers can view this information the evening before the sale to become familiar with the lots of cattle that might interest them. When the sale begins, a short list of the cattle appears on the computer screen along with a starting price.
Buyers have fifteen seconds in which to bid.
If there is no bidding for over fifteen seconds, the sale is over. At this time, an electronic auction representative contacts the seller of the cattle to determine whether the bid is accepted or rejected. Other lots of cattle will stand by until the previous lot is sold or passed. When feeder cattle are sold through an electronic auction market, the buyer is responsible for picking up the cattle within seven working days after the sale, weather permitting. After the cattle are weighed, the electronic auction will pay sellers of cattle immediately.