Cookie Consent

We use cookies and similar technologies to enhance your browsing experience, analyze site traffic, and personalize content. In accordance with Quebec's Law 25 (Act to modernize legislative provisions respecting the protection of personal information), we require your explicit consent before placing non-essential cookies on your device.

By default, only Strictly Necessary cookies are enabled. Non-essential cookies require your explicit consent.

Under Quebec's Law 25, you have the right to know what personal information we collect, to access and rectify it, and to withdraw your consent at any time. For questions, contact our Privacy Officer at privacy@bidvex.ca.

Read our Privacy Policy
Back to blog

How the BidVex Auction Engine Works — Hammer Price, Buyer Premium & Settlement

A clear breakdown of how the final hammer price is determined, when the buyer's premium applies (3%–5% by tier), and the role of the 14.975% Quebec tax on platform service fees.

June 30, 20266 min read

Hammer price

The final hammer price is the highest competing bid placed before the auction's natural expiry (or the seller's reserve, whichever is higher). BidVex never touches that headline number — it is the contractual amount between buyer and seller.

Buyer's premium

On top of the hammer price, a transparent buyer's premium (3%–5% depending on tier) is added as the platform service fee. This is what funds the auction infrastructure, fraud screening, and Stripe settlement rails.

Quebec tax (TVQ / GST)

Every platform service fee billed to Quebec residents includes 14.975% combined GST+TVQ, automatically calculated and remitted by BidVex.

Settlement

When the auction closes, BidVex orchestrates the settlement: the buyer's pickup code is generated, the seller is notified, and once the buyer confirms pickup, funds (less platform fees) move to the seller's Stripe Connect account.