At the Buyer and Sellers Exchange (BASE), the Auctions Electronic system controls each transaction. The auction starts at 6:00 am Monday through Friday. All of the products that are bought and sold are displayed in the auction cooler in lots of 100 to 1500 pounds and separated by specie and size, which is how the auction is conducted. The auction itself proceeds quickly, and will continue to the next specie until all of the lots have been sold.
The direct unloading of the fishing vessels takes place each day between the hours of 11:00 am through 4:00 am the next morning. Once it arrives, the product is immediately culled for counts and is then weighed, boxed, iced and placed in the auction cooler for the next auction. The winner of each bid has several seconds to choose at least one lot or up to as much as 15000 pounds of the specie and size that is bid on. Then, the seller has several seconds in which to either accept or scratch the bid before it becomes finalized.
If the seller decides to scratch the bid, then the entire lot is scratched and rolled over to a second auction that will proceed the initial auction. If the seller decides to scratch the second auction, the buyer has the ability to put in a sealed bid for the product. If the sealed bid is scratched by the seller, the product can then be rolled over to the next day’s auction. It can also be taken out of the system with the additional buyers fee.