Timed Auction/Online Auction 

Timed Auctions/Online Auctions are not conducted in front of a live audience. All buyers must register and bid online. These auctions are "timed," meaning the bidding on all items will close at a predetermined date and time. Example: If Lot #1 closes at 10am, Lot #2 will close 2 minutes later and so on. The bidding will extend on a Lot if a Buyer bids in the last 2-3 minutes before the lot closes. This will extend the bidding by an additional 2-3 minutes to allow further bidding. This allows the Buyer most recently outbid the option to place another bid if they so desire.

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Preview Day 

Typically this occurs the day before the sale. We are open on-site for all potential Buyers to come and inspect the lots in person. Preview Day times and locations are posted for each individual sale. Preview on other can sometimes be arranged by contacting the appointed site supervisor.

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Lot 

The individual items being sold. Each lot is assigned a "lot number" by the auctioneer and will be labeled prior to inspection. A lot can contain one item or multiple items. Lots are sold either as "one-money" or "times the money," in which case the purchase price is multiplied by the amount bid.

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As Is, Where Is 

The item being purchased is accepted “in its present condition" and location. This indicates that there are no returns on items and the Buyers are fully responsible to remove the item from the location it was purchased, as outlined in the 'Terms of Sale' and 'Equipment Removal Terms and Conditions.' All lots are sold under the assumption that Buyers have inspected them prior to bidding.

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Catalogue

A listing of all Lot numbers paired with descriptions of the Lots. These are listed online prior to the auction. We do our very best to create an accurate catalogue for all our sales, however the catalogue is there only as a guide and it is subject to change. Occasional inaccuracies can occur.

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Bidder Number/Paddle Number 

When you register for an auction, you are assigned a Bidder/Paddle number that is unique to you. This number is on your invoice and is used to identify you and assist you through the auction, payment and check out process.

 

Buyer's Premium 

A service charge to the Buyer added to the price of the assets. This will be clearly shown on your invoice. The percentage will be noted in the 'Terms and Conditions' of each sale but is typically 18%.

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Automatic Online Bidding (Max Bid) 

This feature allows you to enter your 'max bid' so you do not need to continually monitor the item; the system will then automatically bid on your behalf. If a competitive high bid exceeds the amount you set, the system will stop bidding. Alternatively, if a competitive bidder stops bidding at an amount lower than your 'max bid,' you will win the lot at your 'max bid' price, or lower.

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Opening Bid/Starting Price 

A pre-set amount which has to be met to begin the bidding process on a lot/item. No bids lower than the "opening bid" will be accepted to start the bidding.