Auction Terminology
Terminology most used
As-Is, Where-Is
The item is sold in its present condition, no representation, warranties or guarantees.
Bidder Number
The item is sold in its present condition, no representation, warranties or guarantees.
Brochure
This typically is the most comprehensive auction information package including machine specifications and photographs, sale times, dates, locations & related.
Buyer's Premium
This is a fee, paid by the buyer, which is added to the final sale price of each item. For example, if a customer bids $1,000 for an item (and the Buyer’s Premium for that auction is 15%), the final cost will be $1,150.00 (the $1,000 bid plus 15%).
Catalog
This is the lot by lot (item by item) listing for each auction which establishes the sale order. This does not mean each lot will be sold individually.
Choice or Option
This is when the auctioneer is selling more than one similar lot. High bidder has the option of choosing how many of the items being sold they want, in numeric order from a range of lots, or to pick and choose individual lots out of the range being offered. Once selected, multiply the final price by the number of lots chosen. Choice and Option, as well as how the items are to be chosen are subject to the auctioneers’ instructions.
Equipment List
Only available for certain auctions, this contains a preliminary listing of items.
Gallery
These are photographs taken after the lot catalog is completed. This also contains additional photos of items that may not be included in the auction brochure.
Group
This is when the auctioneer sells group of lots for one bid price.
Hammer Price or Final Bid Price
This is the price at which the auctioneer sells a lot. The buyer’s premium is added to this along with the sales tax.
Liquidation / Private Treaty / Negotiated Sale
Live Onsite & Webcast Auction
Live Onsite Only Auction
A Live on-site is an auction is conducted onsite only; no offsite bidding is available in this type of auction.
Lot
A single item or grouping of items to be sold as one unit. Each auction has a lot catalog which is an item by listing of the equipment that will be sold.
Lot Number
Every item an auction is assigned a lot number and the auction is sold primarily in numerical sequence.
Negotiated Sale / Liquidation / Private Treaty
Items at this type of sale are not offered at an auction but instead for a fixed price only, if you want to offer less than the fixed priced please call and we will relay that offer to the owner.
Online Only Auction
Bidding is conducted under a Timed environment solely. Similar to an eBay style sale, but our online auctions feature “Extended Bidding” for each lot to which bidding is still active. Lots will not close out until the bidding activity has ceased.
Pass
If an item is up for auction and there are no bids or the bidding does not start at a number deemed acceptable by the auctioneer, the item will be passed.
Private Treaty / Negotiated Sale / Liquidation
Items at this type of sale are not offered at an auction but instead for a fixed price only, if you want to offer less than the fixed priced please call and we will relay that offer to the owner.
Privilege
This is when the auctioneer is selling more than one similar lot. The high bidder has the option to take as many lots as they want in order. Multiply the final bid price by the number of lots chosen.
Proxy Bid/Absentee Bid
A Proxy Bid is an absentee bid that allows a bidder to place a bid on one, or multiple, Lots without being present at the auction. A bidder will submit the maximum price that they are willing to pay for an item for which one of our auction staff will favorably bid for you, up to the maximum amount submitted. Hopefully, we can save you some money.
Reserve
When an item has this designation, it is subject to being removed from the auction. There may be a bank lien or other issue that requires that item to be sold with this condition. Please call our office to determine an up to the minute status of an item with this designation.
Subject to Approval
When an item has this designation we will offer at the auction and receive a high bid for the item, we will take that high bid to the owner and they will have 24 to 48 hours to accept, reject or counter the offer.
Tax Exempt From
If an auction is taxable, we are required to add the related tax to every item purchased unless the buyer(s) fill-out and submit the appropriate State Tax Exempt Form. We can then remove the tax from your invoice. Most manufacturer’s are exempt, so send in your form….
Times the Bid, Quantity or Money
When a lot has more than one of the same items, the auctioneer will sell that item and the final bid price will be multiplied by the number of items in the lot. For example, if a lot has (2) drills and the auctioneer sells the lot times the quantity and the final bid price is $100.00.The invoice price will be $100.00 x 2 = $200.00. + the designated buyer’s premium and applicable taxes.