Here is a list of frequently asked questions that could be very helpful about the auction process.
What is an Internet auction?
Internet auctions are a method of selling merchandise on the wide world web via a computer server. Products are photographed and a description is written for each item. Typically an internet auction last eight days but this can change auction to auction so make sure to look at the details. The bidding is done by computer with a bidder entering the opening bid and subsequent bidders entering increasingly higher bids until the final bid is made on the last day. The winning bidder is contacted via computer and sends payment for the item. Then the product is picked up by the bidder.
How does Internet bidding work?
The bidding action of our traditional auctions are simulcast over the Internet from our Website, allowing you to see each lot up for bid, the current high bid, the ask price, and to submit bids to the floor from your computer.
Internet bidding during a traditional auction works the same way as if you were present on the auction floor. When multiple people are bidding at the same time, the auctioneer can only accept the bid of ONE bidder. However, as the bidding slows down, you will have plenty of time to place your final bid. When you are placing bids over the Internet, the same process happens.
How does an Internet Auction work?
In Internet Auctions, all lots are listed in an online catalog and are available for viewing and bidding for a certain number of days prior to the event. Some auctions are also simulcast live enabling bidders to bid live with the in house audience.
What do I need to do to bid in an Internet Auction?
Only registered Auction Masters users can bid in an Internet Auction. When you register, you will receive a Bidder ID that you will use to bid in an Internet Auction. If you have registered with us and have not received a Bidder ID, please call Auction Masters, 1 (888) 671-7640 to check on the status of your registration.
How do I register to be an Internet Bidder?
A REGISTER link appears in the middle of the “details page” once you click on the auction. Click on the link and complete the requested form. If you experience difficulty, please call Auction Masters, at 1 (888) 671-7640 or you may email at Jason@auctionmasters.com
Do I have to pay any fees to participate in an Internet Auction?
No, after you register the first time, you are automatically registered for each subsequent Internet Auction. If you forget or lose your bidder ID or password, please call Auction Masters at 1(888) 671-7640.
How do I login to an Internet Auction?
On the day(s) of the Internet Auction, go to www.auctionmasters.com and find the Internet Auction for which you are interested. Click on the “LIVE BIDDING” link. You will only need to provide your bidder identification and password to log in. Top
How do I bid?
That is a two part answer. Live bidding is only available the day of the auction. For Live Bidding: Find the Internet Auction you are interested in, Click on the “LIVE BIDDING” link. You will be asked for your bidder number and password. Once logged in, the items for auction will appear on your screen at the same time the items are offered live. Simply key in the amount you want to bid and click the enter button.
For advance Bidding: First, find the Internet Auction you are interested in. You can browse all items offered or by category. When you find an item you would like to bid on, enter the minimum amount you are bidding and the maximum amount you would spend on that item. Then enter your bidder number and password and select “PLACE BIDS”. Once processed, you will get a message advising you of the status of the bid (i.e. accepted)
Can I cancel an unwanted bid?
After you submit a bid, it cannot be canceled. However if you missed putting in a decimal point or the bid was an obvious type-o, you can call us at 1 (888) 671-7640 so we may cancel the bid for you. If you do not call us to cancel a bid you placed prior to the auction, you will be liable for the bid amount entered if you are the winner of the item. Bids can not be cancelled just because you changed your mind. Top
How do I know if I am winning a lot?
If you are winning a lot, your bidder ID will appear next to “High Bidder” in the bidding screens and lot details for that lot. You will know you have won a lot when you receive an email from Auction Masters after the auction has ended. You should receive this email by 12 Noon the day following the auction.
Be sure to refresh often to update the data on your screen.
How do I know if I won a lot after it has closed?
About an hour after the entire auction has closed you will receive an Invoice from Auction Masters indicating the items won via the email address you registered with.
Auction Masters is pleased to announce a new feature called grouped extension has been added to its industry-leading online auction platform.
What is grouped extension?
Grouped extension is a way to minimize the chance you, as a bidder will miss out on a good value when several similar assets are sold in an online auction. Grouped extension will work in harmony with our existing automatic bidding extension feature that is familiar to anyone who has bid in a Auction Masters online auction. That existing feature will continue to apply to all items that are not part of an extension group.
How does it work?
Occasionally, Auction Masters will group together similar assets in an online auction and place them in a bidding extension group. Any bid within the last few minutes that causes an automatic extension of bidding on any one of the assets in that group will now automatically extend the bidding on ALL assets in that group. When no more bidding has occurred on any assets in a group for the specified time, then bidding on all assets in that group will close simultaneously.
What does this do for me as a bidder?
If several similar assets interest you but you do not want to bid aggressively on several of them at the same time and risk actually owning all of them, the grouped extension feature may help you. When similar assets are included in a group for bidding extension, you can bid aggressively on any one item in the group until you have exceeded the price you are willing to pay for that item. You can then shift to any other item in the group and bid on it until you have won the item or exceeded the amount you want to bid. You won’t have to worry that the chance to bid on other items in that group will close while you are trying to outbid someone on another item in the group. If you want to stop bidding on one item in the group and focus on another item, you’ll have a better chance to do that under the grouped extension feature.
What will happen if a bid is placed within the last few minutes before an item’s or group’s original bid closing time?
If a bid is placed within the last few minutes before an item’s or group’s original bid closing time, then the bidding window will extend for an additional period – this additional time is called the extension period. Once the original bid closing time has passed, a message will appear on the bidding page indicating that an extension period has been triggered and bidding will be allowed for the remainder of the extension period. Be sure to click “refresh” to see the latest bids and amount of bidding time left.
How long will the bidding period extend if someone bids on an asset in the group?
It depends on the terms stated on the auction details page for that auction event. Most often, the extension period will be three minutes, however it could be longer.
What will happen if a bid is placed during an extension period?
If a bid is placed during an extension period, the bidding will be immediately extended for another extension period. Extensions will continue one after another until no bids for that item (or any other item in the group in the case of group extension) are placed during the extension period and the bidding window is closed. The high bidder at the close of the bidding will be declared the winning bidder, provided they have properly qualified to bid under the auction’s terms and conditions.
How do I know if an asset is included in a group for grouped extension purposes?
You can tell if something is grouped with other assets for grouped extension by reading the last few lines of the asset’s description. You’ll see the words “grouped extension,” a reference to the group name and a list of all item numbers included in the group.
Can multiple bidding extension groups exist in one auction?
Yes. Within any online auction, one or more sets of bidding extension groups may exist. For example, a group of pallet racking and a group of forklifts may exist in the same auction. A group of computers and a group of air compressors may also exist in the same auction. The information at the end of each item’s description will tell you which bidding group, if any, it belongs to.
Do all of the assets in a particular auction have to be part of a bidding extension group?
No. Assets may not be part of a bidding extension group.
What is a max bid?
A max bid is one you enter in the maximum field and represents the highest amount you are willing to bid for a particular lot. Once you enter a max bid, Auction Masters will bid for you up to that amount, increasing your bid by the minimum bid increment only when you have been outbid by another bidder. So, you could win the lot for less than the max bid you entered.
Why should I submit a max bid?
Max bids save you time because you don’t have to watch the auction or attend the live auction – the computer bids for you. Max bids make sure that your bids are recognized, just in case you have to leave your desk, bids don’t register prior to item closing due to slow or delayed modem, or something happens to your Internet connection during the auction. Max bids are especially useful when you are bidding on many lots that are closing within minutes of each other. They will make sure that you don’t miss out on lots just because you are bidding on another lot.
In addition, at the live event, a dedicated Internet Auction Clerk represents the max bids in increments as necessary to protect the interest you indicated.
Can I raise My max bid?
Yes, you can. Leave the next required box open and put your new higher max bid in the max bid box. However, at times this will raise your own bid. The system looks at the next highest bid other than yours and raises it 1 increment. So depending on the bidding history, your bid may go up.
What if I cannot bid online?
If you are unable to access the Auction Masters web site on the day of an Internet Auction, you are welcome to join us live and/or call Auction Masters at 1(888) 671-7640 for outage information.
Do I have to pay sales tax on Internet Auction items?
Yes. Since this auction originates in Minnesota, all sales are subject to Minnesota Sales Tax. If you are buying for resale or are tax exempt, fax your Tax Exemption Certificate to 1(763) 506-0886.
How do I make payment for the items I win?
If you expect you will be arranging for your items to be shipped, payment must be made via wire transfer. Call Sharon at 1(612) 987-7883 to have wiring instructions faxed. If you are picking your items up at the auction site, payment can be made at time of pickup via cash, cashiers check, or money order made payable to Auction Masters. Always read the details of each auction for terms and transportation information.
Who has the responsibility to arrange and pay for shipping?
The winning buyer is responsible for picking up items, check the “details page” for dates and times of pickup. Certain auctions shipping will be offered. Make sure you check the “details page” to find out about shipping. If shipping is offered, we will send items to a fulfillment house for shipment; however, arrangements and payment must be made with this third party fulfillment house.
Buyer Benefits: Avoid travel costs. Take advantage of convenience. You can avoid the cost and hassle of traveling to the auction site, and still bid on the auction items you want. There is no need to leave the office, just access www.auctionmasters.com & click on AUCTION CALENDER and bid from your computer.
Why do I need an Internet auction broker?
You can sell your merchandise on internet auctions yourself, but it is timely and requires tremendous expertise. Just as with a traditional auction, the auctioneer’s expertise is needed to describe the item and research the value. Auction Masters has all the services necessary to administer the internet auctions and pick the best auction site for your products. We photograph, describe and catalog your merchandise. And most importantly get you the highest price possible for your items.
Should I sell my property through internet auction or traditional “live” auction?
It depends on the type of product that you are selling. In some cases where you have a large amount of product to sell that would “flood” the market in your area – it is best to sell your items on the Internet. In other cases, where your products must be seen to be appreciated, a traditional auction fits your needs. There are times however when both marketing methods will meet your needs. Please allow Auction Masters to assist you in making the decision about how best to sell your merchandise.
Seller Benefits: Auction Masters takes care of the entire auction process, including expert cataloging, targeted marketing enhanced by technology, creating digital slides, escrowing auction proceeds, and delivering prompt payment. Reach a geographically diverse audience. Buyers worldwide can bid on your auction items using our Internet bidding feature. Increase the buyer market. Through Internet bidding, we bring more bidders to the auction and therefore increase the market for the auction items.
Additional marketing capabilities: A full listing of items for sale is available on our Website prior to your auction event.
Is my Bidder Profile Private?
YES! We repsect your privacy. Any and all information collected on this site will be kept strictly confidential and will not be sold, rented, disclosed or loaned for any purpose. Any information you provide will be held with the utmost care. Our goal is to keep your information private, and only use it for its intended purpose.
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