Frequently Asked Questions
What is an Internet auction?
Internet auctions are a method of selling merchandise online 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 item 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, 612-245-6391 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 612-245-6391 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 612-245-6391.
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 612-245-6391 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.
How do I know if I am winning an item?
If you are winning an item, your bidder ID will appear next to “High Bidder” in the bidding screens and item details for that item. You will know you have won an item 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 an item 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.