The auction is a simple, enjoyable process with incredible opportunity. If you are new to the auction method of purchasing, the following information should help you:
You are welcome to browse. In fact, you are encouraged to inspect all merchandise before bidding. Please understand, you are usually buying AS IS - WHERE-IS. This means, the seller & auctioneer make no representation or warranty on the merchandise.
Prior to bidding, you are required to register and agree to the Terms and Conditions of the auction. Make sure you read and understand the Terms and Conditions. If not, ask questions.
What'd He Say???
Do not be intimidated by the auction chant. It is simply two numbers, the current bid and the bid being asked for, with filler words to keep things going.
||the bid is 40 and the asking bid is 45, then 45 was bid and the asking bid is "now 50".
You may notice that sometimes, only the last number is used. The asking bid is 45, but the auctioneer may drop the 'forty' & just say 'five' as shown in the example. It's not hard to pick up after listening a little bit. Just listen for the numbers and remember the lower number is the current bid and the higher number is the asking bid.
Forget what you have seen on TV and in the movies. The auctioneer is not going to sell you something because you were scratching your cheek or stroking your chin. Unless you have given very specific instructions prior to the auction (which very few ever do), the auctioneer expects people to hold up their bid card, or at least their hand, to signal a bid. If you are mistaken as having placed a bid, please stop the bidding and let the auctioneer know. You may also retract a bid prior to the auctioneer saying "sold".
When the auctioneer says "Sold", the merchandise becomes yours and you are required to pay for all merchandise before leaving the premises. Your purchases are your responsibility from the time the auctioneer says 'sold' and it's also your responsibility to move them. Please do not confuse the time to have your merchandise removed from the premises as the time you have to pay. This is not true. Any items you purchase must be paid for before leaving the premises for any reason, regardless of when you will pick them up.
A "Buyer's Premium"
may be added to the purchase, becoming part of the purchase price. Then, sales tax will be collected on this amount.
You bid $100 and there is a 10% buyer's premium.
Add $10 for the buyers premium and then the appropriate sales tax is collected on this amount ($110 + sales tax = amount you owe).
Times the Money
- The price you bid will be 'times the number of items' in the lot.
- The high bidder has the right to pick one or more items that he/she wishes to purchase at the bid price per piece
- If there are multiple items and the auctioneer had said they are being sold 'all for one money' and you bid $30, you would be purchasing the whole lot (all of the items) for only $30 (plus buyers premium and sales tax, as applicable).
Listen to the auctioneer carefully. If you do not understand, stop them and have any questions resolved, then and there. Once the auctioneer says "Sold!", there are no "Do-Overs" at auction. Please, do not wait and bring your misunderstanding to the cashier. At this point, it is too late.
You will often notice the bid assistants
(Ringmen) assisting with the auction. They are also here to help you. If you have any questions concerning the bidding process, please ask one of them. They want you to understand the auction!!