Some common lingo to help you along the way:
Lot: In the auction world, this is what we call an item, or an asset. It could be a grouping of items, meaning more than one individual item within the lot, or just one single piece of equipment. Always be sure to read the descriptions thoroughly to understand the contents of each lot.
Catalog: This is the entirety list of items within an auction sale, broken down generally by lot number, description, quantity, category and often other information enabling the buyer to make an informed buying decision.
Watchlist: This is a great tool to mark the items you’re interested in, but maybe not ready to buy or bid on at this moment. Add them to your watchlist for easy later reference.
Bid: Placing a bid is your intention to buy the item you placed said bid on. This is a legally binding agreement in which you’ve given intent that you’re going to pay for the items that you are the high bidder on.
Bidder: The person bidding on they item(s) they wish to buy.
Auctioneer: The person selling the item(s) they wish for the bidder to buy. Auctioneers also send the invoices and are in charge of removal of the equipment from the auction site – 10/10 recommend you introduce yourself and make friends with them.
Industrial Bid Account Signup: You only have to do this once! We just need to know who you are so we can save your watchlist items and communicate with you regarding the auctions you participate in. We need your email, a set password for you Industrial Bid account, your full name, and your phone number – that’s it.
Auction Registration: This often feels like an account signup, but it’s just the one step further than that, this is your intention to register and then seek approval to bid within an individual auction. After first signed in with your Industrial Bid Account credentials you setup, you will need to register for each auction, every time you want to bid in one. This step you’ll complete for each auction, but don’t worry, it’s very simple. Generally just your address, possibly a credit card, and of course every time you will have to agree to the auction terms and conditions – you cannot register in any auction without this step.
Pending Status: You have registered for the auction, you’re nearly ready for your bidding capabilities, but the auctioneer has to approve you first. They just want to look over your information and make sure you’re who you say you are and you’re going to pay your invoice. Calling them direct and introducing yourself never hurt, but often can expedite approval.
Approved Status: You’re approved to bid within the auction you registered for! Get to it!
Sold as a lot: This means that the auctioneer is going to sell multiple lots, but for one single bid price. In this bidding scenario, if 5 lots are offered, at $25 each and you choose all five, your total will be $25 for all five of those lots. You’re getting a deal! Hit the bid button, fast!
Choice, times the money: This means that you are being offered multiple lots at the same time for the same price per item. If you are the high bidder, you have a second task to do – choose! Select whichever of the lots that you want, your bid will then be multiplied by the high bid. For example, if 5 lots are offered, at $25 each and you choose all five, your total will be $125 for all five of those lots.
Option, times the money: this means that you are being offered multiple lots at the same time for the same price. If you are the high bidder, you have a second task to do – choose, but this time you must at least take the first lot, then also any additional lots you want – they have to be in numeric order of how they’re offered. You are bidding on the first lot for sure, then you have the option of additional lots if you so choose. The same math applies in a Choice environment: if 5 lots are offered, at $25 each and you choose all five, your total will be $125 for all five of those lots.
Absentee or Max Bid: It’s always a shame when you can’t attend the auction – mostly because they’re fun and entertaining and the excitement is second to none (okay, maybe we’re a little bias), but luckily we offer the opportunity to place an absentee or max bid. An absentee or max bid is a bid you place ahead of the auction, with the intent that you will pay up to that amount for that lot. What’s great about these bids is you can often win the item for much less than your absentee or max bid, but never for more. The software system will execute your bid on your behalf against other bidders within the auction, as long as your bid is the highest, you’ll win. How will you know if you won if you’re not at the auction. Check your My Items section – it will be there waiting to congratulate you!
Bulk Lot: This is generally a collection of multiple lots. It allows the buyer to buy more than one lot at one price. This will often be sold contingent on the individual sale of the lots. For example, if a bulk lot sells for $500 and the sum of the individual lots total is $600 – the individual lots will go to their respective buyers. If a bulk lot sells for $500 and the sum of the individual lots total is $400, then the high bidder of the bulk lots is the winner and will take all of the collective lots.