Glossary of Auction Terms
Alternative Pick-up
A second pick-up date and time for you to retrieve your items. The alternative pick-up option will not be offered for every auction; please consult the auction details for availability. Be aware that a transfer fee will be applied to items selected for alternative pick-up.
Auction Calendar
A calendar on your bidder dashboard that allows you to view all of our online auctions by ending date.
Auction Details
Each auction on our website is unique. The auction details are where you should look to find the specifics of a particular auction. It is important that you consult the auction details before bidding. You can find the following information in this section:
| Auction Description A description of the items for sale in the auction, as well as any relevant background information. Staggered Closing Rate The number of lots ending per minute. Pick-up Location The exact address of the pick-up. Sometimes this information will only be shared with the winning bidders. Nearest Major Intersection Nearby major cross streets to help you locate the pick-up location. | Taxable Location Yes, sales tax will be applied at this location. No, this is not a taxable location. Loading Assistance Available Yes, large items will be removed by our hired professional movers. No, the winning bidder is responsible for the removal of large items. | Preview Information A preview may be available; if it is, the information will be disclosed here. Notes to the Bidder Additional information you should know about the auction. This may include: parking instructions, additional directions, additional pick-up information, special removal instructions, etc. Alternative Pick-up Information A secondary pick-up time may be available; if it is, the information will be disclosed here. |
Auction Manager
The person responsible for organizing the entire auction process. The auction manager may also be known as the project manager.
Auction Number
A unique number used to quickly identify each individual auction.
Auto-Extend
This feature will not allow a lot to end within 5 minutes of someone placing a bid on it. This simulates the dynamic closing of a live auction, and allows all bidders a fair chance to win each item.
Bid
The price a bidder is offering to pay to purchase a lot.
Bid History
The record of all bids placed on a particular lot.
Bid Increment
The minimum dollar amount required to increase a bid for an item. These increments can be found in the table below.
| Bid Increment Table | |||
| Starting Amount | Ending Amount | Bid Increment | |
| $1.00 | - | $50.00 | $1.00 |
| >$50.00 | - | $1000.00 | $5.00 |
| >$1,000.00 | - | $10,000.00 | $25.00 |
| >$10,000.00 | - | $100,000.00 | $50.00 |
| $100,000.00 | and above | $100.00 | |
Bidder & Bidder Number
Every person participating in auctions on our website is a bidder with a unique bidder number.
Bidder Dashboard
The command center for all bidding activity. Your bidder dashboard provides easy access to your auctions, watchlists, auction calendar, current bids, profile, invoices, and more.
Bidder Profile
The location where your contact and billing information, auction preferences, and notifications are stored. This profile is not visible to other bidders.
Buyer's Premium
A charge that is added to the winning bid or "bid total". The buyer’s premium percentage is disclosed in the AUCTION DETAILS tab on the auction and lot level.
Category
Each lot in the auction has a category. You can search for items by category in one auction or across multiple auctions. In your bidder profile you can select your category interests, and then find all the items online in those categories in one convenient location.
Closed Auction
An auction in which the time limit for receiving new bids has expired for every lot.
Current Bid
The highest amount that has been bid on an item. When the auction closes, the current bid becomes the winning bid.
Ending Time
The date and time that an auction begins to end. Each item in an auction has its own specific ending time. This time will be listed in Eastern Time unless otherwise noted in the auction terms.
Keyword Search
Using descriptive words or keywords to narrow your search and find a specific item or type of item.
Lot
An item or group of items offered for sale as one unit.
Lot Details
The location where you can find more information about a particular lot, including the category, measurements, condition, if shipping is available, transfer fees (if transfer is available), and any other special instructions.
Lot Number
Each lot is assigned a unique number to quickly identify it within an auction.
Max Bid
A feature that allows you to automatically bid on an item up to the amount you place as a max bid. When using this feature, our system will automatically bid on your behalf if another bidder places the next required bid. Max bids are not disclosed, and the system will only cause you to bid if someone else places a bid. Your max bid can be increased at any time without raising your own current bid on a lot.
My Bids
This feature allows you to view, manage, and track all your bids, both current and past. You can use this to easily filter through the items you are winning or quickly rebid on the items that you are losing.
My Category Interests
This feature allows you view the active auction items listed in your favorite categories. To add or remove a category, go to your profile and update your preferences.
My Invoices
This feature allows you to view, manage, and keep track of all your invoices, past and present. Viewing an unpaid invoice here will also allow you to use the online checkout.
Online Checkout
This tool allows you to pay online for your items. It is available as soon as the auction ends, and can be found by clicking on an unpaid invoice in the My Invoices section.
Outbid Notification
These notifications are messages automatically sent to you by our system via email or text when you have been outbid by another bidder. These messages include a link to the item. You can manage your notification preferences in your profile.
Outbid
To submit a bid that is higher than the current winning bid.
Auction Pick-up
A set date and time at which all items must be removed from the auction location. These dates vary from auction to auction, so it is important to consult the pick-up details before bidding.
Preview
A specified date and time that a prospective bidder can inspect or preview an item prior to bidding. Preview availability varies, and is at the discretion of the auction manager.
Purchase Notification
The winning bidders receive a purchase notification via email at the close of an auction. It contains information about your purchases, pick-up information, and the auction location.
Real-Time Bidding
This feature updates your browser screen in real time. New bids will update automatically; there is no need to refresh and reload your screen.
Staggered Closing
Lots in an auction will close in intervals, ranging from one to three lots per minute. This allows you to watch each lot as it is set to close. The staggered closing rate can be found in the auction details.
Transfer Fee
A charge associated with retrieving an item from an alternate pick-up. The transfer fee for each item will be listed in the lot details.
Watchlist
This feature allows you to keep auctions and items of interest in one convenient place. You may add individual items or entire auctions to your watch list by clicking the “Watchlist” button. Your watchlist can be found in your bidder dashboard.
Watch List Reminder
A notification that can be sent to you, alerting you that an item or auction on your watchlist will be ending that day. If you do not wish to receive notifications for your watch list, you can manage your alert options in your bidder profile.
Winning Bid
The highest bid for an item when the bidding on the item has closed.
Winning Bidder
The bidder who places the winning bid when the item closes.
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