Participating in Auctions
Why should I participate in an auction?
Auction participation is a fun and practical way to purchase items for many reasons, whether you wish to furnish a new home, add to your collection, find equipment for business, or purchase a home or a commercial building. Auctions are a way to purchase items of value quickly, and at a less than new price.
What do I need to participate in an auction?
Find items in an active auction that would fit perfectly in your life, confirm your email address, register your credit card (no fee applied) and you are all set to start the exciting experience of participating in an auction!
What is a “Buyer’s Premium”?
A "Buyer’s Premium" is a percentage added to your winning bid. It’s how auction companies pay the bills. At Auction Solutions Inc., the buyer’s premium ranges from 15%-17% (may be lower with new system). This also covers possible credit card charges. If your credit card is declined at time of purchase, you could be subject to a $35 declined charge.
What is “Times the Money”?
“Times the Money” is applied when there is more than one item in the quantity of a specific lot. It automatically multiplies your bid amount by the quantity listed. For example, if there are 8 chairs in a single lot and you bid $5, your bid will automatically be $40 since you are paying $5 per chair.
What is “Simulcast”?
“Simulcast” is when an auction is simultaneously run online and as a live auction. You can be onsite and enjoy the excitement of live bidding against others while hearing the invigorating auctioneer’s chanting of bids. If you are out of state or cannot make it to the live auction, simulcast auctions allow you to participate no matter where you are!
What should I do if I’m the winning bidder?
If you are the winning bidder, your credit card you registered when you first chose to bid will be charged within 24 hours of the auction closing date.
After that, wait for a message from our shipment software, Shipping Saint, even if you don’t intend to have your items shipped. From there, click the link provided and choose if you would like to ship or pickup your won lot(s).
If you choose to pick up your item(s), you will be taken to a screen to choose your time slot for pickup and then be given confirmation. If there are no time slots specified, you will be taken to a confirmation screen automatically.
If you choose shipping, you will receive email and/or text messages as updates at every step of the process. You will have to input your card information to pay for your shipment order as the software is not linked.
What does "as is, where is" mean?
- This term means that the property or item is being sold in its current condition and that no inspection or other contingencies apply to the sale. Buyers are solely responsible for examining a property and deciding as to its suitability for their intended purpose before bidding. Otherwise known as “As-Is” or “In its Present Condition.”
What is a proxy bid?
Proxy bidding occurs when bidders have the option to set a maximum price that they would be willing to pay for an item and then allow the computer system to bid for them by the bid increment until someone places a higher bid than their maximum.
For example, I could set my maximum at $100 and the system will auto bid for me until someone out bids my $100.
What does “As is, where is” mean?
As is, where is condition: This term means that the property or item is being sold in its current condition and that no inspection or other contingencies apply to the sale. Buyers are solely responsible for examining a property and deciding as to its suitability for their intended purpose before bidding. Otherwise known as “As-Is” or “In its Present Condition.”
How do I register for an auction?
There are two ways to get the registration page. You can either click “Login/Rister” on the top right of our main page or find the auction and lot you would like to bid on.
From there, enter your desired username and password, first and last name, a valid email address, telephone number, and an address that will be used for shipping and billing purposes. If these addresses are different, please unselect the “Same as Billing” checkbox to enter a different address.
The next step is to register your credit card with our site. Your card will have a pre-authorization amount held against it, if things go smoothly, you will not be charged this amount.
Finally, make sure you read and agree to our terms of service. We do follow these strictly regarding our online auctions. After that, you will be taken to a confirmation screen and you are all set to go, happy bidding!
How can I stay updated on upcoming auctions?
Just register on our website as listed above and you will be added to our email blast list to stay up to date on upcoming auctions!
What is “pre-authorization”?
An authorization (also known as a "hold" or "pre-authorization") is a temporary lock on a certain dollar amount of credit on a credit card. This amount is not actually charged to the card, but it is held against the card's available credit so that the amount remains available to the authorizing merchant to charge. Within the authorization period, the merchant may "capture" the authorization (charge the card up to the authorization amount) or release the authorization (return the amount to the card's available credit). Depending on the credit card's issuing bank, an authorization will expire (automatically release) after 1-8 business days. An authorization might show on the customer's credit card statement or mobile app as a "Pending" charge, or it might not show at all.
Where can I find the terms and conditions for an auction?
You can access the terms and conditions for each auction by clicking the “Terms” button in between the description and contact popup windows.