I hope 2022 has started off well for you! I am newer to the auction industry. As part of being new I had to learn a lot! This is a fun industry to be in. However, if you do not know how the process works it can be intimidating. As part of my journey I have often been asked How do I bid? How to sign up? What do many of the terms mean? I wanted to take this blog post to share some of what I have learned over the last year.
While each auction is unique, there are a few key elements that each sale has in common. Below is an overview of some of the shared points for each event, so you can enter your bids with confidence.
Preview: Before each auction, bidders have the opportunity to examine all items that will be sold in that sale. Usually taking place the day before the live auction, we welcome all those who are interested to visit the location to view the equipment with the assistance of one of our knowledgeable team members. This is a great time to ask questions and kick the tires. This takes the guess work out of the process. You will be able to learn what you need to know so you can bid with confidence!
Live Auctions: In the time of Covid, live auctions are rarer. A live auction is when you go to the site and listen and participate in the bidding live. When you show up to the auction site you will register with one of our team members. At this time, you will be given a bidder number. You will let the auctioneer know your number when you win a lot. Before the auction starts you can browse the equipment. Our key employees will be on site the day of the sale to chat with and answer any questions you may have. The morning before the sale allows you more time to get to know the products to allow you to bid with confidence.
On-Line Auctions: Online auctions can be just as exciting as a live sale. However, you can bid on line from your home or office. During the Covid pandemic most of our auctions have been performed this way. You simply need to go to our website at www.samauctions.com and sign up for your desired auction using Proxibid. Our on-line auctions and be conducted in conjunction with a live auction. If there is a live auction happening at the same time you will be able to listen to the auctioneer live. If there is no live auction the lot closure times are staggered and well displayed, allowing bidders to be in complete control of their purchases and bid on multiple items at the same time.
What is a Buyer’s Premium? A buyer’s premium is a fee added to the final bid. Usually the Buyer’s Premium is 18% and is paid for by the Buyer. This fee is how the auction/liquidation company gets paid.
On our next post, I will keep digging into auction terms. In the meantime, I will leave you with one of my favorite quotes:
“Success is not final, failure is not fatal: it is the courage to continue that counts.”
― Winston S. Churchill
Make it a great week!
Scott and the team at SAM Auctions!