For a quick summary of auctions and our services, please download our “Why Auction Brochure“.
Absolute Auction: all items in the auction will be sold to the highest bidder, regardless of the bid. There is no reserve or minimum on the item for bid.
Auction With Reserve: some or all items in the auction have a minimum bid that must be reached by the bidder before the auctioneer can sell the item to the bidder. This type of auction is reserved mainly for property with a high value such as construction equipment, homes or commercial real estate.
“As-Is” or “Where-Is”: there is no warranty on the merchandise and the bidder is responsible for removal from the auction location. This means that the bidder must rely on their own information to make bidding decisions. The bidder is responsible to inspect and move the merchandise.
Choice: auctioneers use this buying option when more than one product is being offered for sale. The bidder may bid for an individual item, and the winning bidder may take as many of the set as they wish. If the bidder does not want them all, then they are for sale at the same price to any bidder.
All For One Money: multiple items are being offered for sale and what you bid is one price for all of the items. Bids for individual items are not accepted.
So Much Each & All Go: multiple items are being offered for sale and the bidder’s price is per item, however; the bidder must take all the items.
Sold: when the auctioneer says the word “sold” or the gavel falls after the bidding has ceased, the item is sold as the auctioneer directs to the clerk. The bidding cannot e reopened after the word “sold” is said.
Final Word: the auctioneer has the final word in all bidding situations. If the ringman took your bid and the auctioneer did not see the bid, the item is sold as the auctioneer directs. The staff at Auction Systems is happy to provide you with further information and to answer any of your questions about the auction process.
Q: What is a Live Only Auction?
A: In a Live Only Auction, bids are only accepted from the auction floor from bidders who are physically present at the auction. There is no online catalog for the auction. Auction Systems conducts very few of these type of auctions.
Q: How does a live auction work?
A: Here’s how the live auction process works:
- Bidders must receive bidder cards from a cashier in order to make a bid on any item. In most cases a refundable cash deposit is required to receive a card.
- When the auction is about to begin, the auctioneer announces the terms of the sale so all bidders are aware of their responsibilities in bidding.
- When a bidder is ready to make a bid, they simply raise their hand or their bidder card and the auctioneer or ringman acknowledges the bid.
- Phone bids are recognized by the phone person and these bids are considered the same as if the bidder were present.
- The ringman assists the auctioneer in spotting bids, holding up merchandise so the bidders can see the item for bid and marking the item with the bidder’s number once it has been sold. Upon successful winning of the bid, the auctioneer tells the clerk what the bidder paid for the item and their bidder number.
- This information is recorded and given to the cashier who tabulates the bidder’s purchases for check out from the sale.
- The bidder pays by either cash or cashier’s check. In most cases, the bidder must remove their property from the auction location immediately following the sale.
- For more information on buying at auction, click here!
Q: How do I register to bid in a Live Auction?
A: If you are a registered bidder online, and you want to attend a live auction stop by the cashier, produce the credit card that you registered with online and you will be given a live bidding card. If you aren’t registered online, you only need stop by the cashier and complete a registration form. A valid state driver’s license is required for registration.
Q: Do I have to register to bid for every Live Auction I want to bid in?
A: Not if you are a registered bidder online just stop by the cashier, produce the credit card that you registered with online and you will be given a live bidding card. If you aren’t registered online, you only need stop by the cashier and complete a registration form and leave a deposit of $100 or a major credit card to be held until you check-out from the auction.
Q: Should I sell my property through internet auction or traditional “live” auction?
A: It depends on the type of product that you are selling. In some cases where you have a large amount of product to sell that would “flood” the market in your area – it is best to sell your items on the Internet. In other cases, where your products must be seen to be appreciated, a traditional auction fits your needs. There are times however when both marketing methods will meet your needs. Please allow one of our representatives assist you in making the decision about how best to sell your merchandise.
Q. What is a Simulcast Auction?
A. A Simulcast Auction is an auction where live bidders are physically present onsite at an auction location bid against Internet bidders online who have either placed a proxy bid or are bidding live in real time from their computer.
Q: How does the Simulcast Auction work?
A: In Simulcast Auctions, all lots are listed in our online catalog with a description and a photograph and are available for viewing and proxy bidding by registered Internet bidders for approximately seven days prior to the live auction event. When the live auction event begins, Simulcast Live Bidding opens for our online bidders so they can place a bid in real time and compete against the live auction attendees.
Q: What forms of payment do you accept for your auctions?
A: We accept Visa, MasterCard and bank debit cards. You may also pay in person on the day of the auction in Cash or Certified Funds. We do not accept personal or business checks.
Q: Do I have to pay sales tax on Internet Auction items?
A: Yes, unless you are registered with an out of state address and your items are shipped out of the state of Kentucky. If you are a valid Kentucky reseller, you can submit at tax exemption certificate to our Office Staff prior to registration. If you are buying for personal use you will be charged sales tax of 6%.
Q: When do I have to pay for my purchases?
A: At the end of the auction when all items are sold. You may also come to the live auction event and pay for your purchases prior to the end of the auction however you will need to bring a valid form of payment including Cash, Cashier’s Check or credit card in order to pay for your purchase(s).
Q: May I pick up my purchases from an auction?
A: Yes, you may pick up your purchases on auction day prior to the close of the auction at the auction location. You may also also make arrangements with the Principle Auctioneer for merchandise pick up.
Q: May I send someone else to pick up my purchases?
A: If you have paid in full, you must sign a third party release for a representative to pick-up your purchases.
