Frequently Asked Questions
How do I register to bid?
How do I get my bidding number to bid?
How do I bid?
How do I pay for items that I won?
What is a Maximum Bid?
May I raise my Maximum Bid?
What is a Bid Increment?
What is Auto-extend time?
How does the auction end?
Can I buy items before the auction?
How do I know I won?
How can I make sure I am seeing the most current bidding information on the screen?
If I win, who, how, and when do I pay?
What is a Buyer's Premium?
How do I find out more about a posted item?
How do I register to bid?
Only registered bidders can participate in our online auctions. To register, select the 'Register' link displayed on any of the auction pages. Enter your contact information. You will receive an email confirming your registration.
How do I get my bidding number to bid?
After we approved your registration, we will send you your bidding number via e-mail and you will be activated to bid.
How do I bid?
Select the auction you would like view. When the bidding for the auction is open you will have the opportunity to enter Your Bid and your Maximum Bid for each item. Enter your bidding number and password at the bottom of the screen to submit the bid(s).
How do I pay for items that I won?
Currently AssetAuctions accepts Cash, Checks, Money Orders, Cashiers Check, Wire Transfers and Credit Cards. When paying with a personal or company check we may request a Bank Letter of Guarantee. All items MUST be paid for within the scheduled checkout period.
What is a Maximum Bid?
A Maximum Bid is the highest dollar amount you are willing to pay for an item. Here is an example of using the Maximum bid feature: If you enter a Maximum bid the system will automatically bid on your behalf up to your Maximum bid amount. For example let's assume that you enter a bid of $100 on an item and Maximum bid of $400. If no other bids are placed on that item you will be the winner at your $100 bid. If another bidder places a bid of $200 on the item you will now be winning at the $200 plus 1 increment level (for example: $200 + $10 = $210).
May I raise my Maximum Bid?
Yes, but if you are the current high bidder, you will have to raise your bid by one bid increment.
What is a Bid Increment?
The Bid Increment is the minimum dollar amount that the bid must be raised by. Bid Increments will typically be in $5.00, $10.00, $20.00, $50.00 or $100.00 increments. You can bid higher than the minimum bid, or you may enter a Maximum bid, but you may not bid in denominations less than the set Bid Increment.
What is Auto-extend time?
The Auto-extend time feature will leave the bidding open for any item that has received a bid within the last 5 minutes, even if the original ending time has been reached.
How does the auction end?
Each auction will end at a specified time. However, we use an auto-extend feature. With this feature, the bidding will remain open on any item that has received a bid within the last 5 minutes. Once 5 minutes has lapsed without any bidding activity the bidding on the item will be closed. If there is more than one item in an auction the auction will have staggered ending times. For example, the first item will close at 10:00 AM. Each item will close five minute after the previous. For example: Lot 1 closes at 10:00 AM. Lot 2 closes at 10:05 AM. Lot 3 closes at 10:10 AM. This will continue until all items have closed. Also note that extended bidding is still in place. Therefore, if Lot 1 goes into extended bidding Lot 2 will still close at 10:05 AM and Lot 3 will still close at 10:10 AM, etc. (unless they also go into extended bidding) while Lot 1 is still in extended bidding. This scenario applies to all lots. NOTE: Please check individual lot closing times.
Can I buy items before the auction?
No. The seller has decided that the best way to determine a fair selling price is to hold a public auction. If you are unable to bid at a sale we accept absentee bids.
How do I know I won?
If you are the high bidder, the system will send you an e-mail when the auction ends. This e-mail will have complete instructions on payment.
How can I make sure I am seeing the most current bidding information on the screen?
During the bidding process you will need to refresh or reload your page to ensure you are viewing the most current bidding screen.
If I win, who, how, and when do I pay?
When you win an item you will receive an e-mail which will give you complete details of your purchase. Individual lot descriptions also contain the payment information.
What is a Buyer's Premium?
A Buyers Premium is an additional charge, usually 10-13%, which is added to the final selling price of an item. This is how most auctioneers get paid. For example, if a lot sold for $10.00 and there was a 10% Buyers Premium, there would be an additional $1.00 charged for a total of $11.00.
How do I find out more about a posted item?
Each auction has a contact person for that particular auction. If you have any questions about an item, please contact AssetAuctions at 800-303-6511.
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