Auction Glossary & Terminology
Auctions are our primary business; and the jargon of our business is our second language. If you have a question about a term or word, look below.
If it does not appear, please email a new term request to our dedicated customer service team.
GoIndustry DoveBid’s online auctions close via concurrent closing, meaning all lots within the event will close at a specified time (e.g., 5:00 p.m. EST). However, please note that each lot will remain open until there is 5 minutes of bidding inactivity.
- If you want to bid online, but can't be there to monitor the auction, use AutoBid. Just enter your maximum price when bidding, and AutoBid will bid on your behalf - using only what it needs to keep you the 'winner' up to your maximum price entered.
- When you place an AutoBid and the amount is below reserve, the system will display your max AutoBid, less one increment on the website as the current highest bid. This means you will quickly be able to move to reach the hidden reserve as set by the Seller. Where your AutoBid amount matches or exceeds the reserve price, the highest bid displayed on the website will be matching that of the reserve. Any further amount greater than the reserve price, will remain untouched and will only come into play should another bidder challenge your bids.
- The reserve price may be decreased to the level of the highest Autobid if that bid is below the current reserve price with the effect that the highest Autobid may be accepted.
- Example: AutoBid above reserve
Let's say the current bid on an item is 6,750 and reserve has been met, the applicable bid increment is 250, and you'd be willing to pay up to 10,000 to acquire that item. AutoBid will place the bid for 7,000 so that you are the current high bidder and will bid on your behalf up to the 10,000 amount you have designated. If another bidder bids 7,250 and you are no longer the high bidder, AutoBid will automatically bid 7,500 for you, and will continue to bid on your behalf if necessary up to the 10,000 maximum bid you have designated. If 7,500 is ultimately the high bid, you will have acquired the item for that amount and will have saved 2,500. (Bidding requires an account.)
- Example: AutoBid below reserve
Let's say the starting bid on an item is 1,000, the applicable bid increment is 25, and you'd be willing to pay up to 1,300 to acquire that item. You enter an AutoBid amount of 1,300. If the AutoBid entered is below reserve, AutoBid will place the bid for 1,275 so that you are the current high bidder and will bid on your behalf up to the 1,300 amount you have designated if the reserve is lowered. If another bidder bids 1,325, you are no longer the high bidder and you will be prompted to increase your AutoBid amount to stand a better chance of becoming the leading bidder once again. (Bidding requires an account.)
Each bidder signing up for an auction event will receive a unique bidder number, sometimes also called Customer ID. The number will be used to identify the bidder throughout the auction event.
An additional service charge, for which the buyer is responsible, will be added to the successful bid price of all auction sales and certain Private Treaty's. This will be stated in the Notice to Purchasers and on the Sales Event Page.
See GoIndustry DoveBid's Terms & Conditions for more details.
All lots in this sale will close at the same time on a given date.
The present high bid. To become the current high bidder, you must advance the bidding by the next Bid Increment. Current Bid + Bid Increment = Next Allowable Bid.
Should a lot close with either 0 bids, or with a highest bid which is below reserve, the lot's closing time will be extended by an hour. Bidding then continues as normal. Should any bids be placed on that lot within the last 5 minutes of its extended life, the rules of extended time then take over.
As part of its online auction process, GoIndustry DoveBid practices "Extended Time". Auction end / close times are automatically extended an additional 5 minutes whenever a bid is placed within the last 5 minutes of an auction. This will continue until no bids are placed for the last 5 minutes of an online auction. The auction is only extended on the lots receiving bids within the final 5 minutes. All other lots will close at the specified times.
This service is a courtesy to bidders with slower Internet connections.
Also called "Next Bid Increment" or "Bid Increment." The amount by which the bidding is advanced. It is either set manually by the Seller or is computer generated based on the Current Winning bid amount. Current Bid + Bid Increment = Next Allowable Bid.
Computer-generated Bid Increments:
|Bid Amount Range||Increment|
|0 - 99.99||10|
|100 - 499.99||20|
|500 - 999.99||40|
|1,000 - 2,499.99||70|
|2,500 - 4,999.99||100|
|5,000 - 7,499.99||150|
|7,500 - 9,999.99||200|
|10,000 - 24,999.99||500|
|25,000 - 99,999.99||1,000|
|100,000 - 149,999.99||2,000|
|150,000 - 249,999.99||3,000|
|250,000 - 499,999.99||4,000|
|500,000 - 749,999.99||5,000|
|750,000 - 999,999.99||7,500|
|1,000,000 - 1,249,999.99||10,000|
|1,250,000 - 1,499,999.99||15,000|
|1,500,000 - 1,999,999.99||20,000|
|2,000,000 - and up||25,000|
- For online (non-auctioneer) auctions, it is best described as a single asset or a group of assets sold as a single unit for one price. The price is NET of Buyers premium and any taxes due.
- For example, the auctioneer can sell a minimum quantity of 5 units ("you must by 5" or "minimum quantity of 5") for 5,000 "times the money." This means a winning bid would be 25,000 (5,000 x 5).
There is no maximum bid and all lots will be sold for the highest price above reserve. A bidder may place an Autobid as their maximum bid, see AutoBid.
This type of auction is for Sellers who will sell multiple items to multiple people for the same sale price. This is helpful for sellers who want the simplicity of not accounting for multiple prices to multiple buyers - it is specifically helpful when selling hundreds of identical lots.
All winning bidders pay the lowest successful bid (the lowest bid over Reserve). Winners are determined by sorting bidders highest to lowest by the amount they are willing to pay. The 'last one in' is the lowest successful bid and becomes the price paid.
Bidders can refuse lots if they are not awarded their requested quantities.
Higher bidders are more likely to receive the quantities they asked for, and in the event there are more buyers than items available, the earliest successful bids will be awarded the items.
Example: 10 lots are for sale with a reserve price of 500 each. 9 people bid for 1 lot for 1000 each (AutoBid places the bid for 500) and one person bids for 2 lots for 500 each (total bid of 1000). All bidders will pay 500, and the 'last person in' (the 500 for 2 lots) gets only one.
Example 2: 10 lots for sale with a Reserve price of 750 each and 100 increment. One person bids 2000 each for 3 (AutoBid places it for 750 each). 6 people bid 1000 each for one lot per person (Again AutoBid places them for 750 each). One person bids 750 for one.
All 10 lots are now accounted for and the Next Allowable Bid is now 850. If the auction closed today, all lots would sell for 750 each.
If another bidder bids 1000 each for 3 lots, his bid would be accepted for 1 lot (the other 2 lots would be rejected because there were earlier bids for 1000) and all lots would be sold for 1000 each.
The lowest price you must bid to become the current highest bidder.
An Online Auction is a live auction sale carried out from our website www.go-dove.com that closes at a given time on a given day (unless extended). Each asset or assets for sale are listed in a catalogue along with full specification and photographs. Bidders can (free of charge) bid on any or all lots available for sale up until the sale closes in real time from an internet connection anywhere in the world.
Online Auctions simplify the process for and require very little effort on part of the seller. GoIndustry DoveBid provides end-to-end services for our clients, including:
- Customised marketing campaigns to drive qualified buyers
- Asset cataloguing and accurate estimates of value - this entails writing descriptions, determining pricing, and taking digital photos
- On-location preview & set-up
- During-the-auction administration and email management
- At the conclusion of the auction, we deliver invoices, collect funds and remit the proceeds to the seller
- Asset Removal Management
- Detailed Reporting
Online auctions allow assets (lots) in multiple locations to be sold in a single managed event.
To be contacted by a GoIndustry DoveBid sales representative, send an email to SellerSupport@Go-Dove.com
Also called "Starting Bid." A required price entered by the Seller that must be met or exceeded before there can be a high bidder.
Also called a negotiated sale or private treaty sale. Buyers are instructed to contact the listed GoIndustry DoveBid representative to purchase the asset. The lot(s) on offer in this format are sold by negotiation between GoIndustry DoveBid and the buyer.
To place a bid or make an offer, you must contact the person listed. They will negotiate the sale terms between you and the asset's owner. A "Fixed Date Private Treaty Sale" is a negotiated sale with a predetermined end date.
The price at which the Seller is obligated to sell the asset. Reserve Prices are set by the seller, are optional, and act to protect the seller's financial interest in an asset. Reserve Prices are not a valuation of an asset and may be set by the Seller above or below the market price for the item.
While the Reserve Price is not made public, bidders can tell if it has been met by looking at the item's detail page.
If the highest bid is below the Reserve Price, the Seller may, at his discretion, sell the asset at that price during the auction, but is not obligated to do so. Bidders on a lot that failed to meet or exceed its reserve may be contacted in this regard following the close of the sale.
Each bidder submits a single, irrevocable bid without knowledge of the other bids. When the bidding period is closed, the bids are opened simultaneously, and the seller decides which bid to accept. The winning bid need not be the highest. Please refer to the Tender's details page for specific terms and conditions.
If you want to place a bid that is greater than the minimum next bid, then placing an Straight Bid will allow you to do so. Straight Bids gives you a chance to place a definitive bid that will raise the price straight to the amount you entered, ignoring any incremental bidding. This will allow you to increase your chances of being in a 'winning' position when bidding. This bidding option will allow you to set the pace of the bidding and you now have a better chance of placing that 'killer' winning bid.
Straight Bids are quite different from an 'Autobid', where a bidder specifies an amount that they are prepared to bid up to and the system determines the minimum amount they need to bid in order to be placed in a potentially winning position.
Let's say the current bid on an item is 58,500, the applicable bid increment is 500 and you do not hold the leading bid. The minimum next bid you can place is indicated as 59,000 but you feel you'd rather place an Absolute (out-right) bid of 63,000 as that is what the asset is worth to you. By placing this Straight Bid, you are taking the current highest bid from 58,500, directly up to 63,000, ignoring all increments. This makes you the high bidder puts you in a potentially 'winning' position as you have increased the highest bid to 63,000. (Bidding requires an account.)
To track the bidding activity of certain items, use the Watchlist feature. Useful for Buyers and Sellers alike, it puts items from different categories into one place (Requires an account).
Any number of items may be stored in your list from any number of events.
To add an item to your list, just click the "Add to Watchlist" icon that is located on the asset details page. Manage your Watchlists from your account page after you login.
Please Remember - You may only collect assets once full payment has been made and received.