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 and our dedicated customer service team will respond to firstname.lastname@example.org.
Be the first to know! Alerts are a free auto-notification service that notifies you via email when certain things happen. (NOTE: This service requires an account but it is free to register and only takes a couple of minutes).
GoIndustry DoveBid Alert Subscription. By checking one or more asset-related "Categories of interest," GoIndustry DoveBid is able to send you timely information on the assets you want. Click here for more information.
Event-Specific Alerts notify you when there are major changes to an auction or other sale. This includes date and location changes, updated asset catalogues, and more. To create an event alert, browse to an auction detail page and click "Alert me if this event changes" on the lower right of the page (in the grey box). This places your email address on a list which may be used by GoIndustry DoveBid staff to notify you of critical changes. Email alerts are sent as determined by GoIndustry DoveBid.NOTE: If you are NOT logged in or have NOT created an account, you will INSTEAD see a link to "Subscribe now to be notified about future sales". This link will take you to the GoIndustry DoveBid Alert Subscription page.
Auction Close Types
To assist buyers and sellers we offer three differing auction close types, concurrent, block and sequential. Full details of which type will be used on a given sale will be outlined on the sales page.
All lots in this sale will close at the same time on a given date.
Specified blocks of lots (e.g.: 1 to 200, 201 to 400 etc) will all close at the same time on a given date starting with the first block. Subsequent blocks will close at specified intervals as detailed on the sales page.
Lots close sequentially commencing with lot 1 with each subsequent lot closing at a time as stated on the sales page. As an example, Lot 1 closes at 3.00pm with each subsequent lot closing 1 minute in the future. So Lot 1 - 3.00pm, lot 2 - 3.01pm, lot 3 - 3.02pm etc.
The close time for a particular lot will always be shown on the lot catalogue and the lot details page. Lots receiving a bid within the final 10 minutes of the sale will automatically be entered into extended time by a further 10 minutes. This time extension will be extended for a further 10 minutes for each bid received within the 10 minute, extension time. Lots not receiving a bid in the final 10 minutes will close (finish) at the stated time. All lots at or over reserve will be invoiced, the balance remaining unsold.
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.
NOTE: AutoBid does not work with Multi-Unit, Multi-Price auctions.
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.)
If you want to place a bid that is greater than the minimum next bid, then placing an Absolute Bid will allow you to do so. Absolute 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.
Absolute 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.
Example: 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 Absolute 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.)
Bidder Number (aka paddle number)
Each bidder signing up for an auction event will receive a unique bidder number, sometimes also called paddle number. 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.
A price designated by the Seller that, if paid, will sell the item immediately and close the auction. A Buy Now Price is an optional feature when listing an asset, and if there is no mention of it on an item's Asset Detail page, the seller has not used this feature. Buy Now create an opportunity for buyers disinclined to wait until the end of an auction to buy. The buy now option will only be available up until reserve have been reach by one of the other two bidding options. Once reserve has been met, the buy now functionality will fall away and bidding will continue until the item reach it's close time.
From time to time, sellers request an assessment of all winning bids prior to the final sale of their assets. At the conclusion of the auction, GoIndustry DoveBid sends a list of winning bids to the seller for their review. Once the seller has accepted a bid, the buyer will receive a final invoice by e-mail. This process can take up to seventy-two hours.
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 10 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 10 minutes whenever a bid is placed within the last 10 minutes of an auction. This will continue until no bids are placed for the last 10 minutes of an online auction. The auction is only extended on the lots receiving bids within the final 10 minutes. All other lots will close at the specified times.
This service is a courtesy to bidders with slower Internet connections.
Fixed Price Sale Format
The Fixed Price Sale format is used to sell an asset (one or more units) for one price. Similar to traditional storefront ecommerce, these assets can be purchased for the listed price only. There is no negotiation. The duration is determined by the Seller.
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:
|If the Current Winning bid is:||The increment is:|
|0 - 49||5|
|50 - 499||10|
|500 - 1999||25|
|2000 - 3999||50|
|4000 - 9999||100|
|10000 - 24999||200|
|25000 - 49999||250|
|50000 - 74999||500|
|75000 - 99999||1000|
|100000 - 199999||2500|
|200000 - 499999||5000|
|500000 - 999999||10000|
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 webcast auctions conducted by an auctioneer, a lot can be described as above OR as one price "times the money" with a minimum purchase quantity. Listen to the auctioneer's instructions to be sure.
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.
Multiple Lot, Multiple Sale Price Auction Format
This type of auction is for Sellers who will sell multiple items to multiple people for multiple prices. It is the best way for Sellers to maximize their revenue for multiple lots.
Unless ALL bidders bid over the reserve, the bid history will say "Did not Meet Reserve."
Example: 3 lathes are for sale with an opening price of 5,000 each and a hidden reserve price of 12,000 each.
Bidder A bids 8,000 for 1;
Bidder B bids 12,000 for 1 and
Bidder C bids 15,000 for 1.
The bids of Bidder B and Bidder Cwill be accepted. The bid of Bidder A will be rejected since it did not meet reserve.
The next allowable bid will then be allowable is 8,100.00 (using standard bid increments). In addition, since all assets have not yet met the reserve price, the asset will be described as "Reserve not met."
If the auction closes, Bidder B and Bidder C will get one each for their entered prices. REMEMBER, there is no AutoBid and the entered price is the price you are responsible to pay. The system will not automatically increase your bid like other auction formats.
If Bidder D bids 13,000 for 2 units, Bidder D would Get 2 Lathes for 13,000 each. Bidder C would win one for 15,000. Bidder A and Bidder B were out bid. Since all lathes now have bids above the reserve price, the asset will be described as "Reserve met." The next allowable bid is now 13,200.00 (using standard increments).
Multiple Lot, Single Sale Price Auction Format
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.
Next Allowable Bid
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 "Live Auctions". It is a traditional on-location public auction with an Auctioneer where bidders must go to the stated location to bid in person.
Also called "Starting Bid." A required price entered by the Seller that must be met or exceeded before there can be a high bidder.
Private Treaty Sale, Negotiated Sale, Liquidation
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.
Proxy Bids (Absentee Bids)
ABSENTEE BIDS. Proxy bids are intended only for bidders who CANNOT bid on the day of the sale. These apply to live and Webcast sales only.
ALL BIDS ARE FINAL AND BINDING. Please re-read the description and re-check the quantity before placing a bid.
No bids include any applicable buyer's premiums and sales taxes. The applicable Buyer's Premium is indicated in the auction brochure or on the website. These items will be included on your invoice if your bid(s) are successful.
NO WARRANTIES ARE MADE AS TO THE MERCHANTABILITY OF ANY ITEM(S) BEING AUCTIONED OR THEIR FITNESS FOR ANY PARTICULAR PURPOSE.
ARRANGEMENTS FOR REMOVAL AND SHIPMENT OF PURCHASED ITEM(S) WILL BE THE SOLE RESPONSIBILITY OF THE BUYER PURSUANT TO AND AS PART OF THE CONTRACT OF SALE.
Proxy bids may be subject to a 25% deposit in advance. Successful bidders will have this amount applied towards their balance. Unsuccessful bidders will have their deposit returned.
THE AUCTIONEER DETERMINES THE PRICE. Opening bids (minimum price), increments and minimum number of items you must purchase will be set by the auctioneer when the asset is placed up for sale. It all happens in real-time.
THE AUCTIONEER DETERMINES WHO WINS. The auctioneer has complete discretion when to accept Proxy bids. In addition, the auctioneer's announcements at the time the lot is sold take precedence on any and all published materials. There is no substitute for participating in an auction in person.
YOUR BID(S) MAY DISAPPEAR OR CLOSE EARLY. DO NOT BID AGAIN. Whenever an updated asset catalogue is added to the website, all of the proxy bids associated with the previous catalogue are removed from the website. GoIndustry DoveBid still has a record of this bid however (in the form of the email confirmation), and will present it to the auctioneer on the day of the sale.
MINIMUM. Proxy bids (price times quantity) must be greater than the stated minimum (usually USD$200.00 per bid). Since processing each proxy bid is somewhat manual, this minimum was established as a deterrent to receiving many small, unrealistic bids and to assure the most serious bids are handled effectively. Unfortunately, many people think they can win a 1,000 item for 200 - please take into account its realistic value before placing a bid. To place a bid for LESS THAN THE STATED MINIMUM, YOU MUST PARTICIPATE in person on the day of the sale.
AVAILABLE FOR A LIMITED TIME. Proxy bidding is "turned off" before the start of the sale to enable our staff to prepare for the sale - usually 19 hours, but it may vary by sale. On the morning of the sale the Accounting Manager informs the auctioneer of any proxy bids. GoIndustry DoveBid reserves the right to reject any incomplete or late proxy bid forms.
AUTOBID. The auctioneer will bid for you up to your specified bid amount to win the item. If he only needs 1,000 for you to win (and your bid is 3,000), you will pay only 1,000.
ONLY WINNERS ARE NOTIFIED IN AN ONLINE SALE. If you are a winning absentee bidder in a live or webcast sale (the auctioneer declares your bid is the high bid), GoIndustry DoveBid should send you an invoice within 48 hours of the end of the sale. This invoice will include payment details, including who, when, and how to pay. If you are NOT a winning bidder, you will receive no further instructions. If you DO NOT receive an invoice, you HAVE NOT WON. IN A LIVE AND WEBSITE SALE, INVOICES SHOULD BE COLLECTED FROM SITE
IF YOU WANT ONE, BID ONLY ONCE. For "runs" (more than one of similar items), the auctioneer will usually establish a high bid for "single units" using bidders in the room, on the webcast, and from proxy bids - in that order
The auctioneer will usually allow all interested bidders at this price to choose which lot number they want (called bidder's choice). High bidders in the room and on the webcast are given first preference. If there is a balance of items remaining, proxy bidders are assigned specific lot numbers by the auctioneer AT HIS DISCRETION.
If there is no more interest in single units at that price, the auctioneer will then usually offer for sale groups (for example, 3 times the money). Bidders must take, in this example, three or more units at the established high price. Proxy bids on single items will not be recognized when the auctioneer is offering multiples.
Please note, GoIndustry DoveBid does not release historical sales information. We cannot tell you for how much these items were sold.
To place a proxy bid, you must be on an asset's detail page. To get there, 1) click Equipment Catalogue from the auction's details page; and 2) select the asset on which you want to bid.
On the bottom centre of the page there is a box. If the auction is currently accepting proxy bids, you will have the option to enter a price and quantity.
Placing a proxy bid sends an email to the Site Accounting Manager for the sale (copying you and our Customer Service team).
For Multiple-Lot auctions, Bidders are given the option to bid on one or more units, and can specify if they will accept a lesser (partial) quantity. If you check "Yes," you will get as many units as available. If you say "no" (leave it unchecked) you are telling the system, "I want all or nothing." If you are outbid on one or more of the available quantity, your entire offer will be outbid.
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.
Sealed-Bid Auctions – Tender Sales
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.
Single Lot Auction Format
This auction format is used when Sellers want to sell one unit or one Lot for one price to one Bidder. The lot may include multiple assets sold as one unit or may be one solitary item. The duration is determined by the Seller.
Private Treaty/Negotiated Sale
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.
An individual item. See Lot.
To track the bidding activity of certain items, use the Watch List 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 Watch List" icon at the top right of each item's description page. Manage your Watch Lists from your account page after you sign-in.
Webcast Auctions are a GoIndustry DoveBid innovation that has accelerated the transformation of the traditional on-site, open-outcry, public auction into the 21st century. Using this service, bidders all over the world can bid on the assets for sale at the same time as those in the auction room. (Bidding requires an account.)
For sellers, this "real-time" bidding feature expands competition for your assets to any bidder globally with an internet connection or telephone.
Buyers can now competitively bid for assets from their desks, saving time and money on travel expenses. GoIndustry DoveBid webcast auctions are designed so there is minimal delay experienced by bidders who are not physically at the auction.
Each GoIndustry DoveBid Webcast Auction will have a free downloadable catalogue of assets and is also available for purchase at the auction as well as pictures and descriptions of the assets.
- Help & Customer Service Contact Information
- Online Auctions
- Webcast Auctions - Teleconference Phone
- Internet Webcast Auctions - Applet
- How to Bid Online
- How to Pay
- How to Register
- Glossary of Auction Terms
- Website Terms & Conditions
- Adding GoIndustry DoveBid To Your Email Safe List
- Bid manager
- Shipping Information
- Approved Machinery Shippers