|
DoveBid® Auction Glossary & Terminology
|
|
|
Auctions are our life, 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.
|
|
|
|
|
Absolute Sale
|
|
|
The term "absolute" means the item is ready to be sold
now to the highest bidder. An item offered with no
Reserve Price
or a reserve that has been met or exceeded, becomes
an Absolute Sale because the Seller is now
contractually obligated to sell the item to the
highest bidder.
|
|
|
Alerts
|
|
|
Be the first to know! Alerts are a free
auto-notification service that notifies you via email
when certian things happen. (NOTE: This service requires an account.)
DoveBid Alert Subscription. By checking one or more
asset-related "Categories of interest," 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 catalogs, 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 DoveBid staff
to notify you of critical changes. Email alerts are sent
as determined by 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 DoveBid Alert
Subscription page.
|
|
|
AutoBid
|
|
|
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'.
NOTE: AutoBid does not work with
Multi-Unit,
Multi-Price auctions.
Example: Let's say the current bid on an item is
US$6,750 and you'd be willing to pay up to US$10,000 to
acquire that item. AutoBid will place the bid for
US$7,000 so that you are the current high bidder and
will bid on your behalf up to the US$10,000 amount
you have designated. If another bidder bids US$7,250
and you are no longer the high bidder, AutoBid will
automatically bid US$7,500 for you, and will continue
to bid on your behalf if necessary up to the US$10,000
maximum bid you have designated. If US$7,500 is
ultimately the high bid, you will have acquired the
item for that amount and will have saved US$2,500.
(Bidding requires an account.)
|
|
|
Buyer's Premium
|
|
|
An additional service charge, for which the buyer
is responsible, may be added to the price of some
assets. If so, this will be indicated in the auction
description, asset detail page, or other clearly-
marked area.
See DoveBid's Terms &
Conditions for more details.
|
|
|
Buyout Price
|
|
|
A price designated by the Seller that, if paid,
will sell the item immediately and close the
auction. A Buyout 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. Buyouts create an opportunity for
buyers disinclined to wait until the end of an
auction to buy.
Buyouts also enable Sellers to create fixed price
sales, just like a traditional ecommerce store. Just
make the
Opening and
Buyout prices
the same, and the first bid will be the winning bid.
|
|
|
Conditional Sale
|
|
|
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, 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.
|
|
|
Current Bid
|
|
|
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.
|
|
|
Duration
|
|
|
Also called "Auction Duration." The length of time,
in days or hours, the asset will be offered
for sale. The Duration is determined by the Seller.
DoveBid recommends Sellers consider the
following when choosing an auction duration: 1) Dollar
amount of item: Higher priced assets require more time;
2) Inspection: Is this the type of asset Buyers will
physically inspect prior to bidding? If so, consider
a longer duration;
3) Location: Is the location of the asset in an urban
area where services are available (e.g. inspection,
shipping, rigging), or is it in a remote location which
will require more logistics; 4) Warranty: Is the asset
offered with a warranty? If so, Buyers may feel more
comfortable bidding without inspecting the asset.
All auctions close automatically at the designated
closing time or 5 minutes after the last bid. As
per our stated Terms &
Conditions, DoveBid reserves the right to close or
extend an auction in its sole discretion, at any time
and without notice.
|
|
|
Dynamic Closing
|
|
|
As part of its online auction process, DoveBid practices
Dynamic Closing. 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.
This service is a courtesy to bidders with slower Internet
connections.
|
|
|
Featured Assets, Listing Enhancements,
Icons, & Bold Listings
|
|
|
When listing assets, Sellers can choose to enhance
bidder awareness of their assets using one or more
Listing Enhancements. These include:
Bold listings. Assets appear in bolded text
in their "normal" location on category or subcategory
pages.
Icons. Small graphics that bring attention to
items in "normal" location on category or subcategory
pages. Note: the "New" icon has greater priority than
enhancement icons, and for the first 24 hours an item
is on the website, the "New" icon is displayed instead
of the featured one. In addition, if the item was
added since your last visit, you will also see "New."
Standard Featured Assets. Items are displayed
at the top of their asset type (subcategory) list
pages.
Category Featured Assets Items are displayed
at the top of their category and asset type pages. For
example, a Category Featured asset in the
Spectrophotometers asset type will show up at the top
of both the "Spectrophotometers" and "Biotech, Medical
& Pharmaceutical" pages.
|
|
|
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.
|
|
|
Increment
|
|
|
Also called "Next Bid Increment" or "Bid Increment."
The dollar 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: |
| US$0.01 - US$0.99 |
US$0.05 |
| US$1.00 - US$4.99 |
US$0.25 |
| US$5.00 - US$24.99 |
US$0.50 |
| US$25.00 - US$99.99 |
US$1.00 |
| US$100.00 - US$249.99 |
US$2.50 |
| US$250.00 - US$499.99 |
US$5.00 |
| US$500.00 - US$999.99 |
US$10.00 |
| US$1,000.00 - US$2,499.00 |
US$25.00 |
| US$2,500.00 - US$4,999.00 |
US$50.00 |
| US$5,000.00 - US$9,999.00 |
US$100.00 |
| US$10,000.00 - US$99,999.00 |
US$250.00 |
| US$100,000.00 and up |
US$500.00 |
|
|
|
Lot
|
|
|
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.
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).
|
|
|
Maximum Bid
|
|
|
See AutoBid.
|
|
|
Minimum Bid
|
|
|
The Minimum Bid is a price established by the Seller
below which the asset may not be sold. The Minimum Bid
can be the
Opening Bid or
Reserve Price.
|
|
|
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.
AutoBid will
not work with this auction format. The bid you enter
is price you will pay (as long as it is over
Reserve).
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 US$5,000 each
and a hidden reserve price of US$12,000 each.
BidderA bids US$8,000 for 1;
BidderB bids US$12,000 for 1 and
BidderC bids US$15,000 for 1.
The bids of BidderB and C will be accepted. The bid of BidderA
will be rejected since it did not meet reserve.
The next allowable bid will then become is US$8,250.00 (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, BidderB and 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 BidderD bids US$13,000 for 2 units, BidderD would Get 2
Lathes for US$13,000ea. BidderC would win one for US$15,000.
BiddersA and 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 US$13,250.00 (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 US$500 each. 9 people bid for 1 lot for US$1000 each
(AutoBid places the bid for US$500) and one person bids
for 2 lots for US$500 each (total bid of US$1000). All
bidders will pay US$500, and the 'last person in' (the
US$500 for 2 lots) gets only one.
Example 2: 10 lots for sale with a Reserve
price of US$750 each and US$100 increment.
One person bids US$2000 each for 3 (AutoBid places
it for US$750 each). 6 people bid US$1000 each for
one lot per person (Again AutoBid places them
for US$750 each). One person bids US$750 for one.
All 10 lots are now accounted for and the Next
Allowable Bid is now US$850. If the auction closed
today, all lots would sell for US$750 each.
If another bidder bids US$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 US$1k) and all lots would be sold for US$1000 each.
|
|
|
Next Allowable Bid
|
|
|
The lowest price you must bid to become the current
highest bidder.
|
|
|
Online Auctions
|
|
|
Also called "Featured" Online auctions. These are
traditional auction events for DoveBid's corporate
clients, except the bidding takes place entirely online.
Here, sellers can combine DoveBid's breadth of experience
and level of service with buyer conveniences like 24x7
bidding at the website or via email, a fixed bidding
duration, and asset inspections at the seller's location.
Featured Online Auctions simplify the process for and
require very little effort on part of the seller.
DoveBid provides end-to-end services for our clients,
including:
-
Customized marketing campaigns to drive qualified buyers
-
Asset loading. 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
To be contacted by a DoveBid sales representative,
contact
SellerSupport@DoveBid.com.
|
|
|
On-Location Auctions
|
|
|
Also called "Live Auctions". It is a traditional on-location public auction where bidders must go to the stated location to bid in person.
|
|
|
Opening Bid
|
|
|
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 (aka Absentee Bids)
|
|
|
ABSENTEE BIDS. Proxy bids are intended only for bidders who
CANNOT bid on the day of the sale.
ALL BIDS ARE FINAL AND BINDING. Please re-read the description and
re-check the quantity before placing a bid.
All bids do not 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 are 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 catalog is added to the website,
all of the proxy bids associated with the previous catalog are removed from the
website. 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 $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 it's 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. 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. If you are a winning bidder (the auctioneer
declares your bid is the high bid), 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.
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.
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, 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 Catalog from
the auction's details page; and 2) select the asset on
which you want to bid.
On the bottom center of the page there is a yellow 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 (cc'ing you and Customer Service).
|
|
|
Quantity
|
|
|
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.
|
|
|
Reserve Price
|
|
|
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.
While the Reserve Price is not made public, bidders can
tell if it has been met by looking under the "Auction
Summary" tab of 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, but is not obligated to do so.
|
|
|
Sealed-Bid Auctions
|
|
|
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 winner
is the highest bidder. Please refer to the auction'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.
|
|
|
Stalking Horse
|
|
|
A Stalking Horse bid/ auction is used to set a public starting price.
When used, a seller asks for bids to buy all or some of its assets.
The high bid is determined and then used as a "Stalking Horse" by the
seller/ court.
The seller/ court then holds a hearing to see if anyone wants to
out-bid the Horse. If there is a higher bid, the bidder who submitted the
Horse is allowed to get back in the bidding. If no one exceeds the Horse
in court, the Stalking Horse bid wins the item(s).
|
|
|
Static Listing Format
|
|
|
Also called a negotiated sale or private treaty sale.
Buyers are instructed to contact the
listed seller or seller's agent to
purchase the asset.
|
|
|
Unit
|
|
|
An individual item. See
Lot.
|
|
|
Watch List
|
|
|
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.
To add an item to your list, just click the "Add to
Watch List" at the top right of each item's
description page. Manage your Watch Lists from your account
page after you sign-in.
|
|
|
Webcast Auctions
|
|
|
Webcast Auctions are a 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 everyone on the planet
with a computer or telephone.
Buyers can now competitively bid for assets from their
desks, saving time and money on travel expenses. DoveBid
webcast auctions are designed so there is no latency
(delay) experienced by bidders who are not physically
at the auction. There is now a level playing field with
bidders physically at the auction.
Each DoveBid Webcast Auction
(view
list) will have a downloadable
catalog of assets that will be available for purchase
in the auction as well as pictures and descriptions of
the assets.
|
|
|
Webcast Asset Format
|
|
|
This asset format is used to display assets
for sale in an upcoming live DoveBid auction.
In most cases Bidders may place
absentee bids
before the sale.
|
|
|
