Online Auctions are timed events that allow participants to bid for products over the Internet for a designated period of time. These are “e-Bay” type sales. Online Auctions typically have Auto Bid Extension enabled.
Once you have registered, you are assigned a bidder number and can access bidding instructions. You may be asked to leave a deposit in order to place a bid. If you are a webcast bidder, these bidding instructions are emailed to you and/or are available on the registration page.
PLEASE REGISTER AT LEAST 72 HOURS BEFORE ANY WEBCAST OR ONLINE SALE to ensure that all registration requirements are met and to resolve any problems that may occur prior to the sale start.
There is no option to register online ahead of time if you are attending in person. You must register in the designated on-site Auction Office to obtain a paddle number, and check out in this same area. Arrival is suggested at least 30 minutes before the start of the sale to fill out the registration form and receive your bid number.
On-Site Registration Requirements:
- Proof of Identity: Drivers license or form of legal identification
- Deposits: NMC may require a deposit of not less than twenty five percent (25%) of the Buyer’s TOTAL PURCHASE PRICE for your bidding approval. This can be in the form of cash, cashier’s check, or wire transfer.
- If you are sales tax exempt, please submit the appropriate Sales Tax Form via fax 818-574-6596 or email email@example.com. NMC will not remove sales tax from your invoice unless we are presented with this information at each of our auctions.
Webcast/Online Registration Requirements:
- For Electronic Bidders, at its discretion, NMC may contact Bidders via email or telephone before or during the sale to provide a deposit. If NMC does not receive a response from its attempts to contact Buyer or if the Buyer does not provide a deposit, NMC reserves the right to refuse or cancel Buyer’s bids and re-sell Goods.
- PLEASE NOTE: If a deposit is required, instructions will be emailed upon registration. Once NMC has confirmed receipt of deposit, an email will be released with confirmation of bid approval.
Absolute Auctions: This is a sale at which there are no established reserves and every item offered for sale is sold to the highest bidder, no matter the price.
As Is, Where Is: “As Is, Where Is”: Also known as “in its present condition.” Typically, this is a sign that no return privileges will be granted.
Automatic Bidding (Max Bid): This feature will allow the system to automatically increase your bid incrementally until a competitive high bid exceeds the limit you set. It also permits your not having to constantly monitor your bids.
Bid Increment: The standardized amount an item increases in price after each new bid. The auction service sets the increment, which rises according to the present high bid value of an item. Current Bid + Bid Increment = Next Allowable Bid.
Bidder (Paddle) Number: The number issued to each person who registers at an auction. This number will be used to identify the bidder throughout the auction event and billing procedures.
Buyer’s Premium: An additional service charge, for which the buyer is responsible, may be added to the price of assets. These fees will be noted on the Sale’s Detail Page, or other clearly marked area.
Choice Bid / Grouped Lots: When there are multiple items in a lot, the auctioneer may ask for a choice bid. Meaning, the winner gets his choice of any item in the lot for the winning bid. The auctioneer will then go the second-highest bidder, the back up bid, and ask if he wants any other item for the same money. If not, the bidding starts over again for each item in the lot.
One-Money: The price the auctioneer is seeking when a lot has multiple items – a pair of tables for example for one price for the pair.
X Times The Money: The opposite of “One-Money” – The bids are for one item only. If there are two items, the final price is two times the bid; for three items, three times the bid, etc.
Fair Warning: A phrase used by many auctioneers just before the hammer falls to indicate that he is about to accept the last bid and bidding on the item will cease. It serves notice that the sale is about to be over.
Hammer Price: The winning bid.
Lot: This is what individual items for sale are called. Lots are offered either as “one-money” or “by the piece” where the purchase price is multiplied by the bid amount.
Online Auctions: Online Auctions are timed events that allow participants to bid for products over the Internet for a designated period of time. These are “e-Bay” type sales. Online Auctions typically have Auto Bid Extension enabled. See below “Soft Close and Auto Bid Extension”.
Private Treaty Sales: A sale of property at a price agreed on by the seller and buyer without an intervening agency. Private Treaty sales are conducted for assets within an entire facility or a complete plant. Unlike auctions, there is an asking price, which is negotiable.
Reserve (Minimum Price): A reserve price is the amount at which the seller is obligated to sell the item. Reserve prices act to protect the seller’s financial interest in an item. NMC reserves the right to establish a reserve or minimum price on any goods without having to announce, post or publish notice to attendees and buyers at any auction. If the highest bid is below the Reserve Price, the Seller may, in his sole discretion, sell the asset at that price, but is not obligated to do so. NMC will contact bidder with highest bid after the sale if the Seller wants to accept offer.
Sealed-Bid Auctions: In a sealed-bid auction, bidders can only submit one bid and therefore cannot adjust their bids based on competing bids. A type of auction process in which all bidders simultaneously submit bids to the auctioneer, so that no bidder knows how much the other auction participants have bid. The highest bidder is usually declared the winner of the bidding process.
Soft Close & Auto Bid Extension: As part of the online auction process, service providers offer “Auto Bid Extension”. If a bid is placed within 10 minutes of scheduled auction end, that particular item closing time will automatically extend by an additional 10 minutes. This continues with the new scheduled end time until no one places a bid before auction bidding deadline. Every time a bid is placed with 10 minutes or less left in the auction an additional 10 minutes bidding time is added until there are no more bids. The auction is only extended on the lots receiving bids within the final 10 minutes. All other lots will close at the specified times.
Staggered Closing: A staggered close is when there is a brief time difference between the closing of each lot. The first lot will close at the exact time the sale is scheduled to close, and each lot thereafter will be set to close minutes after the lot before it. An auction’s staggered closing time can be set in desired intervals – such as, every 2 minutes. For Example, if the sale is scheduled to close at noon, lot 1 will close at 12:00pm, then lot 2 will close at 12:02, lot 3 at 12:04, lot 4 at 12:06 and so on.
Starting Price: Also called “Opening Bid.” A price set by the seller at the time of listing that must be met or exceeded for the first bid to be accepted as a qualifying bid.
Webcast Auctions: Webcast Auctions are items being sold and displayed as a slideshow on your computer in real time with LIVE on-site auctions. This service is controlled by an appointed webcast provider during the sale and allows bidders to hear the auctioneers live feed, and view the item photos and descriptions of the assets as they are broadcast worldwide via the Internet along with current bids, the asking price and the desktop convenience of clicking to place bids.