What should I bring with me to an onsite auction?
Arrival is suggested at least 30 minutes before the start of the sale to fill out the registration form and receive your bid number. Please also bring a valid proof of identity and your preferred method of payment.
What is the difference between a webcast and an online auction?
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.
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 an auto bid extension enabled.
How do I register for any auction?
Buyers must register as bidders prior to bidding at an auction sale. All bidders must provide contact information such as their name, company name, mailing address, phone number, email address, etc. When applicable, electronic bidders are required to provide a valid credit card (Visa or MasterCard) to participate in an auction. Terms of sale may vary from auction to auction. Be sure to always review and understand the terms of sale for each individual event before registering.
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 24 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: Terra Point may require a deposit of no less than twenty-five percent (25%) of the buyer’s total purchase price for your bidding approval. This can be in the form of a credit card (Visa or MasterCard), cash, cashier’s check, and business check with a bank letter of guarantee or wire transfer.
- Sales Tax: If you are sales tax exempt, please submit the appropriate forms via fax 818-337-7198 or email firstname.lastname@example.org. Terra Point will not remove sales tax from your invoice unless we are presented with this information at each of our auctions.
If the online sale link is not yet posted, click the ‘Register’ button. Here you will have to enter your contact information and your request to participate. Once the online bidding link is available, it will be sent to you via email. You may also review our current sales list and then click the online bidding ‘Click Here’ button on the sales detail page.
Webcast/Online Registration Requirements:
Deposits: For electronic bidders, at its discretion, Terra Point may contact bidders via email or telephone before or during the sale to provide a deposit. If Terra Point does not receive a response from its attempts to contact the buyer or if the buyer does not provide a deposit, TP reserves the right to refuse or cancel the buyer’s bids and re-sell goods. If you choose to make your deposit with a credit card, please fill out, sign, and fax or email the Credit Card Authorization Form.
PLEASE NOTE: Any bidder registering with an address outside of the U.S. or Canada will be required to submit a deposit of 25% of expected maximum total bid in order to be approved to participate. After registering for an event, you will be emailed instructions for your deposit. Once Terra Point has confirmed receipt of your deposit you will receive an email with your paddle number for online bidding and confirmation that you have been approved to bid.
Why does Terra Point need my credit card information if they do not accept it as a form of payment?
Your credit card information is required for electronic bidding registration. In this instance, Terra Point is merely verifying a financial account exists for the bidder. This information will be securely kept on file during the sale. In the event of payment default, your credit card may be charged for liquidated damages (defined in Section 9 of our Terms of Sale).
Any bidder registering with an address outside of the U.S. or Canada will be required to submit a deposit of 25% of the expected maximum total bid in order to be approved to participate. If the bidder chooses to use a credit card for this purpose, the funds will be authorized (held) and released within 5 – 7 business days.
Can I inspect items of interest on the auction day?
Yes, items often may be viewed the day of the auction sale before the sale start time. Items may also be viewed prior to the auction day at scheduled inspection/preview times listed on our sale details page. If you are unable to attend the scheduled inspection/preview, please contact Terra Point headquarters at 1-877-772-5998 or email email@example.com to arrange an appointment to view items.
Auction Terminology and Definitions:
Absentee/Proxy Bidding: A person (or entity) who does not attend the sale but submits, in advance, a written or oral bid that is the top price he or she will pay for a given property. If you cannot attend one of our auction sales, please fill out and sign our Proxy Bid Form. Fax this form back to 1-818-337-7198 or email our Auction Accounting Manager at firstname.lastname@example.org.
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 you from 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 another 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 backup 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 an amount at which the seller is obligated to sell the item. Reserve prices act to protect the seller’s financial interest in an item. Terra Point reserves the right to establish a reserve or minimum price on any goods without having to announce, post or publish a 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. Terra Point will contact the bidder with the highest bid after the sale if the Seller wants to accept the 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 the 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 12:00 pm, 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.
If you have any questions that were not addressed here, please call Terra Point headquarters at 1-877-772-5998 or email email@example.com
Note: Please review and understand specific sale details for each sale as instructions may differ from general auction advices.