ONLINE AUCTION

An online auction is a timed auction in which all of the bidding takes place over the internet. There is no onsite bidding during an online auction. Prospective purchasers can bid from anywhere they have internet access. Online auctions run for a designated period of time during which bidders from multiple locations can bid competitively… Continue reading ONLINE AUCTION

NEXT ALLOWABLE BID

The next allowable bid is the current bid plus the bid increment.

MULTI-SELLER AUCTION

Properties owned by many sellers offered through a common promotional campaign auctioned in a single event.

MULTI-PROPERTY AUCTION

A group of properties offered through a common promotional campaign. The properties to be auctioned may be owned by one seller or multiple sellers.

MINIMUM BID

The minimum bid is a price established by the seller below which the asset may not be sold.

MAXIMIUM BID

The maximum bid is the most an absentee bidder is willing to bid on an item. The auction company will bid on behalf of the absentee bidder. The auction company will raise the existing bid by the proper increment and continue that process until the bidding stops or the maximum bid is reached. The auction… Continue reading MAXIMIUM BID

MARKET VALUE

The highest price in terms of money that a buyer is willing, but is not under any duty, to pay for a particular property to an owner who is willing, but not obligated, to sell.

INSPECTION

A period of time prior to the auction when prospective bidders may inspect the condition of the items available for sale.

FINDER’S FEE

A fee paid to an individual or entity for bringing a business deal to the auction company. The finder will often serve as an intermediary until the deal is consummated. The fee is usually based on a percentage of the profit created by the deal.

CURRENT BID

The present high bid. To become the current high bidder, you must advance the bidding by the next acceptable bid increment.