An auction where the highest bidder wins the auction, regardless of the price of the bid. There is no reserve price.
Bid Increment
The minimum dollar amount that the current bid increases by after each new bid.
Buyer’s Premium
An additional charge to cover administrative expenses. This is a percentage of the purchase price, which is specified in the auction terms and is in addition to any taxes owed. Not all auctions include a buyer’s premium.
Extended/Dynamic Bidding
Auctions may extend the bidding time on any lot that receives a bid within a certain amount of time before its scheduled closing time. The auction will remain open for those lots until no additional bids are placed within the allotted time.
All lots that do not receive a bid during the final minutes will close at the scheduled time. The auctioneer will determine the number of minutes required to activate dynamic bidding ahead of time.
Internet-Only Auction
A timed auction where bids can only be placed over the internet by bidders. No live bidding takes place at a physical location.
Live Auction
An auction that takes place at a designated place and time, where bidders can browse the auction lots and place their bids in person.
Lot
A group of items or a single item that is sold together at auction. Lots are determined before the auction, and only the auctioneer can divide a lot. Each lot in an auction is numbered.
Maximum Bid
The maximum amount you are willing to pay for a lot. The price will only increase by the minimum increment but will automatically raise to your maximum bid as other bidders compete for the lot.
Reserve Price
The lowest price the seller is willing to accept for an item. If the reserve price is not met at the auction, the item will not be sold.
Simulcast
Live and online interactive bidding taking place at the same time.
Staggered Closing
Auctions that begin to close and progress at a certain rate of lots instead of closing all lots at one specific time. For example, an auction may close five lots every five minutes beginning at a specific time. This information will be listed in the auction terms.
Ultimate Choice Bidding System
The "Ultimate Choice" system is a web-based bidding system that allows selling in a combination format. It allows bidders to bid on individual lots or a combination of lots, usually parcels of land, throughout the auction.
No other company has been able to successfully develop and implement multi-parcel software that allows auction companies to consolidate multiple bidding combinations and provide interested buyers with the ability to configure their combinations and bid online.