New to bidding at Online Auctions?
Here are answers to frequently asked questions regarding the online auction format
Q: How does an Online Auction work?
A: In an Online Auction, all lots are listed in an online catalog, and, are available for viewing at the auction site just as if this were a live auction. In fact, a properly executed online auction will work exactly the same as a live auction. The location of the auction site and contact information is listed on our website and on the online bidding platform. Designated days for inspection are specified, however, you can contact us for a private viewing. Online Auction lots typically are open for bidding five to seven days before the official close time, with all lots in the Online Auction closing during the same day. Lot closing times are staggered in intervals, just as a live auction works. On ANY day of the Online Auction, you can login from your home or work PC, or mobile device and place your bid(s). If you are the high bidder when the lot closes, you win the lot -same as a live auction. And just like a live auction if you bid before the lot closes the bidding will be extended. This is not Ebay and you cannot get sniped at our online auctions.
Q: How do I bid? Do I have to keep placing bids or can I place one bid?
A: When you have been approved to bid you can bid by placing a “lead bid” or by actively bidding.
Lead Bidding or Intelligent Bidding: A Lead Bid is your highest bid for that item. Place that bid at any time and the software will bid your bid competitively up to the highest amount of your bid. This means that if you bid $100.00 for an item the software will automatically bid against other bidders up to the $100.00. If the highest bid from others is only $60.00 the software will increase your bid by the designated bid increment to the next bid and you will win the lot. If another bidder submits a bid of $100.00 for the same lot you are still the high bidder, the competing bidder must outbid you by the next bid increment. The software is designed to protect the lead bidder. Lead bids keep you from spending more than you have budgeted for an item. Keep in mind, if you place a lead bid thinking that you’ll get it cheap and forget to check at the time of the closing – you might be the loser instead of the winner. When placing lead bids, check back and monitor your bid status. The software will email you if you have been outbid so watch your email and make sure Bidspotter is on your safe sender’s list.
Active Bidding: You may also actively bid the item during the time that the lot is closing just as if you were at a live auction. Simply submit bids until you have reached your maximum bid for that item, or, until others have dropped out.
Q: How do I Register to Bid?
A: To register to bid simply follow the link on our auction page to Registration. If this is your first time bidding online with us please enter the information required by Bidspotter to create your online account. You will then be able to sign up for our auction (and any other auction on Bidspotter) by entering additional information for the specific auction you want to bid. REMEMBER YOUR USERNAME AND PASSWORD! We will review your request for bidding privileges. If this is your first time bidding with us a signature on our terms of sale may be required. Should additional information be required for approval we will contact you. BE SURE SIAAI.COM IS ON YOUR SAFE SENDERS LIST. If you are already registered with Bidspotter simply register to bid at our auction. If you have a problem at any time please contact BIDSPOTTER CUSTOMER SERVICE for support.
Q: Is there a fee to Register?
A: There is no fee to register. successful winning bidders are charged a Buyer’s Premium that is listed in the Terms of Sale.
Q: How is Removal achieved with an online auction?
A: Removal for an online auction is the same as a live auction. The purchaser is responsible for the removal of the items within the time specified in the Terms of Sale.
Q: Is Sales Tax charged for auction items purchased online?
A: Yes Sales Tax is charged for all lots sold unless a valid Resale Certificate or a Blanket Exemption form is received by our office prior to the sale and invoicing.
Q: Can I inspect the equipment prior to bidding?
A: Inspection is highly recommended. You can inspect the equipment on the designated days specified for inspection or by contacting us and requesting an earlier appointment. Be aware: lot images online are for guidance only. All lots are sold as seen at the auction site and not by digital image.
HOW DO I BID?
Step 1: Registration-First Time Bidspotter Registrants must provide information to Bidspotter THEN sign up on our auction page providing the required information.
Registration is free and only takes a couple of minutes. You will get access to bid in Online Auctions, equipment update emails, and personalized service for our auctions.
Bidders register online at the specific auction webpage. A link will take you to our Bidspotter online auction page. After submitting your online registration form we will review your application and either approve you for bidding or contact you for further information.
Step 2: Know when the auction opens and closes
Our auction calendar will tell you when we are having an auction, what is being auctioned, where it will be located (so that you may inspect the lot if you choose) and when the auction opens and closes. You can also get a full list of equipment as well as other important information about the auction on the specific auction’s webpage. If you have any questions please contact us.
Step 3: Prior to Bidding
Preview Equipment ….request additional photos if you can’t….but remember all lots are sold as seen at the auction site.
As with Live Auctions, Online Auctions lots are available to preview before the sale. The auction site will be open for physical inspection of the equipment on specific days, or by appointment. While we make our best effort to describe and photograph items completely, it is your responsibility to inspect the equipment and conduct your own due diligence on each item offered for bidding. Images are for guidance only. All lots are sold as seen at the auction site.
Step 4: Bidding During The Time Bidding Opens and Closes –
2 Strategies For Success
1)Intelligent Bidding
You can set your highest bid (called a “Lead Bid”) and the Online Auction system will bid on your behalf “competitively” up to that price. Competitively means that if your Lead Bid is $100.00 for a lot and you start at $20.00 the next bidder will bid $30.00, and the software will bid you to $40.00. If the competing bidder stops at $30.00, then you win. If another bidder submits a bid of $100.00 for the same lot you will still be the high bidder. The competing bidder must outbid you by the next bid increment. This software protects the lead bidder. If you are outbid the software will alert you by email and prompt you to increase your bid if you wish. The benefit of using a “Lead Bid” is you don’t have to watch the entire Online Auction…and….you set your budget for the item. Whenever a bid is placed within one minute of a lot closing, the closing time for the lot is extended for five (5) minutes. There is no sniping (as happens on Ebay).
2) Active Bidding
Lots close at the specified interval beginning at the time set. Follow your item prior to closing and enter bids as if you were at a live auction. Whenever a bid is placed within one minute of a lot closing the closing for that lot is extended for five (5) minutes. Just as if you were at a live auction, the lot stays open for bidding until the last and highest bid is placed.
Step 5: After Winning the Lot
Winning bidders will receive an invoice and required paperwork via email after the last lot of the Online Auction closes. Check your email and please be sure both Bidspotter.com and siaai.com are on your safe senders list. The email will include detailed instructions for payment. Payment must be made within the time allotted or you risk losing your item to the underbidder and potential collection charges.
Step 6: Payment Options
Upon completion of the Online Auction, we will generate an invoice for each buyer. The invoice will show the total amount due and is comprised of the following:
Winning Bid Amount
Buyer’s Premium Fee (as specified)
Sales Tax
To avoid being charged sales tax on Auction items, our office must receive a Sales and Use Tax Exemption Certificate prior to the sale.
Please scan Tax Exemption Certificates and email to office@siaai.com -WE MUST HAVE THE ORIGINAL COPY PRESENTED TO US AT TIME OF PAYMENT.
Payment Instructions
Payment must be remitted by wire transfer, approved company check, cash or authorized credit card (Visa/Mastercard) with a credit card authorization form fully completed and signed by the cardholder. PAYMENT MUST BE MADE AT THE AUCTION SITE. ALL CREDIT CARDS MUST BE PRESENTED IN PERSON.
If you are paying by wire transfer please request transfer instructions, .
For any payment questions, please contact our office at (401)-792-4300
Step 7: Removal of Equipment and Won Lots
Once payment has been received, the Purchaser is required to remove the equipment at their own expense within the time allotted in the Terms of Sale. The Bidder is responsible for arranging for pick up and shipping of the equipment from the auction location. Removal is at the sole expense and liability of the Bidder. Bidders must pick up equipment within the date specified for the specific auction. Information on Riggers and Packing Services is provided as a courtesy by Salvadore Auctions.
