FAQ - Online Auctions
Q) What is a Reserve?
A) The Reserve is the lowest price an lot can be sold for. This amount is usually higher than the allowable starting bid and is determined before a lot is put up for auction. This reserve amount is kept private by the seller. To become a successful bidder at an auction with a reserve, your bid must be greater than or equal to the reserve.
Q) How do I find out what the reserve is on an item?
A) By placing bids until the reserve is met. If you are the highest bidder and your bid meets or exceeds the reserve amount when the sale closes, you are the contracted buyer.
Q) Why does the auction clock change near the end of the auction?
A) As a courtesy to all bidders, the closing time will increase by five minutes if any bidder places a bid within five minutes prior to the closing time. This five minute extension will continue until all bidding activity has stopped. At its sole discretion, Industrial Recovery Services Inc. may close any auction, at any time without warning.
Q) What is the "Closing Time"?
A) The auction Closing Time is the time set by the seller for the auction to end. As a courtesy to all bidders, the closing time will increase by five minutes if any bidder places a bid within five minutes of the closing time. This five minute extension will continue until all bidding activity has stopped.
Q) What is the "Current High Bid"?
A) The current high bid is always the amount of the leading bidder. If you are the current high bidder at the close of the auction, and a reserve is met, if any, you will have the winning bid.
Q) How does the "Maximum Bid" feature work with reserve auctions?
A) If the reserve has been met, the Maximum Bid feature will bid incrementally on your behalf, so that your bid will remain one increment above any other bid, up to your maximum bid.
Q) How do I sell my equipment by Online Auction?
A) Please contact our auction office at (818) 508-7034 to speak to one of our online auction representatives, or send us an email with a detailed description of the machine(s) and photos. We will contact you the next business day.
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