GoIndustry DoveBid Auction Glossary & Terminology
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Auctions are our life, and the jargon of our business is our second language. If you have a question about a term or word, look below. If it does not appear, please email a new term request and our dedicated customer service team will respond.
Be the first to know! Alerts are a free auto-notification service that notifies you via email when certain things happen. (NOTE: This service requires an account.)
GoIndustry DoveBid Alert Subscription. By checking one or more asset-related "Categories of interest," GoIndustry DoveBid is able to send you timely information on the assets you want.Click here for more information.
Event-Specific Alerts notify you when there are major changes to an auction or other sale. This includes date and location changes, updated asset catalogues, and more. To create an event alert, browse to an auction detail page and click "Alert me if this event changes" on the lower right of the page (in the grey box). This places your email address on a list which may be used by GoIndustry DoveBid staff to notify you of critical changes. Email alerts are sent as determined by GoIndustry DoveBid. NOTE: If you are NOT logged in or have NOT created an account, you will INSTEAD see a link to "Subscribe now to be notified about future sales". This link will take you to the GoIndustry DoveBid Alert Subscription page.If you want to bid online, but can't be there to monitor the auction, use AutoBid. Just enter your maximum price when bidding, and AutoBid will bid on your behalf - using only what it needs to keep you the 'winner'.
NOTE: AutoBid does not work with Multi-Unit, Multi-Price auctions.
Example: Let's say the current bid on an item is 6,750, the applicable bid increment is 250, and you'd be willing to pay up to 10,000 to acquire that item. AutoBid will place the bid for 7,000 so that you are the current high bidder and will bid on your behalf up to the 10,000 amount you have designated. If another bidder bids 7,250 and you are no longer the high bidder, AutoBid will automatically bid 7,500 for you, and will continue to bid on your behalf if necessary up to the 10,000 maximum bid you have designated. If 7,500 is ultimately the high bid, you will have acquired the item for that amount and will have saved 2,500. (Bidding requires an account.)An additional service charge, for which the buyer is responsible, may be added to the price of assets. If so, this will be indicated in the Notice to Purchasers, auction description, asset detail page, or other clearly- marked area.
See GoIndustry DoveBid's Terms & Conditions for more details.A price designated by the Seller that, if paid, will sell the item immediately and close the auction. A Buyout Price is an optional feature when listing an asset, and if there is no mention of it on an item's Asset Detail page, the seller has not used this feature. Buyouts create an opportunity for buyers disinclined to wait until the end of an auction to buy.
Buyouts also enable Sellers to create fixed price sales, just like a traditional ecommerce store. Just make the Opening and Buyout prices the same, and the first bid will be the winning bid.From time to time, sellers request an assessment of all winning bids prior to the final sale of their assets. At the conclusion of the auction, GoIndustry DoveBid sends a list of winning bids to the seller for their review. Once the seller has accepted a bid, the buyer will receive a final invoice by e-mail. This process can take up to seventy-two hours.
The present high bid. To become the current high bidder, you must advance the bidding by the next Bid Increment. Current Bid + Bid Increment = Next Allowable Bid.
As part of its online auction process, GoIndustry DoveBid practices Extended Time. Auction end/ close times are automatically extended an additional 10 minutes whenever a bid is placed within the last 10 minutes of an auction. This will continue until no bids are placed for the last 10 minutes of an online auction.
This service is a courtesy to bidders with slower Internet connections.The Fixed Price Sale format is used to sell an asset (one or more units) for one price. Similar to traditional storefront ecommerce, these assets can be purchased for the listed price only. There is no negotiation. The Duration is determined by the Seller.
Also called "Next Bid Increment" or "Bid Increment." The amount by which the bidding is advanced. It is either set manually by the Seller or is computer generated based on the Current Winning bid amount. Current Bid + Bid Increment = Next Allowable Bid.
Computer-generated Bid Increments
If the Current Winning bid is:
The increment is:
0 - 49
5
50 - 499
10
500 - 1999
25
2000 - 3999
50
4000 - 9999
100
10000 - 24999
200
25000 - 49999
250
50000 - 74999
500
75000 - 99999
1000
100000 - 199999
2500
200000 - 499999
5000
500000 - 999999
10000
Above 1000000
20000
For online (non-auctioneer) auctions, it is best described as a single asset or a group of assets sold as a single unit for one price.
For webcast auctions conducted by an auctioneer, a lot can be described as above OR as one price "times the money" with a minimum purchase quantity. Listen to the auctioneer's instructions to be sure.
For example, the auctioneer can sell a minimum quantity of 5 units ("you must by 5" or "minimum quantity of 5") for 5,000 "times the money." This means a winning bid would be 25,000 (5,000 x 5).
See AutoBid.
The Minimum Bid is a price established by the Seller below which the asset may not be bid upon. The Minimum Bid can be the Opening Bid or Reserve Price.
This type of auction is for Sellers who will sell multiple items to multiple people for multiple prices. It is the best way for Sellers to maximize their revenue for multiple lots.
AutoBid will not work with this auction format. The bid you enter is price you will pay (as long as it is over Reserve, and there are no other higher bids on that particular lot).
Unless ALL bidders bid over the reserve, the bid history will say "Did not Meet Reserve."
Example: 3 lathes are for sale with an opening price of 5,000 each and a hidden reserve price of 12,000 each.
Bidder A bids 8,000 for 1;
Bidder B bids 12,000 for 1 and
Bidder C bids 15,000 for 1.
The bids of Bidder B and Bidder Cwill be accepted. The bid of Bidder A will be rejected since it did not meet reserve.
The next allowable bid will then become is 8,100.00 (using standard bid increments). In addition, since all assets have not yet met the reserve price, the asset will be described as "Reserve not met."
If the auction closes, Bidder B and Bidder C will get one each for their entered prices. REMEMBER, there is no AutoBid and the entered price is the price you are responsible to pay. The system will not automatically increase your bid like other auction formats.
If Bidder D bids 13,000 for 2 units, Bidder D would Get 2 Lathes for 13,000 each. Bidder C would win one for 15,000. Bidder A and Bidder B were out bid. Since all lathes now have bids above the reserve price, the asset will be described as "Reserve met." The next allowable bid is now 13,200.00 (using standard increments)This type of auction is for Sellers who will sell multiple items to multiple people for the same sale price. This is helpful for sellers who want the simplicity of not accounting for multiple prices to multiple buyers - it is specifically helpful when selling hundreds of identical lots.
All winning bidders pay the lowest successful bid (the lowest bid over Reserve). Winners are determined by sorting bidders highest to lowest by the amount they are willing to pay. The 'last one in' is the lowest successful bid and becomes the price paid.
Bidders can refuse lots if they are not awarded their requested quantities.
Higher bidders are more likely to receive the quantities they asked for, and in the event there are more buyers than items available, the earliest successful bids will be awarded the items.
Example: 10 lots are for sale with a reserve price of 500 each. 9 people bid for 1 lot for 1000 each (AutoBid places the bid for 500) and one person bids for 2 lots for 500 each (total bid of 1000). All bidders will pay 500, and the 'last person in' (the 500 for 2 lots) gets only one.
Example 2: 10 lots for sale with a Reserve price of 750 each and 100 increment. One person bids 2000 each for 3 (AutoBid places it for 750 each). 6 people bid 1000 each for one lot per person (Again AutoBid places them for 750 each). One person bids 750 for one.
All 10 lots are now accounted for and the Next Allowable Bid is now 850. If the auction closed today, all lots would sell for 750 each.
If another bidder bids 1000 each for 3 lots, his bid would be accepted for 1 lot (the other 2 lots would be rejected because there were earlier bids for 1000) and all lots would be sold for 1000 each.The lowest price you must bid to become the current highest bidder.
Here, sellers can combine GoIndustry DoveBid's breadth of experience and level of service with buyer conveniences like 24x7 bidding at the website, a fixed bidding duration, and asset inspections at the seller's location.
Online Auctions simplify the process for and require very little effort on part of the seller. GoIndustry DoveBid provides end-to-end services for our clients, including:- Customized marketing campaigns to drive qualified buyers
- Asset loading.
This entails writing descriptions, determining pricing, and taking digital photos. - On-location preview & set-up.
- During-the-auction administration and email management
- At the conclusion of the auction, we deliver invoices, collect funds and remit the proceeds to the seller.
- Asset Removal Management
- Detailed Reporting
To be contacted by a GoIndustry DoveBid sales representative, contact SellerSupport@Go-Dove.com.Also called "Live Auctions". It is a traditional on-location public auction where bidders must go to the stated location to bid in person.
Also called "Starting Bid." A required price entered by the Seller that must be met or exceeded before there can be a high bidder.
To place a bid or make an offer, you must contact the person listed. They will negotiate the sale terms between you and the asset's owner. A "Fixed Date Private Treaty Sale" is a negotiated sale with a predetermined end date.
ABSENTEE BIDS. Proxy bids are intended only for bidders who CANNOT bid on the day of the sale. These apply to live and Webcast sales only.
ALL BIDS ARE FINAL AND BINDING. Please re-read the description and re-check the quantity before placing a bid.
No bids include any applicable buyer's premiums and sales taxes. The applicable Buyer's Premium is indicated in the auction brochure or on the website. These items will be included on your invoice if your bid(s) are successful.
NO WARRANTIES ARE MADE AS TO THE MERCHANTABILITY OF ANY ITEM(S) BEING AUCTIONED OR THEIR FITNESS FOR ANY PARTICULAR PURPOSE.
ARRANGEMENTS FOR REMOVAL AND SHIPMENT OF PURCHASED ITEM(S) WILL BE THE SOLE RESPONSIBILITY OF THE BUYER PURSUANT TO AND AS PART OF THE CONTRACT OF SALE.
Proxy bids may be subject to a 25% deposit in advance. Successful bidders will have this amount applied towards their balance. Unsuccessful bidders will have their deposit returned.
THE AUCTIONEER DETERMINES THE PRICE. Opening bids (minimum price), increments and minimum number of items you must purchase will be set by the auctioneer when the asset is placed up for sale. It all happens in real-time.
THE AUCTIONEER DETERMINES WHO WINS. The auctioneer has complete discretion when to accept Proxy bids. In addition, the auctioneer's announcements at the time the lot is sold take precedence on any and all published materials. There is no substitute for participating in an auction in person.
YOUR BID(S) MAY DISAPPEAR OR CLOSE EARLY. DO NOT BID AGAIN. Whenever an updated asset catalogue is added to the website, all of the proxy bids associated with the previous catalogue are removed from the website. GoIndustry DoveBid still has a record of this bid however (in the form of the email confirmation), and will present it to the auctioneer on the day of the sale.
MINIMUM. Proxy bids (price times quantity) must be greater than the stated minimum (usually USD$200.00 per bid). Since processing each proxy bid is somewhat manual, this minimum was established as a deterrent to receiving many small, unrealistic bids and to assure the most serious bids are handled effectively. Unfortunately, many people think they can win a 1,000 item for 200 - please take into account it's realistic value before placing a bid. To place a bid for LESS THAN THE STATED MINIMUM, YOU MUST PARTICIPATE in person on the day of the sale.
AVAILABLE FOR A LIMITED TIME. Proxy bidding is "turned off" before the start of the sale to enable our staff to prepare for the sale - usually 19 hours, but it may vary by sale. On the morning of the sale the Accounting Manager informs the auctioneer of any proxy bids. GoIndustry DoveBid reserves the right to reject any incomplete or late proxy bid forms.
AUTOBID. The auctioneer will bid for you up to your specified bid amount to win the item. If he only needs 1,000 for you to win (and your bid is 3,000), you will pay only 1,000.
ONLY WINNERS ARE NOTIFIED. If you are a winning bidder (the auctioneer declares your bid is the high bid), GoIndustry DoveBid should send you an invoice within 48 hours of the end of the sale. This invoice will include payment details, including who, when, and how to pay. If you are NOT a winning bidder, you will receive no further instructions. If you DO NOT receive an invoice, you HAVE NOT WON.
IF YOU WANT ONE, BID ONLY ONCE. For "runs" (more than one of similar items), the auctioneer will usually establish a high bid for "single units" using bidders in the room, on the webcast, and from proxy bids - in that order.
The auctioneer will usually allow all interested bidders at this price to choose which lot number they want (called bidder's choice). High bidders in the room and on the webcast are given first preference. If there is a balance of items remaining, proxy bidders are assigned specific lot numbers by the auctioneer.
If there is no more interest in single units at that price, the auctioneer will then usually offer for sale groups (for example, 3 times the money). Bidders must take, in this example, three or more units at the established high price. Proxy bids on single items will not be recognized when the auctioneer is offering multiples.
Please note, GoIndustry DoveBid does not release historical sales information. We cannot tell you for how much these items were sold.
To place a proxy bid, you must be on an asset's detail page. To get there, 1) click Equipment Catalogue from the auction's details page; and 2) select the asset on which you want to bid.
On the bottom centre of the page there is a box. If the auction is currently accepting proxy bids, you will have the option to enter a price and quantity.
Placing a proxy bid sends an email to the Site Accounting Manager for the sale (copying you and our Customer Service team).For Multiple-Lot auctions, Bidders are given the option to bid on one or more units, and can specify if they will accept a lesser (partial) quantity. If you check "Yes," you will get as many units as available. If you say "no" (leave it unchecked) you are telling the system, "I want all or nothing." If you are outbid on one or more of the available quantity, your entire offer will be outbid.
The price at which the Seller is obligated to sell the asset. Reserve prices are set by the seller, are optional, and act to protect the seller's financial interest in an asset.
While the Reserve Price is not made public, bidders can tell if it has been met by looking at the item's detail page.
If the highest bid is below the Reserve Price, the Seller may, at his discretion, sell the asset at that price, but is not obligated to do so.Each bidder submits a single, irrevocable bid without knowledge of the other bids. When the bidding period is closed, the bids are opened simultaneously, and the seller decides which bid to accept. The winning bid need not be the highest. Please refer to the auction's details page for specific terms and conditions.
This auction format is used when Sellers want to sell one unit or one Lot for one price to one Bidder. The lot may include multiple assets sold as one unit or may be one solitary item. The Duration is determined by the Seller.
Also called a negotiated sale or private treaty sale. Buyers are instructed to contact the listed GoIndustry DoveBid representative to purchase the asset.
An individual item. See Lot.
To track the bidding activity of certain items, use the Watch List feature. Useful for Buyers and Sellers alike, it puts items from different categories into one place (Requires an account).
Any number of items may be stored in your list.
To add an item to your list, just click the "Add to Watch List" icon at the top right of each item's description page. Manage your Watch Lists from your account page after you sign-in.Webcast Auctions are a GoIndustry DoveBid innovation that has accelerated the transformation of the traditional on-site, open-outcry, public auction into the 21st century. Using this service, bidders all over the world can bid on the assets for sale at the same time as those in the auction room. (Bidding requires an account.)
Please note that GoIndustry DoveBid operates two different formats of webcasts: (1) Internet and (2) Teleconference.
For sellers, this "real-time" bidding feature expands competition for your assets to everyone on the planet with a computer or telephone.
Buyers can now competitively bid for assets from their desks, saving time and money on travel expenses. GoIndustry DoveBid webcast auctions are designed so there is no latency (delay) experienced by bidders who are not physically at the auction. There is now a level playing field with bidders physically at the auction.
Each GoIndustry DoveBid Webcast Auction (view list) will have a downloadable catalogue of assets that will be available for purchase in the auction as well as pictures and descriptions of the assets.