Frequently Asked Questions

Buying and Bidding in an Online Auction:

1) How do I participate in an Online Auction?
Register on http://www.equipnet.com/. Once you are registered and logged in, you simply go to the auction catalog, choose the listings that interest you and place bids.

2) How do I keep track of postings that interest to me?
If a posting is of interest to you, simply click the “Watch Item” box next to the item in the auction catalog. You can also click the link “Add Item to Watch List” in the actual listing itself. You can manage your Watch List from the “My EquipNet” page. Adding items to your Watch List is a great way to receive updates on the items that most interest you.

3) How do I get more information about a product for sale/auction?
Buyers can ask questions about the equipment by clicking the “Ask us a question!” link in the listing itself, or by calling toll free 888.371.6555 or +1.781.821.3482. An Equipment Sales Representative will answer your question promptly.

4) How do I place a bid in an Online Auction? How does Proxy Bidding or placing a “Maximum Bid” work?
To bid in an Online Auction, the buyer has to be registered with EquipNet, Inc. On registering you will receive a username and password, which you can use to log in to our home page. Once you are logged on, simply browse the auction and pull up whatever auction listing you choose.

Once you have found the desired product you can either bid directly from the “Listing View” or from the item’s “Listing Page.” The system will ask you for your “Maximum Bid” which is your proxy bid. This is the highest amount that you wish to pay for the product. Over the course of the auction, the system will increase your bid automatically up to the price of your max bid. This allows you to participate actively in the auction without having to follow it constantly. Once your highest offer is outbid, you will need to place another Maximum Bid to continue your participation in the event.

5) Can I retract or change a bid in an Online Auction?
Once Bids are submitted you cannot remove or modify them, although you can place additional bids. If you make a mistake in your bid, please call our hotline and a Sales Representative will assist you.

6) Am I committed in any way when I make a bid below the reserve price?
No. As long as your bid or Maximum Bid lies below the reserve price, you are not committed to buying a product. It may occur that a seller will want to sell a product at a price below the reserve price. In such cases, EquipNet, Inc. will contact you and ask you whether you want to buy the product for your present Maximum Bid.

7) Will I be notified if my bid is outbid?
Yes. You will receive an email notification alert.

8) What is an opening bid, and how does it affect my bidding?
The opening bid is the price at which interested buyers can start bidding. The system will reject any offer below this value.

9) Why did my bid price increase by more than the minimum bid increment?
This happens in the case of simultaneous bids and especially when Maximum Bids are utilized. If two bids occur in close succession, the bid price is driven up by both bids and may appear to occur simultaneously. For example, if Buyer A bids $1,000 on a $500 item and Buyer B bids $1,100 on the same item, the current high bid automatically jumps to $1,100 from $500 with Buyer B winning because the system is automatically bidding for both buyers up to their maximum amount.

10) How can I track all my bids?
As a registered user, you can access your bid history by clicking the “Items I’ve Bid On” link in your “My EquipNet” page.

11) Why isn’t my bid appearing online?
When you view pages from the web, they may be “cached” to your hard drive to save you time. That means that when you want to look for your bid online, it won’t appear on the bid page until you clear your cache. We recommend changing your cache setting to “0” in your browser settings or hitting “reload” frequently. top

Glossary

Alerts:
Equipnet, Inc. will notify you via email when certain things happen, such as whether or not your bid is winning and whether or not the Reserve Price has been met. (NOTE: this service requires an account.)

Bid Increment:
The amount by which a bid will be raised each time the current bid is outdone. It is either set manually or computer generated based on the current winning bid amount. Current Bid + Bid Increment = Next Bid.

Computer-generated Bid Increments

Buyer’s Premium:
A percentage of the final bid price that the buyer must pay. It is a fee charged by EquipNet, Inc. to assist with the costs of offering the item for sale. The buyer's premium is part of the total purchase price of an item.

The premium is a percentage of the final price of a listing (item). For example, if an auction charges a buyer's premium of 15% for amounts below $1,000, you will be required to pay an additional $75 for a lot totaling $500.

Duration:

Our Online Auctions have a predetermined duration with a designated closing time. EquipNet, Inc. reserves the right to close or extend an auction in accordance with Popcorn Bidding rules.

Lot:
For Online Auctions, a Lot is a single asset or group of assets to be sold as a single unit. The starting bid will reflect the overall total cost, not the cost per item. For instance, if the Lot includes 5 items at $5,000 per, the winning bid would be $25,000 ($5,000 x 5).

Maximum Bid:
See Proxy Bid.

Minimum Bid:
The Minimum Bid is the lowest amount that the seller is willing to accept for a specific listing or lot. The Minimum Bid can be the Opening Bid or the Reserve Price.

Next Bid:
The Next Bid is next allowable bid that you must make, in order to become the current high bidder.

Online Auctions:
Equipnet’s Online Auctions are one or two day events that occur on www.EquipNet.com periodically throughout the year. The format involves individual lots of equipment that have a starting bid price. Buyers compete to “win” individual lots of equipment by placing bids above the starting price, and, in some cases, above the reserve price. EquipNet combines our breadth of experience and high level of customer service to provide an online experience unmatched among our competitors:

• Comprehensive descriptions of the asset up for auction, to include equipment specifications, weights and dimensions, up-front price determinations, quality digital photography of asset, as well as rigging and crating estimates.
• Assigned Equipment Sales Representatives (ESRs) are available by phone or email during the auction and will answer your questions promptly.
• Guided on-site inspections prior to the event.
• Centralized logistics planning for each item that is purchased via Online Auction. EquipNet works with selected third-party vendors to find the lowest possible shipping estimates.
• Shipping calculator so you can estimate by zip code the cost to ship the item up for auction.
• Automated invoicing, shipment tracking and delivery confirmation.
• Ability to submit pre-auction offers.
• Intuitive web design for ease of bidding to including watch lists for items that most interest you.
• Email notifications that guide you through each step of the Online Auction process.

Opening Bid:
Also known as the “starting bid,” it is the required price that the buyer must bid above at the beginning of each event listing.

Popcorn Bidding:
If there are any bids within 5 minutes of the close of the auction, the close time for that specific item will be extended in 5-minute increments until there are no bids by the end of the following 5-minute block.

Example: If listing 1234 receives a bid at 4:56 PM on Friday (4 minutes before the close of the auction), the close time for that particular lot will be extended to 5:05 PM. If that lot receives another bid at 5:04 PM, the close time is extended to 5:10 PM. If there are no more bids between 5:05 and 5:10 PM, the lot will close at 5:10 PM.

There is no limit to the number of times an auction can be extended. Therefore, EquipNet, Inc. recommends that you check back often as an auction nears closing time.

Proxy Bids (Maximum Bid):
Bidders can and are encouraged to bid the maximum amount that you are willing to spend on listings that you want to purchase. EquipNet will bid incrementally on your behalf up to your maximum bid. Your maximum bid is kept completely confidential from other EquipNet buyers and sellers.

Example: Min Bid = $1,000
Your Maximum Bid = $5,000
Bid Increment = $100

You’re winning at $1,100. If another participant bids $1,200, you instantly are winning at $1,300 because the system bids for you up to your maximum.

However, if someone else puts in his or her maximum bid at $5,500, you will be loosing at $5,100 because your maximum bid has been overtaken.

Reserve Price:
A reserve is the minimum price a seller is willing to accept for the item. Reserve prices are kept confidential. The seller is not obligated to sell an item if the reserve price is not met. The winning bid must meet or exceed the reserve price.

Watch List:
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" at the top right of each item's description page. Manage your Watch Lists from your account page after you sign-in. top