How do I register for an Auction?
In-order to register for an auction you must first register on our overall site. View our video on how to register for EquipNet.com here. Once you have registered on our site you can register for an auction by clicking the “Register for this Auction” button on the auction landing page. You must register for each auction separately. View our video on how to register for an EquipNet auction here.
What are EquipNet SmartAuctions™?
EquipNet SmartAuctions™ use colored indicators to show the status of a lot. Our SmartAuction™ status indicators automatically update you on the changing status of your bid.
How do SmartAuctions™ work?
All bids in our SmartAuctions™ will be measured against our Confirmed Sale Range indicating that your bid price is high enough to confirm the sale if yours is the highest bid at the close of the auction.
What do the SmartAuction™ status indicators mean?
Red Status Indicator
No bids have been entered for this listing yet.
Yellow Status Indicator
Bids have been entered and the listing is open for further bids. At the close of the Auction, any listing still displaying the yellow status indicates that the high bid for this listing remains below the Confirmed Sale Range. With EquipNet's SmartAuctions, your bid still has a chance to be accepted. We will contact the seller to request approval of your bid price and confirm the sale.
During the yellow status indicator stage, bids of any amount are encouraged, even a bid as low as $1. Any bid has the possibility of being reviewed and confirmed by the seller.
Green Status Indicator
Bidding has entered into the Confirmed Sale Range and this item will be sold to the highest bidder at the conclusion of the auction.
How does proxy-bid work?
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.
What is the next acceptable bid?
A next acceptable bid is a single bid that you wish to submit the specific dollar amount shown.
What Happens as Bids Move Higher?
When the bidding continues higher and enters the Confirmed Sale Range, the Yellow Status Indicator changes to a Green Status Indicator signalling that this listing will be sold to the highest bidder at the close of the auction. Watch closely as this change from Yellow to Green can happen at any time when the seller approves a sale.
How do I keep track of lots that interest to me?
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.) If a lot is of interest to you, click the link "Add Item to Watch List" within the listing page. 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.
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.
Will I be notified if my bid is outbid?
Yes. You will receive an email notification alert.
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.
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.
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.
What is a 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.
What is a Buyer’s Premium? (Auctions)
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.
What is the duration of an online auction?
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.
What is an auction 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).
What is 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.
What is the 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.
How do I pay my auctions invoice?
Your invoice can be paid directly through logging into your MyEquipNet account on EquipNet.com. View our video tutorial
here for more information on paying your auctions invoice.
