Navigating Auction Payments and Strategies
How to Pay If You Win an Auction
If you win an auction, you must be prepared to pay for the item. You can pay by credit or debit card, wire transfer, electronic check or cashiers check.
Identify key participants who spent the most at your auction and retain them by conducting wealth screening. Those who have the ability to make major gifts should be contacted personally.
Online bidding
Purchasing items through online bidding can be a great way to save money on expensive equipment that you might not be able to find at local markets or on other market platforms. However, before placing your bid, it is important to understand the rules of the auction. If you aren’t careful, you could end up spending more than you wanted to. It is also a good idea to start your offer low and consider setting an automated bidding limit.
The current bid for an item is displayed on the screen in real time, allowing you to follow the auction as closely as someone who is bidding on-site. This feature is particularly useful if you’re a buyer who is concerned about being outbid. If you’re the highest bidder by the end of the auction, you will be notified by email and can checkout with a simple online payment form. However, complete reliance on Marketplace auction platforms is not a winning long-term strategy.
Live bidding
There are several ways to bid at auctions, including live bidding. Live auctions happen in a physical location and are hosted by an auctioneer in front of a group of bidders. This type of auction is usually very fast-paced, and it is important to stay on top of the action in order to win items.
If you want to bid during a live sale, you need to register and be approved. The auction website will then allocate you a bidding paddle. Approximately 15 minutes before the auction begins, the ‘Live Stream Coming Soon’ link will change to ’Enter the Live Auction’. It is recommended that you close down any other web browser windows before the auction starts.
Bidding during an auction is a fun and exciting experience, but it is also easy to get carried away and overbid. To avoid this, always leave a maximum absentee bid and do not exceed it. It is also helpful to research each item and decide on a maximum amount before the auction begins.
Bidder registration
Only registered bidders can place a bid for items through an online auction. The registration process usually requires that the auctioneer review your contact information to verify identity. This may take a few days, so make sure you register well in advance of the sale. Once your registration is approved, you can place bids for any lot in the auction.
Once the auction is live, you can view the current leading bid on each item. You can also use the ‘Add to Watch List’ button to mark a piece as one that you are interested in. When you click this, the item will be kept in your My Account area and you can select to receive email and text notifications as it moves through the auction process.
If you are the highest bidder at the end of the auction period, the piece is yours. After the auction is over, you will receive an invoice via email with a link to a simple online payment form and collection and shipping instructions.
Payment
Once the bidding window closes, the highest bidder will win the auction item. The seller will then request payment from the bidder. Typically, this requires cash, a money order, or a cashier’s check. For larger pieces of equipment, the auction holder may also offer financing options.
Once payment is received, the agency contact will email a pickup receipt to the winning bidder. This should be signed by the bidder and a government-issued ID scanned for verification. Alternatively, the bidder can send someone else with the receipt to pick up the auction item.
If you don’t pay for an auction item, you could face legal action from the seller or the auction house. This is because the contract you sign on auction day states that you must complete the purchase within a certain period of time. It is difficult to fend off this demand, since you’ve already agreed to the terms by participating in the auction.