Understanding auction terminology is key to a smooth bidding process. Our glossary offers clear definitions of terms used in our auctions, helping both new and experienced bidders navigate with ease.
This is the industry standard fee that is added to the total purchase amount of your Invoice. And it’s calculated as follows:
For example, if your purchase amount is $10, the total amount due for credit card buyers is $11.80 and the amount due for a Cash Buyer is $11.50.
When it is time for a Lot to close, this automated system extends the bidding time on that Lot by five minutes when a new bid has been placed on the Lot within five minutes of its scheduled closing time. This extension allows all interested bidders the opportunity to continue to compete for that item, just as you would be able to do during a live auction.
When a maximum bid is submitted, the online auction software is programmed to place automatic bids on your behalf. This is done in designated increments, up to the amount of your maximum bid, when another bidder places a bid higher than your current bid.
You are automatically protected as the winning bidder on the Lot until someone places a bid higher than the maximum bid you have submitted. Only then are you “outbid” and required to increase your bid on the lot, should you decide to continue bidding on it.
This is an extremely powerful bidding tool! During the final moments of an auction, the bidding can become extremely fast and competitive, making it difficult to remain the winning bidder if you are trying to manage several different lots at once.
When you place your maximum bid, you are entering a confidential, maximum amount that you are willing to pay for an item. This maximum amount is not seen by the seller or other bidders.
This term describes the way in which your final bid will be calculated when more than one item appears in the Lot.
If a Lot contains more than one item and the quantity description states, “One Money,” or “Bid X 1,” it means that everything in the lot is being sold for one price. So, if you entered a bid amount of $20, this $20 bid will be calculated as $20 x 1 which calculates to a $20 bid for the entire Lot of items.
An auction service that facilitates participants from all geographical areas to buy and/or sell tangible and intangible products over the internet.
This term describes the way in which your final bid will be calculated or multiplied out when more than one item appears in the Lot.
For example: If the Lot includes (4) chairs and the description states, “Bid X 4,” or “Sold by the Piece,” or “Times the Money,” it means that the bid amount you enter will be multiplied by four. So, if you enter a bid amount of $20, this $20 bid will be calculated as $20 x 4 which calculates to an $80 bid for the Lot of four chairs.
On the other hand, if this same Lot of four chairs states in the quantity description “One Money,” or “Bid X 1,” it means that everything in the lot is being sold for one price. So, if you entered a bid amount of $20, this $20 bid will be calculated as $20 x 1 which calculates to a $20 bid for the Lot of four chairs.
This feature emulates the closing format of a live auction, in which Lots are sold in sequential order until every lot has been sold, versus the platform of many online auctions that end the bidding on all lots at once.
For example, if the BCL Auction closing time is listed as 8:00 PM, instead of every lot closing at 8 PM, as many online auctions would do, our auction lots will close in increments of three to five per minute, in numerical order, beginning with Lot 1. This continues until all lots have ended, giving you the
opportunity to actively participate in bidding on every lot you like.
This term describes the way in which your final bid will be calculated or multiplied out when more than one item appears in the Lot.
For example: If the Lot includes (4) chairs and the description states, “Bid X 4,” or “Sold by the Piece,” or “Times the Money,” it means that the bid amount you enter will be multiplied by four. So, if you enter a bid amount of $20, this $20 bid will be calculated as $20 x 4 which calculates to an $80 bid for the Lot of four chairs.
On the other hand, if this same Lot of four chairs states in the quantity description “One Money,” or “Bid X 1,” it means that everything in the lot is being sold for one price. So, if you entered a bid amount of $20, this $20 bid will be calculated as $20 x 1 which calculates to a $20 bid for the Lot of four chairs.
An onsite inspection by a certified appraiser. Reports typically include onsite inspection details and photographs with a single value number for each tangible asset. Furthermore, the aggregate is also reported as a single number.
A type of report that is used to determine value without the expense of an onsite inspection or detailed analysis of the machinery or equipment condition. Instead, valuation is based on client provided information which may (or may not) include photographs and descriptions of each asset. In this report, you typically find only the aggregate value as a single number rather than a value for each tangible asset.
An opinion expressed in terms of money, at which the property would change hands between a buyer and a seller, neither being under any compulsion to buy or to sell assets and both having reasonable knowledge of relevant facts.
An opinion expressed in terms of money, that typically could be realized from a properly advertised and conducted public auction, with the seller being compelled to sell commercial or industrial assets with a sense of immediacy on an as-is, where-is basis, as of a specific date.
An opinion expressed in terms of money, that typically could be realized from a liquidation sale, given a reasonable period to find a purchaser (or purchasers) of commercial or industrial assets, with the seller being compelled to sell on an as-is, where-is basis, as of a specific date. This premise of value reflects the sale of an asset, by a motivated seller, after an adequate marketing period, to sell the property.