CHOICE - Bidding on one item in a group, high bidder can take any item, each at the bid price.
 
BY THE PIECE - Buying all items at the individual item price. Example, you buy 4 jack stands at $15 for 1 jack stand, total is $60.
 
RESERVE - Price wanted at auction.
 
CONFIRMATION - Owner agreeing to sell the item for the offered price.
 
ABSENTEE BID - Written bid executed by auction personnel for absentee bidder.
 
AUCTIONEER - Person who books the Auction and determines the marketing plan. The Auctioneer ultimately brings together all potential buyers for the sellers goods to create fair market value through competitive bidding.
 
BID CALLER - The master negotiator on auction day to fulfill the final stage of the marketing plan of the Auctioneer. The bid caller is responsible for knowing market trends and merchandise value.
 
RINGMAN OR BID ASSISTANT - Person who stands in front and helps the Bid Caller take bids and also displays merchandise.
 
CASHIER - Person(s) who registers your name and gives you a bidder number, adds your bill, and gives you a receipt after you pay.
 
CLERK - Person who writes down all auctioned items, the final bidder’s number and the bid, so the Auctioneer will have a record and you will have a receipt.

 

 

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AUCTION TERMS

Auction Terms