Absolute Auction: all items in the auction will be sold to the highest bidder, regardless of the bid. There is no reserve or minimum on the item for bid.
Auction with Reserve: some or all items in the auction have a minimum bid that must be reached by the bidder before the auctioneer can sell the item to the bidder.
“As-Is” or “Where-Is”: there is no warranty on the merchandise and the bidder is responsible for removal from the auction location. This means that the bidder must rely on their own information to make bidding decisions. The bidder is responsible to inspect and move the vehicles.
Sold: When the auctioneer says the word “sold” or the gavel falls after the bidding has ceased, the item is sold as the auctioneer directs to the clerk. The bidding cannot be reopened after the word “sold” is said.
Final Word: the auctioneer has the final word in all bidding situations. If the ring man took your bid and the auctioneer did not see the bid, the item is sold as the auctioneer directs. The staff at 905 Auction Management is happy to provide you with further information and to answer any of your questions about the auction process.
Before an Auction…
Q: How do I add a Representative to my Dealership?
A: Request and complete an Authorization form to be signed by the Owner in our facility
Q: Why does an auction go so fast?
A: There are usually many transactions per hour, which means the pace of the auction is fairly quick.
Q: Why are auctions becoming so popular?
A: The excitement of bidding, the rhythmic chant of the auctioneers – all these elements generate a level of enthusiasm that only the auction method can generate.
Q: What advice would you give to a first-time auction attendee?
A: Don’t be intimidated; you don’t need to be experienced to enjoy an auction atmosphere. Relax, have fun, observe and save money!! We are ready to welcome and help you ask!!
Q: What is the difference between an “absolute” and a “reserve” auction?
A: An absolute auction means the property is sold to the highest bidder, regardless of price. A reserve auction (sometimes referred to as an auction “subject to confirmation”) means the seller reserves the right to accept or reject the highest bid. Auctioneer will say! If not clear please ask.
Q: What must I do to attend an auction?
A: When you arrive at the auction site look for the registration area where you must provide adequate identification to receive a bidder’s number, terms and conditions, and a listing of the vehicles. Your bidding number must be shown to the auctioneer each time you bid when you are the highest winning bidder.
Q: How do I know how much to bid?
A: It is important to arrive at the auction early enough so you can inspect the vehicles you are interested in. Since vehicles are sold “as is – where is,” it is critical that you check the condition. Based on your examination, establish a value in your mind. Don’t hesitate to ask questions.
Q: Do I need to be afraid of bidding on an item I don’t want?
A: Auctioneers are professionals and realize when you are bidding and when you aren’t.
Q: How do I bid?
A: In order to bid at an auction, you need to make the auctioneer aware of you. To do this, hold or raise your hand up. If the auctioneer does not immediately see you, shout “Yes.” The auctioneer will then take your bid and turn to seek another bid. If another bid is received, the auctioneer will return to you to ask if you want to bid again. Simply continue to say “Yes” to stay in the bidding.
Q: How do I stop bidding?
A: To remove yourself from the bidding process simply shakes your head “No” when the auctioneer makes eye contact with you, the ring man is there to assist you.
Q: How and when do I pay for the Vehicles I purchased?
A: 905 only accept cash no exceptions.
If the vehicle is purchased on Friday, payment is due no later than the next day, Monday @ 3:00pm.
Q: What about removal of vehicles from the auction?
A: When you buy a vehicle at the auction you are responsible for it. All vehicles must be paid in full by 3:00pm the following business day. If you need assistance for a towing company please ask us, simply ask one of the 905 Auto Auction personnel.