Frequently Asked- Online Timed Auction Questions
1. Question: Why am I not the high bidder when I placed the bid asking price?
Answer: If two people are bidding on a item and are bidding the same time, the system will take the first bid. Sometimes this may be only a fraction of a second but depending on internet speed it may take a few seconds to have your bid accepted.Dont be deterred just place the next available bid and you will be high bidder.
2. Question: I keep placing a bid and I am not the high bidder. Why?
Answer: If another Bidder has a MAXIMUM AUTO BID set for a higher bid then you are placing than there bid will automatically over bid you to the next increment. You will have to bid a higher amount than your competitors MAXIMUM AUTO BID to get the high bid placement.
3. Question: I placed a bid on a Lot Item and I changed my mind. Can I cancel the bid?
Answer: No. Your bid with Sterling Machinery Exchange and Bidspotter.com is not retractable. If you place a bid on in a Timed Online Auction than it is a legal contract to agree to pay the amount bid. To avoid any mistakes please inspect the equipment before the auction and have a game plan on how much to bid and when. This will avoid any unwanted bids.
4. Question: Will My fellow bidders see my maximum bid?
Answer: No. Your maximum bid is known only to you and will not be seen in any part of the auction. Setting a Maximum Auto Bid is a safe way to stay in the action and not have to repeatedly keep bidding. If you place a Maximum Auto Bid in our Machinery and Equipment Auctions your Bid will only be seen by you in your private account.
5. Question: If I place a Maximum Bid, will I have to pay that amount?
Answer: When you place a Maximum Bid, the system puts you in at the lowest amount possible and then bids for you, up to and including the amount you specify. The system will only raise your bid if you have been outbid. If you are the highest bidder when bidding closes, the item will be sold to you at your current high bid, even if your Maximum Bid was higher.
6. Question: What is the difference between a Bid vs. a Maximum Bid?
Answer: Maximum Bid- Place a Maximum bid early and let the software work for you. Your bid will only increase when another bidder has placed a bid. It will go until the set bid is reached then stop bidding. If your winning bid is less then your maximum bid then you win the lot at the price it ends at.
Use your Mobile Device To Bid!- Dont miss out! You can bid on your mobile device if you need to be on the go while bidding on the auction.
Standard Bid- This bid is the next available bid. If someone bids higher than your price it will drop you from the high bid area and you will have to manually bid again.
7. Question: How do I know if I won the Machinery Or Equipment Auction?
Answer: After the auction has completed you can view your account and see your winning bids.
8. Question: Are there any associated fees with a Online Timed Auction?
Answer: No. All fees are paid by the Buyers Premium. Find Out The Buyers Premium- A buyers premium will be added to any winning bid. A range from 15% - 20% is a standard Buyers premium fee. For example if the Buyers Premium for the Auction Item is 15% and you purchase the item for $100, your final bill will $115.00 plus any applicable taxes.
9. Question: Does Sterling Machinery Exchange Perform Auctions for anyone?
Answer: Yes. With over 60 Years Experience in the New and Used Machinery and Equipment Business we have all the resources to not only set up and perform a auction, but with our vast database and tremendous web presence we have tens of thousands of viewers per month that will increase your profits and get you the most money for your machines.
10. Question: Do I have to pay a deposit fee to be approved to bid?
Answer: No. Most of our auctions only require standard sign up information. Each auction has different requirements so make sure to check the terms and conditions before placing any bids on a Sterling Machinery Auction