Equipment auction terminology includes specialized terms related to bidding procedures, auction formats, and transaction processes. This glossary defines common terms used in the equipment auction industry.
Equipment auctions use standardized terminology for bidding, payment, and transaction procedures. Understanding these terms helps buyers and sellers navigate the auction process. Terms are defined according to industry-standard usage.
Absentee Bid: A bid submitted before the auction by a bidder who will not participate in real-time. Reserve Price: The minimum price a seller will accept for the equipment. Buyer's Premium: A percentage fee added to the winning bid amount. Opening Bid: The initial bid amount set by the auctioneer to start bidding.
Absolute Auction: An auction with no minimum price where the highest bid wins regardless of amount. Reserve Auction: An auction where a minimum price must be reached for the sale to proceed. Simulcast Auction: A live auction with simultaneous online bidding. Timed Auction: An online auction with defined start and end times.
As-Is: Equipment sold in its current condition without warranty or guarantee. Bill of Sale: A legal document recording the transfer of ownership. Settlement: The process of finalizing payment and ownership transfer after the auction. Title: A legal document establishing ownership of the equipment.
As-is means equipment is sold in its current condition without any warranty. The buyer accepts the equipment in its existing state and assumes responsibility for any defects or required repairs.
An absolute auction has no minimum price, and the highest bid wins regardless of amount. A reserve auction has a minimum price set by the seller, and the sale only proceeds if bidding reaches that amount.
