The Reserve is the lowest price an
lot can be sold for. This amount is usually higher than the allowable starting bid and is
determined before a lot is put up for auction. This reserve amount is kept private by
the seller. To become a successful bidder at an auction with a reserve, your bid must
be greater than or equal to the reserve.
By placing bids until the reserve is met. If you are the highest bidder and your bid meets or exceeds the reserve amount when the sale closes, you are the contracted buyer.
Every lot available for online bidding has a "Bid Status" field.
If there isn't a reserve on a particular lot, the text "No Reserve" will appear. Please remember, even though there isn't a reserve placed by the seller, you will still only be able to bid the increments displayed (or higher). If there is no reserve, the lot will be sold for the first "Allowable Starting Bid", unless it is exceeded by other bids.
If the seller has placed a reserve, the "Bid Status" field will display "Reserve Met" or "Reserve Not Yet Met".
If the reserve has been met, the
Maximum Bid feature will bid incrementally on your behalf, so that your bid will remain
one increment above any other bid, up to your maximum bid.
Example: You are the successful current high bidder at $800 (with your maximum bid of $1500). Another bidder places a bid at $850, the system will place your bid at the next allowable bid of $900. This system will continue to bid incrementally on your behalf if there are any other bidders.
Then it wouldn't be an auction.
The auction closing time is (East Standard Time, EST)
As a courtesy to all bidders, the closing time will increase by five minutes if any bidder places a bid within five minutes prior to the closing time. This five minute extension will continue until all bidding activity has stopped. At its sole discretion, Industrial Recovery Services Inc. may close any auction, at any time without warning.
The bidding increments are designed to best simulate a live auction. Without these mandatory increments the auction may never end.
Increments are determined by our bidding software to best simulate a live onsite auction. Increments will start farther apart early in an auction and then move closer together as the auction progresses.
Once your bid is submitted, it is not retractable. Your bid is a contract: Place a bid only if you're serious about buying
the item. If you are the high bidder, you will enter into a legally binding contract with
Industrial Recovery Services.
Fraudulent bidders / Unpaid invoices: Industrial Recovery Services reserves the right, and you acknowledge and agree to its exercise of this right, to notify third parties, including law enforcement authorities, credit bureaus, other auction companies and industry regulators and authorities, about bidder's involved with or connected to fraudulent bidding or the failure to fully pay invoices in accordance with our terms and conditions.
This is a real auction. It is not possible to lower your bid. If you are not serious about buying, don't bid.
All successful On-Line Bidders agree to make full payment to Industrial Recovery Services within 48 hours of the Online Closing Date. Only Bank Wire Transfer, Bank Check or Cashier’s Check payable to Industrial Recovery Services Inc. will be accepted.
The purpose of this field, is to keep you advised
regarding a reserve placed by the seller, if any. See the below definitions:
"Reserve Not Yet Met" When this is displayed, the current high bid has not met the seller's minimum selling price.
"Reserve Met" When this is displayed, the current high bid meets or exceeds the seller's minimum selling price and will be sold to the highest bidder in accordance with our terms and conditions.
"No Reserve" When this is displayed, the lot will be sold for the first "Allowable Starting Bid", unless it is exceeded by other bids. Please remember, even though there isn't a reserve placed by the seller, you will still only be able to bid the increments displayed.
The auction Closing Time is the time set by the seller for the
auction to end. As a courtesy to all bidders, the closing time will increase by
five minutes if any bidder places a bid within five minutes of the closing time. This five
minute extension will continue until all bidding activity has stopped.
At its sole discretion, Industrial Recovery Services, Inc. may close any auction, at any time without warning or without reason.
The auction closing time is always synchronized with (East Standard Time, EST)
The current high bid is always the amount of the leading bidder. If you are the current high bidder at the close of the auction, and a reserve is met, if any, you will have the winning bid.
This is the amount of the first bid required to start the
bidding. It is not possible to bid less than the displayed increment.
Why can't I bid lower than the displayed increment?
See the explanation above about bid increments.
This is the amount of the next bid required to be the leading bidder.
You may use this field to bid the next allowable bid displayed (which is already inserted for you).
You may also use this same field to bid higher than the next allowable bid by typing in your higher bid.
i.e. Let's say the next allowable bid is $225. but you would like to bid $600. to psych out other bidders; by placing $600. in this same "Place Your Bid" field and clicking the bid button, your bid will be automatically advanced to $600, instead of the $225.
* This field is not for placing maximum or proxy bids.
You may use this field to place your maximum bid and have our system bid incrementally against other bidders (if any) up to your maximum bid.
The current high bidder has placed a maximum bid that exceeded your incremental and/or maximum bid.
The previous high bidder also had a maximum bid. The Maximum Bid feature always bids incrementally on your behalf against other bidders immediately. This instantaneous functionality makes it possible to always bid for you incrementally without having to worry about the time clock running out.
In most cases two - five business days, but be sure to check the Details page for each auction.
Please contact our auction office at 717-854-0316 to speak to one of our online auction representatives.
Please contact our auction office at 717-854-0316 to speak to one of our online auction representatives, or complete this form with a detailed description of the machine(s). We will contact you the next business day.
No. Your email addresses as well as other personal information are kept private. Please see our privacy statement on the home page for details.
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