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Auction Terminology and Definitions

Absentee/Proxy Bidding:

Unable to attend the sale, submit a bid in advance, a written or oral offer with a maximum price point that is the party will pay for a given lot. If you are unable to attend the auction sales, fill out and sign our Absentee/Proxy Bid Form and email our Auction Accounting Manager at Cmundie@infinityassets.com

As Is, Where Is:

"As Is, Where Is": Also known as "in its present condition." Typically, this is a sign that no return privileges will be granted.

Automatic On-line Bidding (Max Bid):

This feature will allow the system to automatically increase your bid incrementally until a competitive high bid exceeds the limit you set. It also permits the buyer not having to continually monitor the bid process.

Bid Increment:

The amount an item increases in price after each new bid. The auctioneer establishes the increment, which then rises according to the actual live high bid value of the asset. Current Bid + Bid Increment = Next Allowable Bid.

Bidder Number:

The number issued to each person who registers at an auction. This number will be used to identify the bidder throughout the auction event and billing procedures.

Buyer's Premium:

An additional service charge, for which the buyer is responsible and will be added to the price of the assets. These fees will be noted on the Sale's Terms & Conditions Page.

Choice Bid / Grouped Lots:

When there are multiple items in a lot, the auctioneer may ask for a choice bid. Meaning, the winner gets his choice of any item in the lot for the winning bid. The auctioneer will then go the second-highest bidder, the back up bid, and ask if he wants any other item for the same money. If not, the bidding starts over again for each item in the lot.

One-Money:

The price the auctioneer is seeking when a lot has multiple items - a pair of tables for example for one price for the pair.

X Times The Money:

The opposite of "One-Money" - The bids are for one item only. If there are two items, the final price is two times the bid; for three items, etc.

Fair Warning - All In:

A phrase used by many auctioneers just before the hammer falls to indicate that the bidding is about to end on the item and bidding will cease and is about to accept the last bid and bidding on the item will cease. It serves notice that the sale is about to be over.

Hammer Price:

The winning & final bid.

Lot:

This is what individual items for sale are called. Lots are offered either as "one-money" or "by the piece" where the purchase price is multiplied by the bid amount.

Private Treaty Sales:

A sale of property at a price agreed on by the seller and buyer without an intervening agency. Private Treaty sales are conducted for assets within an entire facility or a complete plant. Unlike auctions, there is an asking price, which is negotiable.

Starting Price:

Also called "Opening Bid", accepted by the auctioneer, that must be met or exceeded for the first bid to be accepted as a qualifying bid.

Webcast Online Auctions:

Webcast Auctions are items being sold and displayed as a slideshow on your computer in real time with LIVE on-site auctions. This service is controlled by an appointed webcast provider during the sale and allows bidders to hear the auctioneers live feed, and view the item photos and descriptions of the assets as they are broadcast worldwide via the Internet along with current bids, the asking price and the desktop convenience of clicking to place bids for damages to or loss of property which may occur from any cause whatsoever.


Industry Affiliations

Auctioneers Association of Canada
Auctioneers Association of Ontario
Canadian Personal Property Appraisal Group
National Auctioneer’s Association
Industrial Auctioneer’s Association
Turnaround Management Association
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