Auction Types & How Auctions Work
What types of auctions are held at Bentley & Associates, LLC?
Bentley & Associates, LLC, conducts three types of auctions on a regular basis.
- Internet – Online Only – Timed Auctions: Where only registered online bidders can bid and compete against other registered bidders (these auctions are notated on the Auction Schedule with “Internet – Online Only – Timed Auction”)
- Live Auctions: When only bidders who are physically present at an auction onsite can bid
- Simulcast – Live Internet Bidding Auctions: Where live bidders who are physically present onsite at an auction compete against Internet bidders who have either placed proxy bids or are bidding live in real time – this is the most typical type of auction we conduct.
How are Bentley & Associates, LLC’s auctions different from eBay's?
Bentley & Associates, LLC, is different from eBay in several ways.
What is a proxy bid? A proxy bid allows you to set your maximum bid amount. The system will automatically increase your bid incrementally to keep you in the lead, up to your maximum limit.
Can I place bids before the live auction starts?
Yes, you can place pre-bids (also known as proxy bids) during the online bidding period before the live auction begins. These bids will automatically compete during the live event.
What does “Buyer’s Choice” mean?
In this method of auction, bidders compete for “the right to choose first” from a pool of similar properties. The high bidder may choose one, some, or all of the “like properties” offered. If the high bidder chooses multiple properties, then the high bid is multiplied by the number of properties the high bidder chose. If the high bidder takes less than all of the properties, then the bidding begins again, and the subsequent high bidder now wins the right to choose first.
What do the terms “reserve” and “absolute” mean?
An auction where the property is being sold with a “reserve” means that the property is being sold subject to seller approval. The seller reserves the right to accept, reject, or counter the final bid. Properties identified as “absolute” are sold to the highest bidder, regardless of price on auction day only.
Is there a reserve price?
Assets auctioned “absolute” or “without reserve” have no reserve value and the assets will sell to the high bidder on auction day. Unless an item states “Minimum Bid” or “Reserve”, then the item is assumed to have no minimum or reserve bids.
What is the minimum bid?
The audience begins the bidding, so there are no set minimum bids. Properties offered online before the auction do not impact the minimum starting bid.
Registration & Bidding
Must I register to bid?
You MUST register on auction day and receive a Bidder Card in order to bid. At registration, you must present a current picture ID and complete and sign the Bidder’s Contract.
How do I register for an online auction?
To participate in an online auction, you must create an account on our website and complete the bidder registration process. Once approved, and after accepting the Terms and Conditions, you can place bids on available auctions.
Can I cancel a bid once it's placed?
No, all bids are binding. Please be sure you are confident in your bid before placing it.
Can anyone attend a Bentley & Associates, LLC auction?
Yes! All auctions are open to the public.
Buying Information
What is a Buyer’s Premium?
A Buyer’s Premium is a percentage amount paid by the buyer and added to the highest successful bid to determine the final contract price. For example, if the Buyer’s Premium is 10% and the Buyer bids $100, the Buyer will pay $100 for the item plus $10 Buyer’s Premium for a total of $110.
Is there any guarantee with the auction product?
No, there is no guarantee, as all items are sold “as-is”, "where-is," and “what-is”. Items for auction are not tested, so this is a buyer beware situation. We do offer live previews where you can come in and inspect the product as well as test it yourself. In the event that a description of the product is incorrect, we will give you a refund of your purchase price.
Selling at Auction
How do I sell my items at auction?
There are several different types of auctions that we offer in order to properly sell your merchandise for the highest dollar. For more information on selling at auction, click here, call us at 800-841-4087 or contact us. We are ready to help you sell your merchandise today!
Do you charge sellers' fees?
Seller fees may vary depending on the type of auction and services provided. Please contact us directly for a consultation and detailed fee structure. b
Where does the product you auction come from?
Bentley & Associates, LLC has many varied selling clients, including police departments, state government agencies, federal agencies, corporations, bankruptcy trustees, lawyers, estate executors, and individuals. These groups give us excess or unneeded assets to dispose of at auction.
Vehicles
If I buy a vehicle, will there be a title with the vehicle?
Yes, unless the description says there is no title with the vehicle. You will be given a title when you pick up the vehicle.
Can I test drive a vehicle before bidding?
Test drives are typically not permitted. However, you are encouraged to attend the scheduled preview to inspect the vehicle and, in some cases, start it if conditions allow. How long does it take to receive the vehicle title? Most generally, titles are delivered once certified funds are received. In some cases, titles are provided at pickup or are mailed. Title processing times may vary depending on the seller and state regulations. In most cases, titles are provided at pickup or mailed within a few weeks after payment is completed.
What happens if I buy a vehicle and later find issues? All vehicles are sold without warranties or guarantees. It is the buyer’s responsibility to inspect the vehicle prior to bidding, as no refunds will be issued for mechanical or cosmetic issues.
Auction Categories
What types of items do you typically auction?
• Industrial Equipment • Agriculture • Antique & Estate • Bankruptcy • Business Liquidation Auctions • Construction • Big Box Retail Auction • Vehicle • Trucks & Trailers • Government Surplus • Microscopes & Optical Equipment • Chambers & Laboratory Equipment • Collectibles • Restaurant & Commercial Kitchen Equipment • Furniture & Appliances • Art • Guns, Knives, Military & Ammunition • Coins & Currency • Jewelry • Comics, Comic Art • Test, Measurement & Electronics • Heavy Equipment • Machinery • Real Estate
Payments
Can I write a check if it’s a business account?
Yes, but you must also bring with you to the auction a Bank Letter of Guarantee. This is a requirement for both business & personal checks. A blank Bank Letter of Guarantee can be found here.