Auction Info
Live Hybrid Auction Surplus to Ongoing Needs of A Major Aerospace Manufacturer.
Below is a summary of answers to some commonly asked questions.
The auction is a hybrid of timed online sale and live, real time sale - the system is counting down the closing of each lot, but each lot is sold real time and closed in lot number order. There is no onsite bidding for this auction. In a typical timed online sale, several lots may close all at one time depending on bidding activity. The hybrid auction is conducted much like a live, in person sale except that the system counts down the closing time of bidding. The auctioneer has the option to call bids, but the system counts down when the bidding closes - no verbal chant is required. The current bid price and asking price is displayed. You will see a Bid Button with the timer counting down the seconds until the bidding closes and the lot is sold. Bidders register for online bidding and press the Bid Button to acknowledge the asking bid price.
If bidders are unable to participate in the live auction, they can enter Pre-Bids or Proxy Bids, which is the maximum amount the buyer would bid. With that Proxy Bid, the system will bid for you in the increments set by the auctioneer. The Pre-Bids/Proxy Bids do not show as current bid because the auction has not started yet - no bid has been accepted. The auctioneer establishes the starting bid and the next asking increment. Once Live Bidding begins, the current price and asking price will show. It’s entirely possible for a lot to be sold for less than the maximum amount the Proxy bidder entered.
If you are able to participate in live, real time bidding, placing a Proxy Bid isn't necessary.
Payment: Invoices will be sent out after the close of the auction. All invoices must be paid in full by Wednesday July 10. Payment will be accepted only as Cash, Cashier's Check, Wire Transfer.
We do not provide shipping for any items you may purchase. Should you be a successful bidder, you will need to contact a shipper and make arrangements for removal.
Thank you, and if you have any questions please feel free to contact us at 818-592-6592 or [email protected].
Regards,
Brian Testo Associates