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Types of Auctions

Standard Auction (also called Regular)
The Standard auction is a normal, increasing-price format for a single lot of merchandise. There is only one winner in a Standard auction -- the highest bidder at the close of the auction.

Dutch Auction
A Dutch auction is used to sell more than one identical lot of merchandise. In this format a bidder must submit both a price and quantity of lots.

All the winners pay the same price. The final amount is determined by the lowest successful bid. For example, in a two-lot scenario should there exist one bidder who places a bid at $1,800.00 for one lot and another bidder who bids $2,000.00 for one lot, they both pay $1,800.00. Likewise in the same two-lot scenario, should you have one bidder who has bid $1,800 for 2 lots for a total of $3600.00 and afterward another bidder bids $2500.00 for 2 lots for a total of $5000.00, the bid would not increase by the lowest increment from $1,800.00 but would increase all the way to $2500.00. There is no proxy bidding in a Dutch auction.

Sealed Bid Auction
A Sealed Bid Auction is an event in which each bidder may submit a confidential bid to purchase an auction prior to the auction closing time. Whereas in a typical internet auction all bids are known, in a Sealed Bid Auction, all bids remain confidential including the high bid at the end of the auction.

Definitions

Assets
Assets is a term used synonymous to items and merchandise. These are items that a seller has listed with Liquidation.com.

Freight Forwarding Company
A Freight Forwarding Company is an intermediary who arranges for the carriage of goods and/or associated services on behalf of a shipper.

Minimum Opening Bid
Please note that all our auctions have a First Bid Price of $100. The First Bid and Current Bid numbers reflect the price for the entire "lot" and not the per unit price.

Proxy Bidding
Proxy Bidding can save you time and help you ensure you get the items you want. With Proxy Bidding you don't have to constantly monitor your auctions and worry about being outbid!

Proxy Bidding is an automated 'agent' that you authorize to act in your place. This 'agent' will bid as little as it is necessary (minimum bid increments) to outbid other bidders and maintain your position as high bidder, up to the maximum bid you have entered in the bid box. This is how it works:

  1. In the Bid box of a specific auction, enter the HIGHEST bid you're willing to pay for the lot.
  2. Liquidation.com will now place a bid at the current LOWEST minimum bid.
  3. If another bidder outbids your LOWEST minimum bid, the Proxy Bidding agent will automatically place another bid on your behalf at the minimum bid increment necessary to ensure you're the winning bidder.
  4. The Proxy Bidding agent will continue to make the LOWEST minimum bids on your behalf up to the maximum amount of your bid until you are the winner, or another bidder makes a bid higher than your Proxy Bid.
  5. If your Proxy Bid is outbid, you will be notified via email. At this time, you will be able to enter a bid or a new Proxy Bid by following the same initial steps described above.
  6. If you are bidding on a Standard Auction, your maximum Proxy Bid is kept secret from all other users until your maximum bid is outbid. There is no Proxy Bidding in a Dutch Auction.
  7. Think carefully before making a Proxy Bid. Once you enter your Proxy Bid amount, you cannot retract it.

Quantity Variance
Quantity variance is the percentage of items that are deemed to be either in abundance of or less than the amount listed on the auction; ranging between 1-10% per auction. The quantity variance is calculated on a per unit price, and pertains to all merchandise within an auction, including missing or damaged items. However, asset condition of the merchandise within this variance may differ from the rest of the auction items.

Condition Descriptions

New
New assets are in original packaging and possess all of the characteristics/qualities/features as advertised by the manufacturer. Traditionally, they are overstock items that were never offered for sale in a retail environment or used in any way.

Refurbished
Refurbished assets are used but have been inspected, tested, and restored to full working condition. They rarely come in original packaging and seldom contain any documentation or any additional parts and/or accessories. Due to their operational history, refurbished assets possess noticeable cosmetic defects and blemishes, including but not limited to dents, scratches, and signs of age.

Shelf Pulls
Shelf Pulls were previously available for sale in a retail environment but were never sold. They usually possess one or more price tags and/or stickers, indicating multiple markdowns and have been exposed to appreciable customer contact. In addition, since most of these items are sent through a reverse supply chain (e.g., from a retailer back to a centralized warehouse), they can show signs of further handling. Accordingly, Shelf Pulls can exhibit a wide range of individual product and package conditions that can differ substantially from the original manufacturing.

Used
Used Assets were previously sold and put into use. They possess noticeable cosmetic defects and blemishes, including but not limited to dents, scratches, and signs of age. Since these assets are usually pulled from a working environment, they rarely come in original packaging and hardly ever contain any documentation or any additional parts and/or accessories. They are minimally tested to meet only the most basic requirements of functionality. Used assets therefore may not be in optimal working condition and can require additional maintenance and repair.

Returns
Returns were sold to a customer, who then either physically brought the item back to a store or mailed it to a specified location. Reasons for returning a product may not have any correlation to its usefulness (i.e., size, color, model, etc.), and as a result that product may be in fine working order. The majority of Returns, however, do have some operational and/or cosmetic problem. Depending on a company's return policy, these items may also reflect a measurable amount of use. In addition, since most of these items are sent through a reverse supply chain (e.g., from a customer back to a store or a centralized warehouse), they can show signs of further handling. They generally do not come in original packaging and often do not have any of the advertised documentation or additional parts and/or accessories. Accordingly, Returns can exhibit a wide range of individual product and package conditions that can differ substantially from the original manufacturing.

Salvage
Salvage assets have been identified as defective for reasons concerning their functionality, appearance, or both. Salvage assets usually can only be used for parts.




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