- AuctionUBid: The nation’s leading auction company for new & used restaurant equipment, liquidation, personal property.
- AUCTION AGREEMENT: The signed agreement between the seller and AuctionUbid.
- AUCTION BIDDER CARD: The numbered card that bidders use to submit a bid at our AuctionUbid live or foreclosure auction.
- BID: To offer an amount in an attempt to buy something, while competing with others at an auction. At AuctionUBid, bidding can be done online or a live auction. The bidder who meets the seller’s minimum price and is the highest bidder typically wins the auction.
- BID INCREMENT: The bid increment is the amount that the bid increases during the auction. For example, if the current bid is $100 and the bid increment is $125, the next acceptable bid amount would be $150.
- BUYER’S PREMIUM: “Buyer’s Premium.” The premium is usually varying from 15% to 18% of the winning bid This fee is only required if you are the winning bidder.
- ONLINE BIDDING: This is where a buyer participates in an online auction by placing bids. Our unique online platform allows you to bid remotely 24/7 for online-only sales, the lot closure times are staggered and well-displayed, allowing bidders complete control of their purchases and the ability to actively bid on multiple individual items.
- Live Auction: our live auctions are simple. All bidders come in person the day of live auction, browse the equipment, and check in at the registration desk to sign up and get their bidder numbers. Our auction team will be on-site the day of the sale, assisting our guests by providing an opportunity to meets and ask any questions and get answered from equipment experts in the industry from auctioneers & management team.
- OPENING BID: This is the estimated dollar amount that starts the auction
- Preview: Before each auction, bidders will have the opportunity to examine all items that will be sold in that sale. Usually taking place the day before the live auction or a week for online auction, we welcome those who are interested to visit and view the equipment with the assistance of one of our knowledgeable staffers. This is a great time to ask preliminary questions and get a solid idea of exactly what you could be winning before you bid.
- Bankrupt assets do not have a buyer’s premium added because the Seller pays the fee
