Tuesday Nov 04, 2008
You are Here: Attending the Auction
You are Here: Attending the Auction
Map Out the Auction Block
Vehicle auctions consist of several covered auction lanes each with an auction block, at which the auctioneer and a GSA representative are seated, at its head. Be aware that vehicles may be sold in two or more lanes at the same time. The auction house will announce the schedule and lane locations for each run of vehicles to be sold. The auctioneer conducts the course of the auction while directing the flow of vehicles through the lane.
Some auctions may include ringmen who assist in spotting bidders and clarifying current bid levels for the participants. Also presiding is the GSA representative, who makes the final sale decision (based on an unpublished reserve price, below which a vehicle will not be sold).
The Bidding Process
After a brief description is read, the auctioneer will open the bidding on a vehicle. Each auctioneer has a slightly different style and cadence when it comes to calling a sale, so pay attention. If no bids are offered, the auctioneer generally will begin to lower the asking price until participants start bidding.
Once the bidding starts, the pace will be quick with bidding on most vehicles finishing in under a minute. However, auctioneers are trained to work at a slower pace for public auctions versus typical industry auctions. The auctioneer will typically ask for bids in $100 increments. There will be auction house employees (ringmen) on the floor of the auction to assist bidders and the auctioneer. Please make use of them.
If you want to bid, make sure you are visible to the auctioneer and the ringmen. To bid, simply motion your hand towards the auctioneer when a dollar amount is called out. If someone bids against you, motion again. The process will repeat until the auctioneer sees no more bids.
As a bidder, you will need to be aware of the vehicle for sale. Once the bidding starts, the vehicle may only be in the lane for part of the sale. Another vehicle may move into the auction spot before the end of the previous sale. That does not mean that the bidding has switched to the new vehicle. If you get confused about the vehicle or the price, ask a ringman or even a fellow auction attendee to make sure you bid on the right vehicle at the dollar amount you think you are bidding.
The auctioneer will then check with the GSA representative for confirmation of sale. If the GSA representative says sell, the auctioneer will "bang the gavel" and announce "Sold to bidder #____". If the GSA Representative says no, the vehicle will typically be rerun at the end of the sale. If the vehicle still does not sell, it may be offered at a later time, perhaps at another location.
Upon winning, successful bidders must immediately approach the auction staff to record their bidder number, verify their buyer information, and sign their contract.
Reruns
Vehicles not sold during their first auction pass may be re-run through the auction lane. The bidding process remains the same as the first run, and vehicles will only be sold if an acceptable bid is made. Vehicles not sold that day will be auctioned at a later date.
