IndustrialMachines.net Auctions Help
How to Bid: -
- Step 1 – Register a Buyer’s Account – In order to participate in any Auction, you must Register for an account. Click the Register button and enter your full contact details; including a valid EU VAT number if you are VAT registered. Please also ensure all information is correct, as failure in being able to verify the data may result in a delay in activating your account.
- Step 2 – Register for an Auction – If you would like to place a Bid on any Lot/s, you must Register for the Sale. To do so, on the Home page you can view the current Auction Calendar. If a Sale is of interest, please click the Register for Sale button. If you are not already logged into your account, you will be prompted to do so. Once signed in, you will be directed back to sale registration page for your chosen Auction. We advise you to read through the Sale Information and Terms and Conditions. You also have the option to enter a Spending Limit (please note this is not a Bid), and once you are happy to proceed, click the Register for Sale button.
- Step 3 – Approval – After your request has been sent, you will receive an email confirming your registration, and IndustrialMachines.net Auctions will review your application. This is a manual process and will likely happen during regular business hours Mon-Thurs 09:00-17:00 GMT and Fri 09:00-15:30 GMT. If approved, a follow up email confirming your approval for bidding privileges will be sent to you. You can also monitor your Status from within your account under Auction Sign-Ups. Please note, it is at IndustrialMachines.net Auctions discretion as to whether your request is approved.
- Step 4 – Bid – After receiving confirmation that your request has been approved, you can now place Bids and participate in the Auction. You can add Lots to your Watch List, and after placing a Bid, view the Live Bidding Status under Current Bids within your account.
Helpful Terms: -
- Auction Catalogue – Provides details on Lots/Goods that are to be sold at the online auction.
- Auto Bid – Allows you to enter the maximum amount you are prepared to pay for a Lot. IndustrialMachines.net Auctions website will then bid on your behalf up to your maximum amount, making sure you stay ahead of other Buyers automatically.
- Bid Increment – The amount set by IndustrialMachines.net Auctions to increase the bidding. When the time remaining reaches 2 minutes, the Bid Increment will halve by 50%. E.g. if the original Bid Increment was £250, for the final two minutes, this would then decrease to £125.
- Bidding Extension – When the time remaining reaches 5 minutes, the Bidding Extension will come into play. Any Bids placed will extend the time back to 5 minutes; until no further Bids are placed; and the time reaches zero.
- Buyer’s Premium – A percentage set by IndustrialMachines.net Auctions the Buyer will pay above the Hammer Price; and is part of the Final Purchase Price. VAT is applicable on the Buyer’s Premium and is non-refundable, as it is categorised as a Service Charge within the UK by HM Revenue & Customs (HMRC).
- Final Purchase Price – The total price a Buyer will pay for any Lot/s won at the online auction. The Final Purchase Price includes the Hammer Price + VAT and the Buyer’s Premium + VAT. The VAT can be refunded to companies residing outside of the UK providing certain conditions are met. Please refer to our Terms and Conditions; and the individual Sale Information. If you have any queries, please don’t hesitate to Contact IndustrialMachines.net Auctions.
- Hammer Price – The Winning/Highest Bid accepted for a Lot at the online auction. Please note, this does not include the Buyer’s Premium and is subject to VAT.
- Reserve Price – The Reserve Price is the lowest amount that a Seller is willing to accept for his/her property. If the Reserve Price is not met when the auction ends, the Lot will not be sold. The Reserve will not be disclosed to the Buyers and is kept confidential for the Seller.
- Starting Price – The price at which bidding will commence (higher than zero).
- VAT (Value Added Tax) – A tax which is added to the price of goods and services; and will be charged at the current UK rate. Companies who reside outside of the UK may be eligible for a VAT refund if certain conditions are met. Please refer to our Terms and Conditions; and the individual Sale Information. If you have any queries, please don’t hesitate to Contact IndustrialMachines.net Auctions.
- Watch List – You can add Lots to your Watch List allowing you to focus your bidding.
Winning Bidder – What Happens Next?
- Once the auction ends, your Past Bids page (within your Buyer’s Account) will update and highlight whether you have been successful in winning the Lot/s; and you will receive an email confirming this along with further information. Winning Bidders will receive the invoice within 24 hours, via email to the address registered on the account. If you have won multiple Lots from the same auction, you will receive just one invoice.
- Payment is due within 48 hours of the invoice being generated by Wire Transfer only; and in the currency specified. Bank Account details are provided on the footer of the invoice. All fees/charges must be borne by the Buyer. Any shortfall in payment will deem the invoice as unpaid; and may result in Late Payment fees being applied.
Collection / Removal: -
- Only when full, cleared funds are received will the invoice be regarded as ‘Paid’, and a Collection Note and details for removal be provided to the Buyer. If the invoice is not marked as ‘Paid’, no access to the Site/Goods will be granted to the Buyer or any Third Party Agent acting on your behalf.
- Please read the Sale Information for the Auction to note any specific details regarding the collection of Goods from Site.
- Collection is strictly by appointment only!
- The Buyer at their own cost, will be wholly responsible for disconnecting, dismantling and removing Lots purchased from the auction location. If the Lots are intended to be exported, the Buyer at their own cost, shall be wholly responsible for ensuring compliance with all UK export conditions; and with the obtaining of any applicable export licences.
- Buyers or their Third Party companies involved with the removal of Lots, must present the Sales Invoice on arrival to onsite personnel.
- Buyers using a Third Party must ensure that the Third Party has all relevant documentation including but not limited to: Risk Assessment, Method Statement, Sufficient Public Liability Insurance and all appropriate Licences.