Submitting absentee bids on Rock Island Auction Companies Website

 

Submitting absentee bids on Rock Island Auction Companies Website

If you do not have a web account you can read how to do that on page one. Go to Page One Now

READ FAQ's on Absentee Bidding

To bid on an item you must first go to the details page of that lot. On the right side of the page is the box

<----   Place A Bid On This Lot

1. In the field 'Bid Amount' enter the amount you would like to bid on that item.

Your bid must be a proper bid increment. For example amounts between $500 - $1000 must be in $50 increments so a bid amount of $805 is not allowed. Click link under button to view proper bid increment table.

2. Next you need to select the 'Bid Type'. It can be Sealed or Telephone. Sealed is the default choice for the standard absentee bid. If you select Telephone we will schedule a telephone bid operator to call you a few minutes prior to your lot coming up for auction. Sealed simply means we try to purchase that item for you for the lowest price possible and not exceed your bid amount.

3. One other option you have is the 'Bid Plus'. The bid plus tells the auctioneer that you are willing to go either one or two bid increments higher than your maximum bid. This can help you win the item in the event of a tie. The bid plus is not required.

4. Lastly click the button 'Add Bid To Cart'.
After adding the item to your bid cart you will get this message. It is just a reminder you will get one time letting you know that you have added an item to your bid cart but have NOT submitted the bid yet.

The bid cart is just a holding area where you can add items you are considering bidding on. If you notice there are links for every item in your bid cart to 'Modify' or 'Remove' any item in the cart.

 

 
At this point you can either continue searching the catalog and adding items to your bid cart or submit bid's for processing by Rock Island Auction staff.

To submit the bids press the 'Check Out' button, or to continue searching the catalog press the 'Search Catalog' button.

You can always come back later and press the check out button on the computer you are working on.
 

When you press the 'Check Out' button the next screen will be secured for you to input your credit card information and phone numbers.

We do not charge your credit card, we simply verify the card is registered to you. Also this does not have to be the method of payment if you win any of your bids. You can pay by cash, check, wire transfer or some other credit card. We will contact you after the auction if you are successful.

The phone numbers are needed if we have any questions or if you picked Telephone when submitting your bids. You also have another opportunity to modify or remove an item in your bid cart.

Lastly you need to press the button 'Submit Bids' to send the bids for processing.

 
 

Once you have submitted your bids you will get an automatic email generated by the website as show here.

This email shows the date/time you submitted your bids, provides you with a link to view absentee frequently asked questions. Information if you are a first time bidder and a list of all the items you bid on showing the maximum amount you bid and the type of bid with any plus value.

Please print a copy for your records.

Also at any time prior to the auction you can call us to make changes to your bids. You can; change the bid amount, change the plus, or cancel the bid.

 
Now that you are using your web account for bidding you can login anytime and click the link 'Current Bids' to view all bids entered for your account. Even if we took them over the phone or fax we can link your account to our database for you to view your bidding activity!

Another great feature of the web account is showing your results after the auction. We will provide a link in your account to view your current winning bids.

Below is a listing of common questions and answers about Absentee Bidding.

Rock Island Auction Company offers several options for bidders to participate in our auctions other than by attending in person. You can leave absentee bids, as a matter of fact we get thousands of absentee bids via the fax, mail, and our website (the most popular). You can also be a telephone bidder live during the auction.

Here are four ways to get us your absentee bids prior to the auction.

1. Our website allows you the ability to compete against other bidders by submitting absentee bids on our site after you create an account. Sometime before the actual auction, online bids are compiled and loaded into our computer system, and our auctioneers execute the bids on behalf on our absentee bidders. Our website is secure and your information is kept confidential.

2. Call us; someone can take your absentee bids on the phone. By calling our Moline office toll free at 800-238-8022, you can give your bids over the telephone on the days leading up to the sale, and we will record those bids for you into our system and execute them for you during the sale. However you must send us via fax, email, or mail a written agreement to the terms and conditions of sale.

3. Fax your bids prior to auction, using the official bid form found in our printed catalog, or it can be downloaded from our website. If you do not have an official bid form, please contact us and we will fax or email one to you. Again we need your signature agreeing to the terms and conditions of sale to execute the bids.

4. Mail bids are accepted as well, and this is a popular method of sending absentee bids. Sometimes the bids arrive AFTER the sale so mail early and do not forget to sign the form agreeing to our terms and conditions of sale. If you do not have an official bid form, please contact us and we will send you one.

IF YOU ARE A FIRST TIME BIDDER WITH US WE NEED TO KNOW WHO YOU ARE AND ESTABLISH CREDIT. THIS IS ACCOMPLISHED SEVERAL WAYS. A LETTER FROM YOUR BANK, A 15% DEPOSIT ON THE LOW ESTIMATE OF THE ITEMS YOU BID ON, OR CREDIT CARD APPROVAL WHEREBY WE CHECK THAT 15% OF THE BID AMOUNTS WILL BE ALLOWED ON YOUR CARD. WE DO NOT ACTUALLY CHARGE YOUR CARD HOWEVER THE AMOUNT WE DO CHARGE MAYBE TIED UP ON YOUR CREDIT LINE FOR A COUPLE DAYS.

NOTE: When faxing or mailing your bids, please write legibly and make sure the bids are written dark enough to fax clearly. It is important to fill in the description field as well as the lot field. We find several times each auction that a bidder wrote the wrong lot number however we were able to “fix” it because we have a description to check it against.

Is it possible to win a lot for less than the amount I bid? –Absolutely! This happens routinely as we bid for you as if you are actually here. We do our best to get you the lot at the best price possible. Generally the bidding starts out at around 50% of the low price estimate. For example: Say a lot has a low estimate of $1,000. If you had an absentee bid in of $900, the bidding would typically start at $500. Let’s say someone on the floor bids up to $700 and stops, if there are no other absentee bids or phone bids for this lot you would win the lot at $750.

What is a Buyer's Premium, how much is it? - A Buyer's Premium is a percentage that the successful bidder must pay in addition to the hammer price for each lot. The reason for a buyer’s premium is to cover expenses of putting on the auction, photography, describing, catalog production, marketing, etc…without it the auction would not be possible. Our buyer's premium is 17.5%, or discounted to 15% for cash or approved check. So, if you won a lot that hammered for $100, your total amount due for that lot would be $115 if you pay by check, $117.50 if you pay with credit card.

What happens if my maximum bid is equal to another bidder's maximum bid? - In instances of a maximum bid tie, (this happens hundreds of times per auction) when you enter a bid on the website, the date/time is also recorded as you submit your bids. The bid recorded into the computer system first takes precedence (except in the case of a plus one bid). If a bidder places a plus one on their bid that bidder would be advanced one bid and they would be the winner.

How will I know if I win a lot? -  At the conclusion of the auction notifications are sent out via email and fax with preliminary results. You can also view lots won if you have a website account. In the days after the auction each winning bidder will have the invoice calculated including any packing and shipping charges, and Tax if applicable. If we do not contact you via the website email or fax, we will call you on the phone to make arrangements.

I bid the amount the lot sold for and did not win? Here are possible reasons:

TIE BIDS - It's possible that two absentee bidders bid the same amount (and bid higher than any live bidders). In that case we award the lot to the first sealed bid received. This applies to sealed bids placed through our website, mail, and fax. Each bid input into the system is stamped with the date/time received. This is why we encourage absentee bidders to give us your bids as soon as possible, as this scenario is very common.

THE FALL OF THE BID INCREMENT - Since we treat sealed bids as if the bidder is here live at the auction, trying to buy as cheaply as possible under the maximum amount the bidder specifies, there's always a possibility another bidder will beat them to that amount.

Here's an example of how that might happen:

A sealed bid is placed on a lot for $1000. Live bidders and other absentee bids at the auction bid the lot up to $900. At that point, we advance the bid on the sealed bidder’s behalf to $950. If there is no raise, the sealed bidder wins the lot for $950. However, the auctioneer asks for $1000 and if a competing live bidder bids $1000, we of course will take the bid. Looking at the sealed bid in this case, the sealed bidder told us not to spend more than $1000. We are not authorized to go to $1100 for the absentee bidder, so the live bidder is the successful buyer at the $1000 bid point exactly the same as the sealed bidder.

As you can see, this is entirely unpredictable and depends on how the live bids fall at the auction. In the example above, if live bidding had stopped at $900, we would have advanced the absentee bid to $950, with no other live bidders our absentee bidder would have prevailed. It is exactly what would happen if there were two live bidders in the audience who both planned to stop at $1000. One would get it, and the other would not. Preventing this from happening to you is simple. Since we buy for you as cheaply as possible at or below the maximum you specify, simply be sure you bid the true maximum you would go to if you were bidding live. Ask yourself, "If I was there, and the bid stopped to someone else at $1000, would I go $1100?" If so, bid a plus one or that extra amount. You still may fall on the bad side of the increment, but the exact same thing might happen if you were there bidding live. That's the nature of an honest auction.

I BID MORE THAN THE LOT SOLD FOR? Here are possible reasons:

We received your bid to late. Some bidders have submitted bids right before the lot goes up for auction and we did not have time to get your bid entered in to the computer. Or you are a new bidder and we could not get your credit approved in time before the lot came up. Another unusual situation is a bid of $2100 is rounded down to $2000 to be a proper bid increment. The item could sell for $2000 to another bidder as described above. You faxed or called in your bid amount and there was a data entry error, or the fax was never received or we just made a mistake. We are pretty good, however we do make mistakes.

Lastly

Remember if you submitted your bids on our website you know exactly what you bid as you entered the amount yourself and also got an email confirmation showing your bid amounts. You can view the status of your bids on our website when you log into your account. You can view the 'Current Bids' link once you log in. Bidding absentee is a very nice way of finding that special piece you have been searching for. It is actually very easy and allows you to save the cost of travel. if you have further questions just call us at 309-797-1500.

THANKS FOR YOUR INTEREST IN ROCK ISLAND AUCTION COMPANY.