Uncategorized
September 10, 2012
Ah, EquipNet. Another day, another exciting auction. We know that some of you like to be right in the thick of things, bidding and outbidding each other until the very last second. It is pretty exhilarating.
But for those of you “set it and forget it” types, EquipNet has auto progressive bids. In essence, you set the highest amount that you’re willing to pay. If the auction ends and the highest bid is less than your high amount, and your high amount is higher than the minimum acceptable reserve price, you win the auction!
Okay, that sounds a little confusing. Here’s a for-instance:
An auction comes up for high-quality bottling and packaging equipment. You’ve been in the market for some high-quality bottling and packaging equipment. You decide that the most you’ll pay for it is $1,000, so you put that in as your auto progressive bid.
The seller has to make a little coin, so he sets the minimum acceptable reserve price at $500. So if someone bids $450, that’s not going to cut it. It’s got to be at least $500.
At the auction, the highest bid comes in at $375. So no one wins. Oh wait! You win! You set your cap at $1,000, which was well above the $500 reserve. So not only do you win
the equipment, you win it at the reserve price. In this case, $500. Well done you!
For more information about the myriad ways in which to participate in an EquipNet auction, contact us today!
Categorias: Uncategorized
Tags: auction,
