New to Auctions - The 6IX Auction

New to Auctions?

If you have never bid in an online auction, it may seem like an intimidating experience. But participating as a bidder can be exciting! We do our best to make the experience as smooth and enjoyable as possible.

HOW IT WORKS

 

BIDDING IN OUR ONLINE AUCTION

 

REGISTRATION & IDENTIFICATION: There is no cost to register for an auction. At the time of registration, we collect information about you to verify who you are before you can bid. All bidders must be 18 years or older in order to register and provide a valid credit card which will be temporarily authorized for $1. This is not a charge and is only used to verify that the credit card is valid. The $1 authorization will fall off within 3-5 business days. During the registration process, you can click a checkbox to select whether or not you would like to receive email notifications about upcoming auctions, or when you are outbid on an item.


BIDDING: The majority of items we list start at $5, and sell to the highest bidder without any reserves. Occasionally, we will place starting prices on higher priced items so that the seller is guaranteed a minimum value or else it doesn’t sell. In the event that two bidders place a bid for the exact same amount, the software will consider the first of those bids as the “winning” bid and it will be shown on that user’s screen in bold green letters. If you are no longer winning an item, the item will say “Outbid” in bold red letters. 

REVIEWING YOUR BIDS: During an auction you can check the status of your bids at any time by watching the Live Catalog, or by clicking the Watched Lots (blue star button) on the top menu. Note that no bids can be withdrawn after the auction for any reason. All items are sold as is, where is.


STRATEGY: We recommend that all bidders place their maximum bid when placing a bid online. This does not mean you will have to pay the amount you bid; you only pay one bid more than the next highest bid, and only up to your maximum bid. Hibid’s software will play out the bids as you would at a live auction and only use the funds required to beat out the under-bidder at the next available bid increment. Much of the bidding happens a the last few minutes, and in order to prevent “sniping”, the site (Hibid) uses a soft-close function:

SOFT CLOSE: All of our auctions will specify a close time, at which point, the lots begin to close one by one in numerical order, separated by 10 second intervals. To prevent a bidder from ‘sniping’ an item (bidding in the last seconds of an auction), any bid placed on an item in the last 2 minutes before closing will add an additional 2 minutes to that specific item’s close time. 

This will continue until all bidding has ceased for 2 full minutes. To be absolutely sure you have won an item, we recommend that you watch the auction close in real-time so that you can see if you are “winning” as the item closes for the 2 minutes following your last bid. Although an outbid notification will always be sent out to former high bidders, 2 minutes isn’t a lot of time to receive an email, log back on, and increase your bid 

WINNING NOTIFICATION & INVOICING: All winning bidders will receive an email with an attached invoice immediately after the auction closes.  If you’d like to know whether you won a lot immediately after the auction, check your “bidder history” — if it says “may have won” in green letters that means you are the highest bidder on the lot and should be receiving an invoice  with more details. If you are not the highest bidder, it will say “you have been outbid” in red letters and you did not win the item.

PAYING FOR YOUR PURCHASES:  Your credit card will not be charged unless you win an item. When an auction closes, if you are the winner, you will be notified by email invoice with the pickup instructions.  During pickup, you have the option to pay the invoice amount in Cash, Debit, or Credit. Any items not picked up, will be charged for the full amount to the card on file and the account may be banned from further use of the site.
 
PICKUP& REMOVAL: Pickup times and location will be posted in the description section for each Auction. If an item is not picked up during the specified pickup window, it will be deemed abandoned unless other arrangements have been made with us. The 6IX Auction reserves the right to charge the winning bid amount, plus any applicable Buyers Premium and taxes on abandoned items. Please do not bid unless you are able to pick up your won items during the posted pickup times.

SHIPPING: Buyer is responsible for all shipping and packaging cost. Shipping for small items can be arranged with The 6IX Auction. We ship via Canada Post, Purolator, FedEx with tracking to the USA and Canada. We suggest that you contact us to inquire about shipping costs for a particular item prior to bidding, as bids cannot be revoked once they have been placed.

 
CONDITIONS OF ITEMS SOLD & OUR ONLINE CATALOGUE: Our best efforts are made to represent all items accurately in descriptions and photographs; however, all items are ultimately sold on an ‘as is, where is’ basis, with all faults.

 
EMAIL COMMUNICATIONS: As per CASL (Canada’s anti-spam legislation), we are required to secure your consent to communicate with you electronically. By registering for this auction, you are opting in to receive auction notices from KWauctions.ca. You may withdraw your consent at any time by clicking on the unsubscribe link contained within each auction notice. Your privacy is important to us — your email address will not be shared with any other party.
 
By registering to bid you acknowledge that you agree with the terms stated above. Do not bid unless you agree to all these terms. 





Auction Terminology and Definitions

 

Absentee/Proxy Bidding:

A method of bidding for those who cannot or do not wish to attend an auction in person. Bids may be placed by telephone. The bidder specifies their maximum bid. The auctioneer places bids on behalf of the absentee bidder against any competition, starting at the lowest possible selling price, and continues bidding for the absentee bidder, up to her maximum specified bid.

 

As Is, Where Is:

“As Is, Where Is”: Also known as “in its present condition.” Typically, this is a sign that no return privileges will be granted.

 

Automatic On-line Bidding (Max Bid):

This feature will allow the system to automatically increase your bid incrementally until a competitive high bid exceeds the limit you set. It also permits the buyer not having to continually monitor the bid process.

 

Online Bidding: Bidding in advance of an auction or in real time through a computer or electronic device.

Consignor (Seller): The owner of an item for sale by auction. This person authorizes the auction house to act as his agent in handling the sale of his property.

Consignor’s (Seller’s) Agreement: The contract between the auction house and owner of the property being sold.

 

Fair Market Value: The price that property would sell for on the open market. It is the price agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts.

 

Bid Increment:

Bid Increment: The minimum amount by which the auctioneer must increase the bid. Every auction house sets its own bidding increments. For example, if the bidding at The 6IX Auction opens at $3000, subsequent bids are $3,250, $3,500, $3,750 – bid increments of $250. Once the bid reaches $5,000, subsequent bids must increase by a minimum of $500. 

 

Bidder Number:

The number issued to each person who registers at an auction. This number will be used to identify the bidder throughout the auction event and billing procedures.

 

Buyer’s Premium:

An additional service charge, for which the buyer is responsible and will be added to the price of the assets. These fees will be noted on the Sale’s Terms & Conditions Page.

 

 

 

Terms of Sale: The contract between the bidder and the auction house that specifies the legal terms governing bidding and purchase.

 

Hammer Price/Winning Bid: The highest bid accepted for a lot at auction, at which the auctioneer’s hammer falls. This price does not include the buyer’s premium. Hammer Price + Buyer’s Premium = Total Purchase Price.

 

Lot: An individual object or group of objects offered for sale at auction as a unit.

 

Private Treaty Sales:

A sale of property at a price agreed on by the seller and buyer without an intervening agency. Private Treaty sales are conducted for assets within an entire facility or a complete plant. Unlike auctions, there is an asking price, which is negotiable.

 

Starting Price:

Also called “Opening Bid”, accepted by the auctioneer, that must be met or exceeded for the first bid to be accepted as a qualifying bid.

 

Reserve Price: The lowest price which a seller is willing to accept for his or her property. Reserves must be set at or below the low estimate. If bidding ends before the reserve is reached, the property will not be sold. Most auction houses keep the reserve confidential for the seller.

 

Webcast Online Auctions:

Webcast Auctions are items being sold and displayed as a slideshow on your computer in real time with LIVE on-site auctions. This service is controlled by an appointed webcast provider during the sale and allows bidders to hear the auctioneers live feed, and view the item photos and descriptions of the assets as they are broadcast worldwide via the Internet along with current bids, the asking price and the desktop convenience of clicking to place bids for damages to or loss of property which may occur from any cause whatsoever.