But I don’t know the first thing about online auctions - Part 1
We have asked (and answered) the ‘beginner’ questions so you don’t have to!
We know it can be scary starting something new so we have asked all the questions you could think of when it comes to purchasing through Lloyds Auctions!
Take the leap and start bargain hunting with us! If you get really stuck, remember we are always contactable between 8am and 5pm AEST on [email protected] or 07 5559 1999!
How often do you have auctions and when?
Lloyds Auctions hold over 35 online auctions a week that all have their own titles, for example, Super Sunday, Used Cars, or Surplus Earthmoving & Quarry Equipment.
Some auctions (like our weekly Hospitality & Catering auction) are a permanent weekly or fortnightly occurrence, and some are one-off auctions for specialty goods.
How does an auction work?
An auction is a public sale where items are sold. A lot is an item or group of items within an auction, and a lot is sold to the person with the highest bid (offer of money). There is a time frame for bidding to take place and you must place your bid before the lot (item in an auction) closes.
Traditionally, bidders would gather in person in front of an auctioneer who would call out the lots one at a time and take bids from the audience. These days, our auctions are online which makes them accessible for everyone across Australia or around the world!
Bids are taken on our website and must be placed before the closing time. If someone bids within the last 15 seconds of a lot closing the time will extend giving everyone else a chance to bid again.
We know this might sound overwhelming, that’s why the first lot of our online auctions is an ‘L’ plate where online auction learners can practice their bidding on an imaginary lot. Don’t worry, you aren’t actually bidding for real, just practicing!
How am I able to place a bid on a lot?
In order to take part in our online auctions you must create an account on our website lloydsonline.com.au. You will need an email address, a mobile phone number and a postal address. You can put your Lloyds account under your personal name or a business name!
Is there a catalogue?
All of our auctions are online on our website lloydsonline.com.au where you can browse all the lots in every auction on a computer, tablet or phone. There will be photos of each lot and a written description for them too.
What is the difference between unreserved and an item having a reserve?
All of our lots will have a reserve price unless specifically stated that they are unreserved in the lot description. A reserve price is an amount of money the vendor (seller) wants for their item and it will not be sold unless someone bids for this amount or higher. Legally, we cannot reveal the reserve price of an item, you must bid what you would be willing to pay for the item.
If an item is unreserved it will sell for whatever the highest bid is, even if it’s only $1!
What is a maximum bid?
When a lot in an auction is closing and you cannot be online in order to make sure you are the highest bidder, a good way is to put in a maximum bid whenever is convenient for you before the lot closes.
You enter the highest price you would want to pay for a particular lot. This is not revealed to other bidders and it will automatically bid in increments against any other bids placed up to your maximum bid value. For example, if your maximum bid is $100 and someone bids $20, your bid will automatically jump to $30 so that you outbid them. If someone places a bid of $110 you will be outbid (since your maximum bid is $100).
What if I make a mistake while bidding?
Typos can happen! If you need to remove or change a bid for some reason, you must email our Retail Manager at [email protected] with your bidder number, auction title, lot number and the reason for needing it to be updated. It is at his discretion whether your bid will be removed or changed and only he has authority to do so.
Can someone else bid for me?
If you would like a family member or trusted friend to help you bid on an auction, that is up to you. However, you must accept responsibility for their bidding!
What is Buyer’s Premium?
The buyer’s premium is an additional charge on top of the winning bid amount that must be paid by the winning bidder.
For example, if your bid successful at winning a lot at $100.00 and there is a 16.5% buyer’s premium on that item, then you will pay a total of $116.50. Double check the auction details because buyer’s premium can vary from auction to auction!
A good way to check how much you will be paying if you win an item is by checking the Estimated Maximum Commitment that is calculated for you when you enter a bid amount prior to pressing the “Bid for …” button to confirm that bid.
Why can’t I buy it now?
As we are an auction house, our business is auctions! We understand that the desire to have something to take home right now can be very high but if you bid at auction you might just get it for a cheaper price than you would pay in a store (especially if it’s unreserved)!
Although if we have items that go through an auction and remain in the warehouse, we will sometimes allow these lots to be sold off the floor.
Come in store to any of our warehouses, in Carrara (Gold Coast), Kelso (Bathurst) or West Gosford (Central Coast NSW) and we can tell you which items are available to take from the floor. All you need to do is take note of the Lloyds’ barcode number on the item and see one of our friendly staff members for more details.
How do I know where the goods are located?
Sometimes you don’t want to bid on a couch in Kelso, NSW when you live in Brisbane, QLD! Our auction details page is very important!
At the bottom of every lot there is an ‘Auction Details’ tab. Clicking on this tab will bring up the title of the auction, the date and the time the first lot of the auction will close, the address where the items are located and an email address for you to email if you have any questions.
If you click on the auction title it will take you to a more comprehensive Auction Details page which will outline all the terms and condition of that particular auction. You must read everything on this page as it covers inspections times, payment, pick up deadlines and buyer’s premium.
How do I inspect an item?
Check the auction details page for that auction and it will give you inspection times and the location of the items. We always recommend an inspection before you decide to bid.
Just be aware that legally we cannot allow inspection on any vehicles on Sundays or public holidays as part of Queensland Legislation!
Sometimes auctions are online viewing only which means the items aren’t available to inspect in person. Remember to always bid what you are comfortable with!
We hope this has made you more confident and we look forward to seeing you bid, win and receive some bargain items!
If you would like to keep up with all our bargains, we can send you a weekly update of all our auctions online to get you started!
Simply take the first step and pop your details below!