The advantages of an auction are numerous.
Buyers come prepared to buy.
An auction creates competition, accelerating the sale and sometimes the auction price can exceed the price of a negotiated sale.

The auction method works so well because target marketing is aimed at your assets. The auction brings together several prospective buyers at one time and motivates the buyers to the point of decision.

Online Auctions-

Certified Personal Property Appraisals are prepared by licensed, qualified appraisers and comply with Uniform Standards of Professional Appraisal Practices (USPAP) and are defensible in a court of law. They are used for estate or divorce settlements, insurance, equitable asset distribution, etc.

Associations & Memberships

	National Auctioneers Association
	Texas Auctioneers Association

If using Automatic Bidding and if other bidders outbid your maximum at the end of the auction, you don't get the item. But otherwise, you're the winner--and the final price might even be less than the maximum you had been willing to spend! Telephone or faxed proxy bids will be determined at the end of the auction. The bidder will be notified by telephone, fax or e-mail within 12 hours of the auction closing.

TRUEbid does accept company and/or personal checks with a valid driver’s license and a letter of guarantee from your bank. We do not accept credit cards or debit cards at this time. For persons wishing to use a credit card, we do accept PayPal, however, we reserve the right to refuse any and/or all PayPal payments. Please see www.paypal.com for membership details. From time to time, the company for whom the auction is being conducted will offer financing. This would be indicated on the auction details page.

TRUEbid does not require a deposit to bid in our auctions. However, upon acceptance of the bidding terms and conditions agreement, if you bid and do not pay for your invoice, TRUEbid reserves the right to charge you $500.00 to cancel the invoice.

You as a buyer are expected to know what you are purchasing and understand that all items are sold “as is, where is, with all faults”. The more informed you are, the better your purchase decision. Since your needs are unique to you, your evaluations will be different from others.

No, each bid is a binding contract to purchase that lot and this would be unfair to other bidders & sellers. Once you submit a bid, it cannot be cancelled. If your bid is successful, you will win the auction for that lot. *Important to Remember - Upon acceptance of the bidding terms and conditions agreement, if you bid and do not pay for your invoice, TRUEbid reserves the right to charge you $500.00 to cancel the invoice.

Cosmetic Condition

• New Condition – The term used to describe equipment which, in the opinion of the appraiser, is judged to be either new or near new; otherwise unused, or in the process of being installed. This equipment is capable of being used to its specified utilization for its designed purpose for its entire normal useful life.
• Excellent – The term used to describe equipment, which, in the opinion of the appraiser, is judged to be in very good or excellent, condition and capable of being used to its specified utilization for its designed purpose without requiring abnormal maintenance at the time of inspection.
• Very Good Condition – see "Excellent"
• Good Condition – The term used to describe those items of equipment which, in the opinion of the appraiser, have been modified or repaired and are being used at or near their specified utilization.
• Fair Condition – The term used to describe those items of equipment which, in the opinion of the appraiser, are being used at some point below their fully specified utilization, because of the effects of age and/or application and which require general repairs and some replacement of minor elements in the foreseeable future to raise their level of utilization to or near their original specifications.
• Poor Condition – The term used to describe those items of equipment which, in the opinion of the appraiser, can be used only at some point well below their fully specified utilization, and it is not possible to realize full capability in their current condition without extensive repairs and/or the replacement of major elements in the near future.
• Scrap Condition – The term used to describe those items of equipment which, in the opinion of the appraiser, are no longer serviceable and which cannot be utilized to any practical degree regardless of the extent of the repairs or modifications to which that may be subjected. This condition applies to items of equipment which have been used for 100% of their useful life or which are 100% technologically or functionally obsolete.

Mechanical Condition

• Operational – This equipment is capable of being used to its specified utilization for its designed purpose.
• Needs Repair – The equipment will not perform in it's designed capacity without repairs being made.
• Unknown – We are unable to make a mechanical determination.

These conditions are provided as a courtesy ONLY. You are responsible for conducting your own inspection of any assets you wish to purchase at auction. Note: All items are sold “AS IS, WHERE IS” with all faults – No Exceptions.

Generally, the property is only available for viewing through an appointment & will be clearly stated on the auction detail page. (Inspection times vary, buy are generally held 1-2 weeks prior to scheduled auction date.)

According to an FBI report internet auctions are the leading source of fraud on the internet. Why are we different? First, TRUEbid is an established, Licensed Auction Business with a reputation to protect. Secondly, TRUEbid ensures the integrity of the information being provided. Thirdly, the auction industry is heavily regulated for licensed auctioneers. At this time, the auction industry is regulated only at the state level and current legislation does not cover internet auctions. However, TRUEbid is closely working with state and federal legislators to include internet auctions.

During the last few minutes of bidding, there may be an extraordinary flurry of bidding activity on an item. In order to ensure bidding integrity, and to prevent last minute bid "sniping" -- where a bidder waits until the final seconds to place a bid -- the site will automatically extend bidding in 10-minute increments until there is no additional bidding activity in a 10-minute period of time.

Normally, all TRUEbid auctions will be in US Dollars, this information will be displayed on the Auction Detail Page.

• Absolute Auction – An absolute auction means the property or equipment will be sold to the highest bidder with no minimum or reserve pricing.
• Barter Auction – A barter auction can be used if the auctioneer is willing to consider options other than a straight exchange of cash for the item being auctioned. This allows bidders to offer anything that they want in exchange for an auction item. However, the auctioneer would normally provide some sort of indication of other goods of interest that would be considered for exchange. The bid on a barter auction can include other items they want to trade, cash, or any combination of these. At the close of the auction, the auctioneer can pick which offer to accept.
• Bidders Choice – A method of sale whereby the successful high bidder wins the right to choose a property or properties from a grouping of similar or like-kind properties. After the high bidder’s selection, the property is deleted from the group, and the second round of bidding commences, with the high bidder in round two choosing a property, which is then deleted from the group and so on, until all properties are sold.
• Blind or Sealed Auction – Please see “Sealed Bid” definition.
• Dutch or Multiple Auction – A dutch or multiple item auction is extremely common on business related sites. It is normally used when an auctioneer wants to offer multiple items for sale but does not need to sell them as a single lot to a single bidder. This means that the auctioneer is willing to sell one or more items to any all all successful bidders using a single multiple item auction. The bidder has the choice to bid on as few as one item or as many as the total number of items offered. The bidding process works very similarly to a standard auction in that bidders will drive the price up as they compete with one another. The winning bidders will be the highest bidders in the list that can be fulfilled with the quantity of items being auctioned. For example, if a dutch or multiple item auction has 16 items up for bid and at least six bidders want three items each, then only the five highest bidders will get all three of the items that they wanted. The sixth bidder will only be able to get one item. Any subsequent bidders will not receive any items.
• Fixed Price Auction – A fixed price auction allows the auctioneer to sell an item at a predetermined price to the first bidder that places a bid. As soon as a successful bid is placed, the auction is closed and the bidder wins the item.
• Internet or On-Line Auction – An auction conducted solely over the internet where bidders use their computers to competitively bid.
• Minimum Bid Auction – An auction in which the auctioneer will accept bids at or above a disclosed price.
• On-Site Auction – An auction conducted on the premises of the property being sold.
• Reserve Auction – A reserve auction is where the best and highest bid will be submitted to the seller. The seller then has the right to either accept or refuse a proposed bid.
• RFQ Auction – A RFQ or Request for Quotation auction would typically be issued by an individual or organization looking for a product or service that they will describe in the RFQ’s detail information. Then, any persons or organizations that are interested in providing the product or service to the auctioneer can submit their bid for the products or services outlined in the RFQ. Their bid may typically include additional descriptions or features of their products and services in regards to the RFQ, as well as any other limiting terms of their bid submission. At the close of the auction, the auctioneer can choose which, if any, bid that he/she wants to accept.
• Sealed Bid – A method of sale utilized where confidential bids are submitted to be opened at a predetermined place and time. This type is not a true auction in that is does not allow for reaction from the completive market place.
• Standard Auction – A standard auction is the most popular type of auction and probably the type that most users are accustomed to with online auctions. This is where the auctioneer set the starting bid amount and the bidder drive the price up as they compete to outbid one another. The highest bidder at the close of the auction is the winner of the auction.

• Absentee Bid – An absentee bid is a service provided to customers unable to personally attend the auction but wish to bid on one or more auction items. Prior registration is usually required prior to the auction start time.
• Absentee Bidder – A procedure which allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or representative.
• Agent – A person whom acts for or in the place of another individual or entity by authority from them.
• All For One Money – The bid amount is the total paid for all items in one lot or a group of lots.
• Appraisal – The act or process of estimating value.
• As Is – The term “as is” refers to the cosmetic and mechanical working condition. Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise, known as “As I, Where Is” and “In its Present Condition”.
• Auction Block – The podium or raised platform where the auctioneer stands while conducting the auction. Placing an item on the auction block also refers to putting an item up for auction.
• Auction Listing Agreement – A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement and the rights and responsibilities of each party.
• Auction/Bidding Time Extension – A bidding time extension is defined as a method for automatically extending a bidding period in which a bidding closing time is predetermined, a bidding period is automatically extended depending on the bidding situation at the bidding closing time.
• Auction Value – The price which a particular property brings in open competitive bidding at public auction.
• Back-Up Bidder – The next to the last highest bidder.
• Bank Letter of Credit or Letter of Guarantee – A letter from a bank certifying that a named person is worthy of a given level of credit.
• Bid – A prospective buyer’s indication or offer of a price he/she will pay to purchase property at auction.
• Bid Rigging – The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value.
• Breach of Contract - A breach of contract is a failure to comply with one or more of the terms & conditions of a contract.
• Buyer’s Premium – A buyer’s premium is the amount of money that is added to the bid price. This amount is usually a percentage of the winning bid price and determines the final purchase price.
• Catalog or Brochure – Publication advertising and describing the property available for sale at public auction, often including photographs, property descriptions, and the terms and conditions of the sale.
• Caveat Emptor – A Latin term meaning “let the buyer beware.” A legal maxim stating that the buyer takes the risk regarding quality or condition of the property purchased, unless protected by warranty.
• Collusion – The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value or when the auctioneer accepts a fictitious bid on behalf of the seller so as to manipulate or inflate the price of the property.
• Conditions of Sale – The legal terms that govern the conduct of an auction, including acceptable methods of payment, terms, buyer’s premiums, possession, reserves and any other limiting factors of an auction. Usually included in published advertisements, registration process or announced by the auctioneer prior to the start of the auction.
• Contract – A contract must contain the following to exist: offer, acceptance, and consideration. An offer is a written or spoken statement by a party of his or her intention to be held to a commitment. There are two ways a person can accept an offer: by promising to do something, or by performing the desired act. Consideration is a legal concept that describes something of value given in exchange for a performance or a promise of performance.
• Desk Top Opinion – A desktop opinion is a professional opinion of an appropriately defined value, expressed in terms of currency to be realized by the sale of assets. A desktop opinion in not recommended for use in credit decisions. It is used as a tool to determine the need for an appraisal or the scope of an appraisal.
• Due Diligence – The process of gathering information about the condition and legal status of assets being sold.
• Market Value – The highest price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeable and assuming the price is not affected by undue stimulus.
• Minimum Opening Bid – The lowest acceptable amount at which the bidding must commence.
• Opening Bid – An opening bid is the lowest acceptable amount at which the bidding may commence. This amount may or may not be the same amount as a reserve amount.
• Preview or Inspection Period – The specified date and time property is available for prospective buyer’s physical viewing and inspection.
• Proxy Bid - A bid entered for an auction that is usually, but not always, a fair amount higher than the current bid. If others bid against it, automatic bidding, if selected, will bid for you, always keeping your current bid at the lowest amount necessary until somebody overtakes you.
• Reserve Price – The minimum price that a seller is willing to accept for a property to be sold at auction.
• Subject to Confirmation – See “Reserve Auction” under Auction Types.
• Terms and Conditions – The rules of the auction and certain aspects of the Purchase and Sale Agreement that are read and/or distributed to potential bidders prior to an auction sale.
• Times the Money – The bid amount multiplied by the number of items being offered.
• Withdrawal or Pass – The failure to reach the reserve price or insufficient bidding.