The terms used in the world of auction houses are not always clear to everyone interested in attending our heavy equipment and construction auctions. We would, therefore, like to explain some frequently used terms that will assist you to become a master of any auction so as not to feel lost at our upcoming truck and earthmoving equipment auctions. We have a list of frequently asked questions for first time buyers to look over before attending, although you are always welcome to contact us with any queries or ask our specialists for assistance on the auction day.
Buyer’s premium – The buyer’s premium refers to the amount which is added to the hammer/winning bid price which then determines the total price of the asset.
Conditions of sale – The conditions of sale is the terms of which the assets at the construction and heavy equipment auctions will be sold. This includes the payment regulations, the purchase terms, as well as additional important matters with regards to the relationship between the purchaser and NUco Auctioneers.
Fall of the hammer – This refers to the completion of the sale, the announcement of the winning bid, when announced by the auctioneer. It refers to a “hammer” due to the symbolic use of a gavel throughout auction history.
Lien – A lien, specific to our case, refers to assets which are kept in our possession and can only be released once the total payment is received and all other regulations are adhered to.
Lot – At our heavy equipment auctions, a lot will refer to an individual item or group of items that are being auctioned as a single unit. The lots at our auctions can refer to a truck, a tractor, or any other heavy equipment we may have on offer.
Lot number – A lot number simply refers to the number which is assigned to a lot at an auction, this assists with administration and organisation.
Telephone bid – This is the option which is offered at our earthmoving, construction, and heavy equipment auctions whereby bids can be placed over the phone by clients once they have registered. This provides a convenient alternative for people who are unable to attend the auction in person.
Voetstoots – This is a term that refers to the assets being bought “as it stands”, therefore there are no guarantees given on the state of the lots. Pre-inspection and evaluation gives buyers the opportunity to personally assess the lots before bidding.
Should you have more queries, or you are still unsure of something, please do not hesitate to contact us for further elaboration or have a read through our conditions of sale. We hope that you have become more clued up on the auction process through the definitions of some of the terms used, don’t forget to check out our upcoming construction and earthmoving auctions to start bidding!