Early adopters of the online auction space, Aucor has, since 2012, explored and evolved its systems to give clients seated behind a computer or, indeed, a mobile phone, the opportunity to enjoy the full auction bidding experience.
Currently hosted by one of the largest online auction service providers in the world, both Aucor’s web- and app-based platforms are bursting with potential deals awaiting an astute bid.
Broadly available, convenient and arguably less intimidating than an actual live auction floor, there remain crucial intricacies even within the online auction space that newcomers should familiarise themselves with.
Firstly, let’s examine the terminology:
Catalogue – A list of the items scheduled to be auctioned. In the case of southern Africa’s largest auction house, this could include anything from a toaster to heavy-duty mining equipment. In terms of motor vehicles, for example, a detailed description of the item – including model year, mileage and specification – will be listed. Aucor also prides itself in providing a condition report with as much detail as possible for each vehicle.
Lot – Once you access either the live.aucor.com web page or AucorLive App, you will find a list of forthcoming auctions listed. Operating from various centres around the country, each auction consists of any number of lots (or items) scheduled to be sold to the highest bidder.
Bid – An amount of money placed on a lot by a prospective buyer. This can be incremental with a view to steadily try to outbid another interested party or, as offered via Aucor’s online platforms, can take the form of a maximum bid that remains unannounced unless it is matched or bettered during either a timed or live auction. In this case, the owner of the surpassed bid is notified so as to afford them the opportunity to counter the bid.
Timed auction – Available via both the app and web page, Aucor’s timed auctions allow registered bidders the opportunity to place either an incremental or a maximum bid on an item before a scheduled cut-off time. The highest bid submitted at the stipulated time that the auction ends – and subject to the unpublished reserve price being met – wins the item in question.
Reserve – A predetermined minimum acceptable price placed on a lot.
Sniping – Designed to prevent a bidder from coming in with only moments of a timed auction remaining in an attempt to gain an unfair advantage (dubbed sniping), Aucor’s online system is programmed to extend the auction in question by an additional three minutes, in order to allow those still participating an opportunity to counterbid.
Live auction with webcast – Designed to closely replicate the traditional auction experience, a live auction is overseen by a trained auctioneer who manages and announces each item before relaying first an opening bid and then any subsequent offers to the virtual floor. Bidders can choose to either listen only or watch proceedings via a series of web camera feeds.
Pre-live bidding – This function affords registered customers the opportunity to place a bid on a lot up to 24-hours prior to the auction going live. Once active, the auctioneer is alerted to this particular bid once it comes into play. A push notification and/or email is sent to the owner of this bid should it be bettered, allowing for either a counterbid or submission.
Subject to Confirmation – A lot is won subject to confirmation (STC) should the seller be required to approve the maximum bid.
Gavel – The auctioneer’s hammer. Assuming the reserve price is matched by a standing bid and no other offers are placed before the virtual floor, the auctioneer announces an outright sale via a strike of the gavel.
Reserve – A predetermined minimum acceptable price placed on a lot.
Passed – Should the maximum bid not match the predetermined (yet unpublished) reserve price, the item in question is passed as unsold.
In Part 2 of this beginner’s guide to online auctions we’ll explore the process of becoming a registered online bidder with Aucor, southern Africa’s largest auction house.
A motoring journalist with more than 20 years experience, Ian McLaren will be compiling a series are articles documenting his learning curve when it comes to all things auction. Find him on Twitter, Instagram and TikTok at @IanMcLaren76.
These articles aim to offer insights only and in no way encourage reckless or hit-and-miss purchasing decisions.