Thinking about diving into the world of online auctions for the first time? Whether you’re a business looking to buy surplus equipment or an individual hunting for a great deal, online auctions can be a fantastic way to secure quality assets – if you know what to expect.
At JPS, we host online auctions across a wide range of industries – from plant and machinery to IT equipment and beyond. We aim to make the process as smooth and transparent as possible, especially for those who are new to auctions. Here’s a quick guide to help you get started with confidence.
Budgeting for Online Auction Fees
First and foremost, it’s important to be aware of the fees involved in online auctions. In addition to your winning bid, you’ll need to factor in two additional charges: 20% VAT and an 18% Buyers Premium (unless stated otherwise). These are added on top of the final bid amount. We always recommend setting a clear budget beforehand, keeping these fees in mind.
Read Before You Bid
Next, take time to read item descriptions thoroughly. Each listing contains key information, such as whether the item is collection only and where the collection point is located. These details can vary between lots. Understanding them upfront will help you to avoid unexpected challenges after the auction ends.
Getting Started is Simple
To place a bid on one of our online auctions, you’ll need to sign in or create an account on Bidspotter or iBidder. Once you have registered for the auction you are interested in and have been approved, you can start bidding right away. The process is quick, and you’ll be ready to take part in no time.
Why the Timer Keeps Ticking
One thing that often confuses new bidders is why the auction timer sometimes increases near the end. That’s because every new bid placed on a lot adds a 5 minute time extension. This ensures all participants have a fair chance to respond. Eliminating last-second bids encourages open competition until the true end of the auction.
Won the Bid? What’s Next
If you are the winning bidder, you’ll receive an auction invoice email with everything you need. This includes payment details and deadline, collection information and instructions for booking your collection slot. We aim to make the post-auction process just as smooth as the bidding itself.
If you’d like to stay up to date with our latest auctions and never miss a deal, we invite you to sign up for our mailing list at www.notifyme.auction . You’ll get notified about upcoming auctions and lots that are ending soon. You can also view our current auction on the LIVE AUCTIONS page or visit www.auctions.JPSsurveyors.co.uk and follow our social platforms for the latest auction news, insights, sales and updates.
At JPS, we’re here to help every step of the way. Whether it’s your first auction or your fiftieth, we’re proud to be your trusted partner in the buying and selling process.