Auction;  To sell surplus tangible goods or real property to the highest bidder .The Auction has a start time for accepting bids.  Surplus Auctions have two different formats :
     1.  Surplus auction "Sealed Bid " format:
          A sealed bid surplus auction format has a definite close time. Only sealed bids received before bid close time and date are considered in determining the surplus auction winner. After the surplus auction deadline bids are opened. The surplus auction bids are reviewed. The highest qualified* bid is the winner of the surplus auction.    
The sealed bid format of surplus auctions is used by Government surplus liquidation,   Contractors salvage and surplus inventory sales. The sealed bid surplus auction has a definite deadline. If you want to bid on an surplus lot in a sealed bid surplus auction make sure you submit your bid prior to the bid deadline. Most of the sealed bid surplus auctions allow maximum bid option. You put the maximum you want to pay for a surplus lot of merchandise. If you are the highest bidder you win. The amount you have to pay depends on the second highest bid in the sealed bid auction. You only have to pay the next bidding unit above the second highest bid... If you bid 4000 dollars max. bid in the sealed bid auction. The next highest bid was 2,800 .you would pay only 2,900 not 4000.
 
 
2. Surplus auction " Open Bid " format:
          The Open Bid surplus auction format (live auction) has no set bid deadline.  The open bid surplus auction has a start time. An online surplus open bid auction may have an estimated bid deadline. The surplus auction will continue past the auction end time if someone makes a higher bid within a few minutes of the last bid. Open bid surplus auctions end when their is no bid advancement. The highest qualified bidder is the winner of the open bid auction.
  The open bid surplus auction format is used at most online auction websites. EBay. COM and Liquidation. COM are examples of the open bid surplus auction format.
 Auction company with a live auctioneer are a type of auction that most people think about or associate "Live Auction"
 
 Qualified Bidder (surplus auction) Some types of surplus auctions require you have a business license and a resale permit. This type of surplus auction sale is for qualified bidders whose business is retail , B2B or wholesale trade.
 Related Topics:
Liquidation
Military surplus
Home