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FAQ
How It Works
How does the bidding work in an example auction?
- Bidder A starts the bidding by entering a maximum bid amount of $23,000. The IronPlanet auction system bids $20,000 on Bidder A's behalf, which is the minimum amount required to put Bidder A in the lead.
- Bidder B enters a maximum bid of $20,500 in an attempt to take the lead. However, since Bidder A has a higher maximum amount, our auction system responds with a bid of $21,000 to maintain Bidder A's lead.
- Bidder C then joins the bidding with a maximum bid of $28,000. Our auction system first tries to bid on behalf of Bidder A at his maximum amount of $23,000. But, since Bidder C's maximum amount is higher, the system cannot keep Bidder A in the lead. The auction system then places a bid on behalf of Bidder C for $23,500, which is the minimum amount required to make Bidder C the high bidder.
- Bidder A then attempts to reclaim the lead with a maximum bid of $25,000. But, since Bidder C's maximum amount is higher, our system responds to keep Bidder C in the lead with a bid of $25,500.
- No more bids are submitted to this auction, so Bidder C wins the auction at $25,500, even though his maximum bid amount was $28,000.
Why does the bid jump so quickly sometimes?
Why did I immediately get outbid after placing a bid?
Can I increase my maximum bid amount?
Is it possible to bid against myself?
Can I retract, cancel or decrease a bid?
Do I have to bid in whole increments?
For example: Let's say you're bidding on a grader being auctioned, where the current highest bid is $60,000 and the bid increment is $1,000. You can successfully place a bid for $61,000, $62,000, $63,000, etc., but our auction system will NOT accept a bid of $61,500, $62,001, or any other amount which is NOT a whole increment of $1,000.
What happens if two maximum bids tie?
For example: Let's say you're bidding on a wheel loader, and you set a maximum bid amount of $60,000 and take the lead with a current highest bid of $57,000. If another bidder later enters $60,000 as his maximum bid amount, the auction system will bid on your behalf and keep you in the lead at $60,000.
What are PriorityBids and why is it smart to use them?
PriorityBidSM is our system for placing bids during the preview period of an auction. A significant amount of all bidding in our auctions occurs with PriorityBids; more than 70% of items typically have bids on them before auction day. Because they are placed during preview, PriorityBids have a delayed effect on the price of an item: the price does not change until the auction opens. There are several advantages of using PriorityBids:
- You do not have to be at your computer on auction day. When you place a PriorityBid, you specify the maximum you are willing to pay for an item. You will be told immediately if yours is the highest bid placed so far, but you will not know how much of your bid amount remains to protect you from later bidders. Your bid amount is confidential and our auction software will keep you in the lead against competitive bids through the preview and on auction day or until your maximum amount is exceeded. If you get outbid by another PriorityBid, an automatic email will immediately be sent to you.
- You can win the item for less than your maximum amount. In our style of auctions, the price the winner pays is determined by the price the runner-up was willing to pay. The final price is never more than one bid increment greater than the next-highest bid. So, if you have little competition, you can win an item for less than your maximum amount. We recommend you determine your "no regrets" price—the price at which, if someone else were to win, you would not regret the outcome—and then bid one increment below that.
- Bidding early helps ensure that you are the winner. When competing PriorityBids are placed for the same amount, the earliest bid takes precedence (it has Priority at that price), so submitting your bid early gives you an advantage. You can place a PriorityBid online any time day or night, or by fax during our Customer Care hours.
- Freedom to keep an eye out for other bargains. PriorityBids give you the freedom to browse and track other items on auction day without worrying about your "must-have" items. Our system acts as your assistant, constantly monitoring your PriorityBids and keeping you in the lead until the price goes beyond your designated maximum bid amount.
As auction day approaches, you can check the status of your PriorityBids in the Buying List of My Account. Make sure your email address and notification settings are correct in My Account Profile so that you can receive outbid notification emails. Before even being outbid, you can increase the maximum on any of your PriorityBids by placing a new PriorityBid on the same item for your new maximum amount (don't worry, you can not outbid yourself). Like all bids, PriorityBids are binding and can not be retracted nor reduced.
Take a guided audio/visual tour: How to Bid | Click here to: Place a PriorityBid in the current auction |
How can I tell if I'm winning an auction?
Remember that in response to other bids, IronPlanet's auction system will automatically increase your bid in the smallest increment possible (up to your maximum amount) to maintain your position as high bidder. At the end of the auction, the high bidder pays only the lowest possible winning bid; you could win an auction at a price less than your maximum bid amount.
Do I need to bid on my computer?
Can I place a bid in a foreign currency?
Do any items in the Featured Auctions have a reserve?
A Reserve Price is a hidden minimum price that the seller is willing to accept for an item. In a Reserve Price auction, the seller is only obligated to sell the item once the bid amount meets or exceeds the Reserve Price. A seller can lower, but cannot raise, the Reserve Price.
All Reserve Price auctions are clearly noted with a message next to the current or opening price. This message will either say "Reserve not met" or "Reserve met". As in all IronPlanet auctions, all bids are binding, but an item will only sell to the highest bidder if the Reserve Price has been met. If the Reserve Price is not met, a seller will have the option of extending a Second Chance Offer to the highest bidder, which gives the highest bidder an option to purchase the unit at a price equal to his or her maximum bid amount.
When bidding in a Reserve Price auction, you should bid as you would in any IronPlanet auction, by entering the maximum amount you're willing to pay for an item. Our auction system will automatically bid on your behalf in the smallest increment possible to keep you in the lead, up to your maximum amount. The only exception is that if your maximum bid is the first to meet or exceed the Reserve Price, our auction system will initially enter your bid in the smallest increment possible so that your bid meets the Reserve Price.
What is a Second Chance Offer?
Where can I review the bid history?
How to Buy
Do I have to bid from my computer?
Whether the auction is online or onsite, bids can be placed online so buyers from around the world can participate.Once payment is confirmed, our integrated transportation partner VeriTread will help buyers transport items from your location or the auction site.
Can I inspect the equipment myself?
Our independent inspections provide detailed in-depth reports on the condition of the equipment. This is backed up by our IronClad Assurance which lets you bid with confidence, even without needing to see the equipment yourself.
View Daily Marketplace
Who can answer questions on the equipment?
In some instances, retailers must collect use tax, rather than sales tax. A common example of a purchase subject to the use tax is a purchase of an item for use in California from an out-of-state retailer. The tax rate for sales and use taxes are generally the same.
More info on Sales Tax
More info on Sales Tax in California
International exports
Will the seller help load equipment into a container?
Will the seller dismantle equipment for shipment?
How do I get dimensions and/or specifications for my equipment?
How do I contact the seller to arrange pickup?
How much time do I have to pickup my equipment from the seller's location?
Buyer's Terms and Conditions
How do I participate in your auction?
Buyer Qualification Form - International Español | Français
Do you ship equipment overseas?
Will there be any other charges once we are the successful bidder?
Additionally, you will be responsible for the full cost of transportation payable directly to the company you hire to transport the equipment.
How long do we have to pay for the equipment?
Any items not paid within terms will be considered in default and the buyer will be subject to a "Default Penalty" equal to any deficit that may occur when the item is resold plus a 14% commission on the resale price with a minimum fee of $2,000. This fee will be applied separately to each individual unit on which the winning bidder defaults. Please ensure your financing is arranged prior to bidding to ensure that the full payment will be received on time and to avoid any Default Penalties.
I'm exporting the equipment; do I have to pay sales tax?
**NOTE – You will be charged taxes (VAT) for items located in Mexico and titled vehicles located in Florida. Once proper documentation is provided IronPlanet will issue a refund.
Will I pay sales tax if I buy a titled vehicle in Florida?
**NOTE – You will be charged taxes (VAT) for items located in Mexico and titled vehicles located in Florida. Once proper documentation is provided IronPlanet will issue a refund.
I paid sales tax and I shouldn't have?
When submitting a request for a tax refund, please provide your Bank wiring instructions including:
- Bank Name
- Bank Address
- Name on Bank Account
- Swift Code
- Account Number
- ABA or Routing Number
Will I be required to fill out any documents for the export of the equipment?
What is required to export an item from Canada?
What is required to import an item from the US into Canada?
Tax-free exchanges (1031)-B
What are the advantages of a Tax Free exchange?
What are the requirements for a Tax Free exchange?
What is IronPlanet's role in a Tax Free exchange?
What is a qualified intermediary?
Can I still use a Tax Free exchange if I purchase the replacement piece first?
When Do I Need To Start The Process?
What are the costs of this service?
Payment & Transfer
If I don't receive my title within 15 business days of the auction, what should I do?
Does IronPlanet provide full vehicle registration services?
What will it cost to have my vehicle registration completed through IronPlanet?
Can I register my vehicle with the Florida DMV myself?
If I buy my vehicle in Florida what is the process IronPlanet will follow to register my vehicle?
How long will it take before I receive my registration card and /or title from the DMV?
How long can I drive using the Temporary Operating Permit?
Does IronPlanet guarantee current (not expired) vehicle registration?
Does IronPlanet provide a Manufacturer's Statement of Origin (MSO) along with my Used Equipment?
I am exporting\importing my vehicle. How should I handle the process?
What is a PriorityBid?
What is a PriorityBid and why is it smart to use them?
PriorityBidSM is our system for placing bids during the preview period of an auction. A significant amount of all bidding in our auctions occurs with PriorityBids; more than 70% of items typically have bids on them before auction day. Because they are placed during preview, PriorityBids have a delayed effect on the price of an item: the price does not change until the auction opens. There are several advantages of using PriorityBids:
- You do not have to be at your computer on auction day. When you place a PriorityBid, you specify the maximum you are willing to pay for an item. You will be told immediately if yours is the highest bid placed so far, but you will not know how much of your bid amount remains to protect you from later bidders. Your bid amount is confidential and our auction software will keep you in the lead against competitive bids through the preview and on auction day or until your maximum amount is exceeded. If you get outbid by another PriorityBid, an automatic email will immediately be sent to you.
- You can win the item for less than your maximum amount. In our style of auctions, the price the winner pays is determined by the price the runner-up was willing to pay. The final price is never more than one bid increment greater than the next-highest bid. So, if you have little competition, you can win an item for less than your maximum amount. We recommend you determine your "no regrets" price—the price at which, if someone else were to win, you would not regret the outcome—and then bid one increment below that.
- Bidding early helps ensure that you are the winner. When competing PriorityBids are placed for the same amount, the earliest bid takes precedence (it has Priority at that price), so submitting your bid early gives you an advantage. You can place a PriorityBid online any time day or night, or by fax during our Customer Care hours.
- Freedom to keep an eye out for other bargains. PriorityBids give you the freedom to browse and track other items on auction day without worrying about your "must-have" items. Our system acts as your assistant, constantly monitoring your PriorityBids and keeping you in the lead until the price goes beyond your designated maximum bid amount.
As auction day approaches, you can check the status of your PriorityBids in the Buying List of My Account. Make sure your email address and notification settings are correct in My Account Profile so that you can receive outbid notification emails. Before even being outbid, you can increase the maximum on any of your PriorityBids by placing a new PriorityBid on the same item for your new maximum amount (don't worry, you can not outbid yourself). Like all bids, PriorityBids are binding and can not be retracted nor reduced.
Click here to: Place a PriorityBid in the current auction |
Sales & use tax
What purchases are subject to sales or use tax?
Are sales and use tax rates and regulations the same between and among the different states?
Do all states levy sales and/or use tax?
Will I pay sales tax if I buy a titled vehicle in Florida?
**NOTE – You will be charged taxes (VAT) for items located in Mexico and titled vehicles located in Florida. Once proper documentation is provided IronPlanet will issue a refund.
When can I claim a valid Exemption from sales and/or use tax?
- You are a reseller of like-kind equipment as the equipment you just bought; and
- You have a valid Seller Permit (or its equivalent) from your state; and
- You have completed the Exemption or Resale Certificate for your state and submitted it to IronPlanet; and
- You have submitted a Bill of Lading from a common carrier for shipment of your purchase.
Why are Resale Certificates required?
What information must a Resale Certificate include?
- The name and address of the purchaser.
- The number of the Reseller's Permit held by the purchaser (see Note below).
- A description (including serial number or VIN) of the specific property being purchased.
- A statement that the described property is being purchased for resale.
- The certificate must contain words that state the property will be resold or is for resale. The use of words such as "nontaxable" or "exempt" or similar terms is not acceptable.
- Signature of the purchaser or someone approved to act on his or her behalf.
- Date certificate was signed.
What if I do not hold a Seller's Permit?
Some states, such as California, require a Seller's Permit; buyers from such states must always supply a Seller's Permit number on their Resale Certificates.
What are my responsibilities as a buyer using a Resale Certificate?
I have a Seller's Permit, but where do I find a Resale Certificate?
What if I do not use a Common Carrier?
Are there any penalties for the illegal use of a Resale Certificate?
- Liability for the amount of tax due had the certificate not been used; and
- Liability for Interest payments on the tax due; and
- Penalties imposed by your state for intent to fraud or intent to evade tax; and
- Possible cancellation of your Seller's Permit.
Sales & use tax in California
Where should I fax the Bill of Lading to insure I receive my refund of the tax?
I am a California reseller. Must I pay sales tax for equipment purchased in another state?
How LiveStream Works
Do I need to bid on my computer?
b. You can bid online or on-site where the auction is being hosted.
c. IronPlanet LiveStream is used by auctions all around the country, giving buyers the opportunity to test drive the equipment or inspect it on their own.
d. To bid on-site, visit the registration table on the auction site and get a bidder number for that sale.ere
How do I bid online during a IronPlanet LiveStream auction?
b. Access the auction on auction day by following the banners on www.ironplanet.com and log in to be taken to the bidding console.
c. If you’ve been approved to bid, simply click the bid button to place your bid. The amount showing on the button will immediately be submitted as a binding bid to the auctioneer via the on-site clerk.
d. The clerk will represent the first received online bid to the auctioneer.
How can I tell if I’m winning and what if I bid against myself?
b. This is also the case if you have placed a pre-bid. The bid button will disable in the bidding console if your pre-bid is in the lead.
c. Conversely, if you are not the leading bidder, a message will indicate you are out. The bid button will be active with the current ask.
d. When you win a lot, you will see a confirmation screen indicating the lot description and the hammer price.
Can I prevent accidental bids?
b. The second most common reason is when a bid is placed after the auctioneer calls “Sold”. Once the auctioneer says sold, the item is closed.
Can I place a PriorityBid as I can in the Feature Auctions?
Can I increase my PriorityBid?
Can I decrease or delete my PiorityBid?
Do I have to bid in whole increments?
b. However, it is best to bid at round dollar amounts in order to improve the chances of your pre-bid being accepted.
c. Example: As a general rule, the auctioneer will not take a bids at less than $2,500 increments when the bidding reaches $100,000. Therefore a pre-bid of $101,000 will not be accepted.
d. Example: An $11,000 bid is more likely to be accepted than a $10,500 bid, unless the auctioneer cuts the bid increment at that time.
e. The best rule of thumb is to place a pre-bid for the maximum of what you would bid if you were physically at the auction and in round numbers. The auctioneer will only place a bid on your behalf at the then current increment.
What happens if two bids or PriorityBids tie?
b. During Live auctions, an online and onsite bid may be placed at the same time. It is the responsibility of the Auctioneer to determine which bid to accept based on their best judgement.
For more information about bidding online during a Live auction, see this page:
Checkout
What kind of information should I have available during the Checkout Process?
- Your sales tax exemption certificate, if you believe you are exempt from sales tax.
- Buyers exporting equipment will also be asked to declare their US port of export.
If your resale certificate is already on file for your equipment destination state, your resale exemption number will pop-up automatically during Checkout. If your resale certificate is not on file, you will need to provide a copy of your resale certificate using the bar-coded fax form provided for your convenience. You can print this fax form during Checkout and from the Post Sale page. More information can be found here.
How long will it take for me to complete the Checkout process?
When will I be able to see and print my Invoice?
What if I cannot get through the Checkout process successfully?
Can I Checkout multiple pieces of equipment at the same time?
Once I have completed Checkout, can I make changes to my delivery address or tax exemption status?
What happens if I fail to checkout during the three (3) business days following the auction?
When can I request shipping quotations from IronPlanet's Transportation Partners?
I haven't decided what the delivery address will be. I'm considering more than one address.
Why do I have to provide a Bill of Lading?
Why do I have to pay sales tax? This is an internet purchase and it's going to a different State.
How to Sell
However, for items in our weekly Featured Auctions we use our unique algorithm to set an opening bid at a level that will be appealing to bidders yet giving you the highest sale price possible. Read More about Daily Marketplace
Equipment Appraisals
How long does it take for IronPlanet to complete an appraisal?
- Fair Market Value (FMV) - Defined as the amount expressed in terms of money that may reasonably be expected for property in an exchange between a willing buyer and a willing seller, with equity to both, neither under any compulsion to buy or sell and both fully aware of all the relevant facts, as of a specific date.
- Orderly Liquidation Value (OLV) - Defined as the estimated gross amount expressed in terms of money which could be typically realized from a sale, given a reasonable period of time to find a purchaser(s), with the seller being compelled to sell on an as-is where is basis, as of a specific date.
- Forced Liquidation Value (FLV) - Defined as the estimated gross amount expressed in terms of money which could be typically realized from a properly advertised and conducted public sale, with the seller being compelled to sell with a sense of immediacy on an as-is where-is basis, as of a specific date.
Tax free exchanges (1031)
Can I still use a Tax Free exchange if I purchase the replacement piece first?
When Do I Need To Start The Process?
Seller Fees
Can I get a better deal on selling a lot of equipment?