How Bidding Works?
There are following definitions to Better understand the concept of Bidding on Machinery State.
Auction: It is a public sale in which item, equipment or machinery is sold to the highest bidder.
Bid: It is an offer of price, especially at an auction.
Bidder: The person who participates in an Auction and Place a bid on it.
Starting Bid: It is opening bids. A bidder allowed bidding in an auction.
Current Bid: A current bid price is the highest price that a buyer (i.e., bidder) is willing to pay for item, equipment or machinery.
Proxy Bid: A proxy bid allows you submit highest and best offer in an auction. Your proxy bid amount is confidential (only you can see).Our system will notify, you are highest bidder or out of bid.
Bid Increment: Bid Increment is minimum amount an auction bid must be raised each time the current highest bid is surpassed. A bid increment is the amount between the current bid and the next bid. The bid increment is determined by the value of most recent bid. See below
On Approval Time: Seller has reserve the right to approve and deny with the sale status of highest bid or minimum bid. Seller has one business day, after end of auction to:
- Accept your bid
- Counter with a higher bidder/minimum bid
- Reject your bid.
Tip: if you are the high bidder/minimum bidder on an auction with a sale status that's either on highest bid, minimum bid or on Approval you must wait for the seller to accept, counter, or reject your high bid.
Note: The high bidder is obligated to purchase the item, equipment or machinery .if released by the seller within the approval period (mention approve period).
Preliminary Bidding: When seller listing an item, equipment or machinery on Machinery state website for selling then Machinery State members/Users can place preliminary bidding or pre-bid at any time until sale date/event will last.
Live Auction: You can bid at the auction over the internet in real-time while experiencing the atmosphere. Live auctions move very quickly and typically have a length of only few minutes. You may join a Live Auction, click “Live Auction” button, located at right panel in auction home page or by clicking on trigger moving below on top menu.
Place Bid from your computer by selecting from one of the automatic increment option or choosing your own bid amount. Compete against other members/users to become the high bidder, and if your bid is the highest when the circular, dynamic countdown timer stops, you win the sale of the item, equipment or machinery.
Round: On Live Auction, there are two rounds play for your bidding item, equipment or machinery.
Bonus Time: Most bidding place during the final minutes of an auction. Our system is designed, when you place a bid on Live auction round two in last 10 second then Bonus time will be start. This allows all bidders a sufficient amount of time to continue bidding. This bonus time will be full and final.
Watch list: To track the bidding activity of certain item, equipment or machinery, use the Watch List feature. Useful for Buyers and Sellers alike, it puts item, equipment or machinery from different categories into one place (Requires an account).
To add an item, equipment or machinery to your “watch list”, just click the "Add to Watch List" link/button on each item, equipment or machinery. Manage your Watch List from your account page after you sign-in.
Tip: Any number of items may be stored in your list from any number of events.
Alert System: Our system is designed, when you place a bid or Proxy bid then system will let you know you are highest bidder or out of bid at every second.
Email Alert: Our system will notify automatically before live event start to every Bidder who takes part in bidding by email that Live Auction is being start.
Buy Events ( For Sellers)
For Every sellers who want to sell their item, equipment or machinery in an auction. They will purchase event for posting/ listing item, equipment or machinery on Machinery State auction site. Machinery State allows following events / Item to our sellers who participate in an auction.
Note: Machinery State allows three upcoming events and one item/ product for list in an auction.
- If seller List/post one item in one event; there are two remaining events for list/post item in an auction. If item does not sell in first choose event, he can move it MANUALLY to next upcoming event for selling after completion of first event.
- If item/product does not sell in three events, seller can relist it after buying new Events.
Deposit & Bidding Limits ( For Buyers)
Machinery state provides bidding limits to place a bid on item for our buyers. Machinery state introduced two types of Bidders who place a bid on item or equipment in an auction.
- Bidders who submit security deposit fee are called ''Prime Bidders''.
- Bidders who buy items to place a bid on them are called "Silver Bidders".
Prime Bidder (Submit Security deposit & No bidding Fee apply): Machinery State collects a security deposit from our Prime bidders in advanced. You must submit and maintain a "Security Deposit" according to bid limits at all the times to keep your Prime member account active. Your initial Security Deposit is required before you are able to bid on any item, equipment or machinery. If a buyer refuses to purchase an item, equipment or machinery that is won at auction results Machinery State confiscate the security deposit which helps to cover fees and can cancel all remaining biding limits
Note: if a Prime bidder refuses to purchase an item, equipment or machinery that is won at auction results then Prime bidder's security deposit fee will not be return.
Prime Bidder/Buyer’s Bidding Limits:
Note: Machinery State allows to our Prime bidders/buyers for participating in bidding by providing one thousand number of item/product to place a bid on it with paying advance security amount five hundred USD dollars. In this case, machinery state does not deduct amount per item/product.
- Example: Prime Bidder/Buyer submits advance security deposit is $500 and can place a bid on one thousand items/products.
- Advance Security deposit/ remaining balance is 100 % returnable. ( all transaction fees will apply).
Silver Bidder (No security deposit & bidding fee apply):
Machinery state provides the facility to those bidders/buyers who do not want to pay security deposit fee in advance and place a bid on item or equipment.
Buyer’s Bidding Limits:
Note: Buy number of item/Product to place a bid on it. Machinery state deducts two USD dollars per item/product from it.
- Example: Bidder/buyer purchase three numbers of item/products and he can place a bid on three item/products.
- If bidder/buyers place a bid on two item/product, their remaining one bidding items/products.
- If a buyer does not take part in bidding on remaining item, he can request remaining balance. All remaining balance is 100% returnable. (All transaction fees will apply.)
All auction purchase payment of item,equipment or machinery will be made through Machinery State platform. Machinery State offers you multiple ways to pay for your purchases.
- Wire Transfer: See below Wire Transfer payment information.
- MS Scratch Card:
- From my MS Account: Machinery State provides facility to our users to credit amount in your Machinery State account in advance and use it for immediately you need.
Wire Transfer Payment Information:
Make a payment by wire transfer to one of the following accounts. By sending your payments through wire transfer Please must send copy of Bank receipt at Our Email Id: firstname.lastname@example.org. Wire Transfer information is place at checkout point as well.
Note: All Payments must be made in USD dollars.
For more information: Contact us our customer services Team.
1: The United States Of America