FAQs
What is an absolute auction?
An absolute auction is a public auction without a reserve or minimum. This means that the items, once the auction begins, will be sold, regardless of price. Foreclosures cannot be absolute.
Do I need to register?
In order to participate in any of our online auctions, you must first Register to receive a Bidder Number. The registration process provides us with contact information for our bidders. There is no fee to register as a bidder. A valid credit card is required to register. Once you have received your bidder number you may participate in any of our online auctions.
Why do you require a credit card to register and bid?
We want to ensure that all our bidders are valid, qualified bidders. In this way, we assure all bidders that every bidder has met the same conditions to be able to bid in our auctions.
What is the Buyer’s Premium?
The buyer’s premium is a service charge of 15% that is added to the final selling amount. This fee will always be listed in the auction “NOTES” and “AUCTION TERMS”.
Can I look at the items before I bid?
Each auction offers a specified Preview/Inspection day prior to the close of the auction. Preview/Inspection dates and other important auction dates can be found on the top of each auction page and under the auction “NOTES”. We highly recommend that bidders take advantage of the opportunity to inspect the items you are interested in bidding on. This opportunity allows you to know what you are bidding on and to bid appropriately. If you are unable to attend the Preview you should carefully consider the descriptions, photos, details and terms of sale, then bid accordingly.
Are items tested?
All items are sold “AS IS”. All sales are final and contain no warranty. Descriptions are believed to be accurate but are not guaranteed. In some cases, we are able to test some equipment at our warehouse. Our test includes plugging the item in to see if it operates as expected. The item description will note if it has been tested by our staff. While this is usually a good indication of the working condition of an item, we do not test the item under normal working environments. Our test does not imply a warranty on that item.
Where we have removed equipment from the premises of a restaurant and our staff observed the item working properly, the item description will indicate “working when removed”. In no way do these additional descriptions imply any warranty on that item.
How do you rate the condition of equipment being sold?
Our 1-10 Likert rating scale is compiled by our professionals with over 40 years of industry experience. It is based on a visual observation of the overall condition of the item. It does not indicate the working condition of items we cannot or have not tested. If you have any questions about the condition of an item, it is recommended that you attend our inspection day.
Am I bidding on the photo or the description of the item?
Always bid on the item description. Only use the photographs as a guide. For demonstration purposes, equipment may be joined and photographed together. Do not assume a lot consists of more than one item simply because they are connected or pictured together. You are bidding on the item as described in the catalog. For instance, a supply cabinet does not include supplies unless specified. Please take advantage of the onsite inspection and read the descriptions.
What is a staggered & dynamic closing?
Our auctions typically run approximately 7-10 days. Bidding takes place throughout that time. Many bidders place bids up until the item closes. Our auctions offer a staggered closing with 2-5 items closing per minute. In order to emulate a live auction experience, we offer dynamic closings. The closing time of an item is automatically extended if a bid is placed within 3 minutes of the item’s posted closing time. It can remain active as long as bids continue to be placed within the extended time. All other items continue to close at their respective posted closing times. In the last few minutes of an item’s closing, bidding can get fast and furious. We recommend the use of the Max Bid feature.
Should I bid while the auction is closing?
Many of our bidders begin bidding actively as items are closing. Internet only auctions can be more exciting than live auctions because 2-5 items are closing simultaneously. However, to ensure you do not get caught up in the frenzy of last minute bidding, we strongly recommend that you consider using the Max Bid feature. Just enter your maximum price. No matter how many items are closing, Max Bid will bid on your behalf – using only what it needs to keep you the ‘winner’.
What is the MAX BID Feature?
The Max Bid feature allows you to enter your maximum bid amount, and the system will bid on your behalf at the next required bid amount to keep you the winner bidder. As other bidders bid against you, Max Bid will bid for you up until your max bid has been reached. Max Bids are confidential and never displayed to other bidders. The Max Bid feature will help you stay on top of the items you really want to win. If you are outbid, you can always bid again.
How will I know if I am the high bidder?
You can check to see if you’re the high bidder by clicking the Bid History link located at the bottom of each item or viewing your bidder profile. Additionally, we will send your invoice by e-mail within a couple of hours after the auction closes with a list of the items you have won.
Will I receive a notification if I am outbid?
If you have been outbid, you will be notified by email and/or text message. Restaurant Auction Company is not responsible for emails not received by the bidder notifying them of being outbid. You will be notified by email until midnight the day of the event. Please note that outbid notices are not sent on the day of the event closing. A bidder has the option to turn on/off email or text outbid notifications within their bidder profile.
What if I make a bidding error?
When placing a bid, our system will ask the bidder to confirm their bid amount prior to submitting the bid. This is the bidder’s opportunity to correct any mistakes prior to submitting the bid. In the event an error is made, you should immediately contact our office by email with your bidder number, item number and incorrect bid amount. We will not reverse any bid after the auction has begun closing under any circumstances.
How do I pay for my items?
Accepted forms of payment include Visa, MasterCard, Discover. Payment is required immediately at the conclusion of the auction. Your credit card on file will be processed for your purchase. If your card fails to go through following the auction closing, a member from our Customer Service team will follow up with you regarding an alternate form of payment.
When you place a bid with Restaurant Auction Company and are notified of winning an item in one of our auctions, the item is now contractually yours and you are responsible to pay for the item. Winning bidders who do not pay for their items will lose those items as well all future bidding privileges.
Do I have to pay sales tax?
Pennsylvania State Sales Tax will be charged on all items sold through our Harrisburg, PA warehouse. To be considered for tax exempt status, a completed PA Tax exemption form must be emailed to info@RestaurantAuctionCompany.com prior to the close of the auction.
When do I pick up my items?
Each auction has a specified pick up/removal day. This information will be detailed in the auction “Notes” and at the top of each page of the auction. A valid invoice must be presented to remove any items. Removal is the responsibility of the winning bidder. You should bring the appropriate tools, materials and personnel required for the removal of your items. Restaurant Auction Company is not responsible for any damage incurred during the removal process.
We understand that things come up. If you are unable to pick up your items on the scheduled pick- up day, rescheduled pick-up appointments may be made. You must contact us via email immediately after the auction to make these arrangements. There is a fee for all rescheduled pick-up appointments. No refunds will be given for items not picked up.
Is shipping of my items available?
Another service that separates us from the others in this industry is our shipping services. We know that it isn’t always practical to travel to the site to pick up your items. We offer both UPS Ground and freight shipping services. We can pack and palletize your items and make shipping arrangements with our many ground and freight carriers. If you prefer to make your own shipping arrangements, we can assist by packing your items for pick-up by your carrier. A packing and/or palletizing fee is charged to prepare your items for shipment and all freight costs will be the responsibility of the winning bidder.
What if I don’t pick up my items?
Any items not picked up on specified removal days or scheduled to ship may be discarded, removed, resold or stored at the seller’s discretion. Any items stored for the bidder will be charged a storage fee. No chargebacks or refunds will be given for items not picked up. When you place a bid and are notified of winning an item with Restaurant Auction Company, the item is now contractually yours and any fees associated with moving, removing, discarding, or collecting payment whether physical or legal are the responsibility of the bidder.