How An Auction Works

Overview of an auction

How Does an Auction Work?

All auctions start with your trustee auctioneer. The auctioneer opens each lot and accepts bids before and closing and selling a lot with the highest bidder.

One way to bid at an auction is live, in the auction room with the auctioneer.

A second way to bid is phone bidding. A bidder makes arrangements with an auction house prior to the sale to bid with them over the phone live during the auction.

The third way to bid is online bidding, which is where Bidspot fits in. You can bid at your convenience on your computer or any mobile device and your bids are submitted during the live auction.

You can also leave absentee bids on Bidspot prior to the sale. 

If you’re new to industrial auctions, rest assured—it’s a time-tested process that has evolved over 470 years, ensuring fairness, efficiency, and transparency. The digital revolution has transformed the way heavy equipment, fleet vehicles, and machinery are bought and sold, enabling businesses to bid from anywhere, at any time, with seamless access to a global marketplace.