Chapter 4:
Auction Day Tips

Be careful not to overbid at your first auction. When one first attends an auction, there's a tendency to "chomp at the bit" somewhat; to bid too aggressively. On your first time out, it's a good idea mainly to watch the action...or if you do bid, keep your bids VERY conservative. If you're not used to the bidding process, you can end up paying more than necessary. So instead, spend your first auction observing everything that happens. Watch the auctioneer closely, and especially watch the other bidders. You'll get a feel for the rhythm of the bidding...and also the pitfalls of being too aggressive. By spending your time observing the auction at first, you can increase your confidence and enhance your bidding skills.

Use the inspection or preview period wisely. This period may be your only chance to get a close-up look at the merchandise and decide if you really want to bid on it. On auction day, you'll be sitting in a crowd as the auctioneer calls out bid numbers. If you've missed the preview period, you won't know what you're bidding on! Bring the following items with you during the inspection: a pocket flashlight, a tape measure, paper, pen, and binoculars. (You may need to inspect some merchandise from a distance!) Also, print out a copy of the Auto Inspection Checklist.

Use the auction catalog as your notebook. If the catalog provided by the auction agency is available before or during the inspection period, be sure to get a copy. Make notes next to each lot or item you might be interested in purchasing. Write down the condition of the item and the maximum amount you would pay for it. Also, record how many items are in a lot. You'll be referring to these notes constantly on the day of the auction, just like the pros!

Arrive at the auction early. Once you're attending auctions to bid, you'll want to arrive at least an hour early, as most experienced bidders do. Coming early will give you enough time to register and get settled in before the bidding begins. The auctioneer will start off by reviewing the rules. If you're new to the auction scene, you won't want to miss the rules either. Of course, you'll want to arrive even earlier if there's a preview and inspection period scheduled immediately before the auction!

Bring a knowledgeable friend along. Why attend an auction alone, when having a friend along makes it that much more fun? If at all possible, invite a friend who knows something about the items you're interested in purchasing. The two of you can put your heads together and evaluate the best deals. When the bidding heats up, you can help keep each other in line.

Know and follow the bidding procedure. The auctioneer will explain how to place your bids at the very beginning of the sale. Common methods include calling out your bid, holding up your bid number, and raising your hand in the air. Once you're in the running, you can often raise your bid with a nod of the head. You've probably heard stories about how someone scratched their nose and found out they just bought a truckload of merchandise. The auctioneer can usually tell if a bid is legitimate or not, but don't take any chances. Watch yourself and be especially careful not to wave to a friend while the auctioneer is taking bids!

Pay attention. Auctions move along at brisk pace. In some cases a new item can come up for sale every minute! This pace can be very intimidating, especially for the novice auction goer. Under these conditions, it's easy to lose track of the bidding. In fact, one of the most common mistakes made by bidders, novice or not, is raising their own bid! Sure enough, it happens all the time. All the more reason to bring a friend along. You can help each other stay alert!

Avoid auction fever. Auction fever refers to the excitement that sets in during the bidding process. If you get caught up in the fever, you can suddenly find yourself placing bids that are far beyond your budget. There's only one cure for auction fever: set a price ahead of time that is the most you will spend, and stick with it. Don't change your mind and get caught up in the excitement of bidding, or you could end up paying far more than you want! The most common mistake made by novice auction goers is overbidding. You'll find patience is rewarded at auctions. There are plenty of bargains out there if you're patient, so don't allow yourself to be pressured by the crowd. Always stop bidding when you reach your preset limit.

Don't buy more than you can remove and store. Many auctions have a "cash-and-carry" policy. In other words, you must pay for and remove all items you buy on the day of the auction. If you are buying large quantities or bulky items, be sure you're prepared to remove them, whether that means renting a truck or van, or getting friends to help you. Every auction is different. In some cases, you may have a few days to remove your purchases. Just be sure you know the time frame and stick to it. Otherwise, you could incur storage charges or even lose your bid deposit, and the goods!

Weekdays and Wet Days are your friends. The best deals are often found at auctions held on weekdays and rainy days. So, dress warmly, bring an umbrella, and rake in the bargains!

Best deals crop up early and late. Better deals also are found at the very beginning and end of an auction. So, if you want to go home with bargains, arrive early and stay late.

Use a patient strategy at Police Auctions. City Police and County Sheriff auctions are prime spots for terrific deals because there are usually no minimum bids. Plus, there's normally a great selection of attractive merchandise. However, because these events attract a lot of "auction amateurs," people tend to go crazy and start bidding all at once for the same item. So, hold back and work on your timing. It can really pay off. Always make sure you are buying what you want, and not what the crowd wants you to buy.

Buyer beware. Remember, that virtually at all auctions, there are no warranties, no returns, and no refunds. So, use the preview time wisely and well to check out any item you might want to purchase.