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Attending The GSA Auctions
Map Out the Auction Block
Vehicle auctions consist of several covered auction lanes each with an auction block, at which the auctioneer and a GSA representative are seated, at its head. Be aware that vehicles may be sold in two or more lanes concurrently. The auction house will announce the schedule and lane locations for each run of vehicles to be sold. The auctioneer conducts the course of the auction while directing the flow of vehicles through the lane.Some auctions may include ringmen who assist in spotting bidders and clarifying current bid levels for the participants. Also presiding is the GSA representative, who makes the final sale decision (based on an unpublished reserve price, below which a vehicle will not be sold).
The Bidding Process
After a brief description is read, the auctioneer opens bidding on each vehicle, typically at a value above 100% wholesale. If no bids are offered, the auctioneer quickly lowers the asking price, in large increments, until attendees begin bidding. Bids are then taken in $100 increments (or, if the situation warrants, $50 increases) until no more bids are forthcoming and the auctioneer "bangs the gavel." At that point the GSA representative will make a determination as to whether the final bid has reached an acceptable level and will either award the vehicle or reject the bid.Auctioneers at GSA public sales call their bids at a significantly slower pace than at industry auctions. Nonetheless, bidding on most vehicles typically concludes in under a minute. Upon winning, successful bidders must immediately approach the auction staff to record their bidder number and verify their buyer information.
Reruns
Vehicles not sold during their first auction pass may be re-run through the auction lane. The bidding process remains the same as the first run, and vehicles will only be sold if an acceptable bid is made. Vehicles not sold that day will be auctioned at a later date.
Some of the more common auction items include:
used autos • marine vehicles • jet skis • aircrafts • homes • real estate • commercial property • farm equipment • industrial • business • electronics • computers • antiques • art • coins • stamps • appliances • guns • travel • collectibles • clothing • crafts • boats • bikes • motorcycles • mobile homes • jewelry • toys • cars • trucks • mopeds • bicycles • cameras • televisions • clocks • furniture • unclaimed property • abandoned property • personal property • office furniture • condominiums • town homes • commercial property • vacant land • single family homes • machinery • tools • hardware • building supplies
and much, much more...
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