Assets Published with Reserves
Unless otherwise noted in specific auction terms, assets requiring a minimum bid price to sell, appear on DallasRecycler.com with “Reserve Not Met” below the Next Required Bid information in the lot description. Once the high bid reaches the required minimum bid, the message changes to “Reserve Has Been Met” and the lot will be sold to the high bidder. Auctions selling upon seller approval will be disclosed in the auction specific terms. In these cases, the reserve wording will not appear on the item listing. Affiliates may lower a lot reserve at any time before or after an auction closes. If the reserve is lowered while the auction is in progress, the applicable reserve message will appear below the Next Required Bid information (Reserve Not Met or Reserve Has Been Met); the asset will sell to the high bidder if the lowered reserve amount is met. If the reserve is lowered after the auction closes, the highest bidder at auction close will receive a winning bidder invoice.
Auction Close and Extended Bidding
Information on bidding pages will be updated in real time. Bids placed by other bidders will update as you view the page. Time remaining will count down.
With regard to the countdown there may be a very slight lag due to your connection speed. IT IS VERY UNWISE TO WAIT UNTIL THE VERY LAST MOMENT to place your bid. Since bids placed toward the close of an item only serve to extend the clock, there is NO STRATEGIC ADVANTAGE to waiting until the last second. System results ARE FINAL. Dallas Recycler will not entertain claims of having "one second left". Each auction has a scheduled closing time. This is the time the first lot on the auction is scheduled to begin closing. Each asset within the auction will begin closing at the time indicated for that asset.
DallasRecycler.com extends the closing time of a lot if a bid is placed on the lot in the final 3 minutes prior to the indicated close time. Each time an additional bid is placed, the countdown clock resets to 3 minutes. A lot will not close until a full 3 minutes has expired since the last bid was placed. For example: If a lot is scheduled to close at 6:30pm and a bid is received at 6:29pm, the countdown clock will reset to 3 minutes from 6:29pm. If no other bids are placed, the lot will close at 6:32pm. If an additional bid is placed at 6:31pm, the countdown clock will reset to 3 minutes and the lot will not close until 6:34pm.
Bidders are notified of their successful bids within a few hours of the scheduled auction closing, via a winning bidder invoice appearing on their Dashboard. Bidders are responsible for monitoring their Dashboards and fulfilling the auction terms associated with each winning bidder invoice appearing on the Dashboard. At the time an auction closes, the sale of the asset becomes a legally binding agreement between the winning bidder and the affiliate. The bidder is required to purchase the asset and the affiliate is required to sell the asset for the high bid amount plus the buyer’s premium and all required fees and taxes.
Buyer’s Premium – Personal Property
Unless otherwise posted in the terms tab for a specific auction BP is as follows: For lots with a hammer price up to $4,999.99 the Buyer's Premium is 13% which is retained by Dallas Recycler and distributed at its discretion For lots with a hammer price $5,000.00 and over, the Buyer's Premium is 10% which is retained by Dallas Recycler and distributed at its discretion. Buyer's Premium is capped at a max of $1,000.00 (per item). The sales price of a lot is equal to the winning bid + the buyer’s premium. The buyer’s premium is subject to sales taxes. Invoices that include assets subject to sales taxes, will have the appropriate sales tax amount included on the invoice. Sales taxes are calculated on the sale price (winning bid + buyer’s premium) for each asset included on the invoice. Fees and taxes will be charged on all applicable assets; the only exception to this is if the winning bidder completes the exemption documentation required to waive the fees and/or taxes, before taking possession of the assets.
Buyer’s Premium – Real Estate
The buyer’s premium on real estate auctions is not capped and varies by auction. The buyer’s premium for a real estate auction will be listed in the terms for that auction.
Auction Removals and Shipping
Winning bidders must pay their invoices and remove their assets from the auction location during the scheduled removal date and time indicated for the auction. Bidder’s should not place bids on an auction if they are unable to attend the scheduled removal, unless and until they have arranged for another party to remove the assets during the removal, or discussed the possibility of an alternative removal time or the availability of shipping with the affiliate. Affiliates address auction specific removal and shipping instructions in the auction Terms, Details and Shipping tabs located at the bottom of each page of the auction. It is important for bidders to recognize affiliates are under no obligation to provide alternative removal times or shipping for the assets in their auctions. Transfer of Ownership and Risk of Loss At the time the winning bidder pays his invoice in full, ownership of the asset and risk of loss passes immediately to the bidder. If a winning bidder pays his invoice in full, but does not take possession of the assets during the removal day, ownership and risk of loss will still transfer to the bidder.
Failure to Abide by Website and/or Auction Terms
Bidders are responsible for knowing and abiding by the website and auction terms. Failure to do so will result in the termination of bidding privileges on DallasRecycler.com, reinstatement is at the discretion of Dallas Recycler. Winning bidders who fail to attend the removal and haven’t made alternative arrangements with the affiliate prior to the removal day, lose claim to the assets on their winning bidder invoice. The affiliate conducting the auction will decide how unclaimed assets will be handled. The second highest bidder will not automatically be given the opportunity to purchase unclaimed assets for their highest bid. If the asset is resold for an amount less than the original highest successful bid, the original winning bidder is obligated to pay the difference in the sales price (bid + buyer’s premium).
Every bid placed on DallasRecycler.com is considered to be a commitment to purchase the asset for the bid amount. Dallas Recycler prohibits affiliates from placing bids on their own auctions and sellers (or their agents) placing bids on their own assets. Bids placed with any intent other than to purchase the asset for the bid amount, is fraud. Dallas Recycler will prosecute bidders who engage in fraudulent bidding. Dallas Recycler terminates the bidding privileges of bidders who fail to honor their winning bidder invoices. Bidders who lose their bidding privileges are prohibited from placing bids on DallasRecycler.com. Placing bids using another bidder’s number or registering for a new bidder number is an act of fraud. Dallas Recycler will prosecute bidders who engage in fraudulent bidding.
Dallas Recycler is committed to doing everything possible to ensure the reliability of our website. Unfortunately, there are factors outside our control that can impact access to DallasRecycler.com. If DallasRecycler.com becomes inaccessible at any point during an auction closing, the following protocol will be followed: • Auctions that have closed prior to the website going down, will remain closed and the winning bidder invoices will be sent out. • Auctions in the process of closing, regardless of how many lots have closed or have yet to close, will be reopened and the auction closing will be extended by 24 hours. Lots that closed prior to the website going down, will be reopened for bidding; the winning bidder will be the lead bidder upon the website becoming accessible again. • Auctions scheduled to begin closing during the time the website is inaccessible, and for the 15 minutes following the website coming back online, will have the auction closing time extended by 24 hours. • Auctions scheduled to close more than 15 minutes after the website becomes accessible again, will close at the scheduled time. In the event of a website interruption not covered by one of the above scenarios, Dallas Recycler reserves the right to make the final determination of how the auction will be handled. Indemnification Bidder indemnifies and holds Erecycler LLC dab Dallas Recycler, harmless against any damage, loss, injury arising from the transactions or auctions conducted by affiliates.