Your first liquidation auction, explained.

Start with the lot, then read the terms

Liquidation auctions can sell returns, overstock, lost freight and surplus. A lot might be one item, a group of items or a whole pallet. Read the description, condition notes and quantity carefully. A stock photo is not proof of the exact item or condition you will receive.

Work out your total before bidding

Your winning bid may be only part of the cost. Look for a buyer's premium, sales tax, payment charges, loading charges and storage fees. For example, a $100 bid with a 15% premium becomes $115 before tax and other charges. This is an illustration, not a fee quoted for every auction.

Set a maximum based on that total, your transport costs and the risk that an item needs work. Check whether an auction extends its closing time when someone bids near the end.

Plan pickup before you bid

Confirm the pickup address and collection window for that particular sale.
Measure your vehicle and check the weight and dimensions of the lot.
Ask about loading equipment, appointments and whether pallets can be broken down.
Bring your paid invoice, tie-downs, help and the equipment the seller requires.

A directory address is a starting point. Some auctions use temporary or off-site pickup locations. Missing a deadline can lead to storage fees or forfeiture under the seller's terms.

Inspect when the seller allows it

Look for inspection or preview opportunities before bidding. Ask whether testing is permitted. Final-sale terms and limited inspection opportunities make small first purchases a sensible way to learn a seller's process.

Use the current auction terms