How are auctions done?

People who go to auctions set aside three entire days to look for what they need and try to get them at a price that’s friendly to their pocket.

But how do they do it? We stood as observers on the first day of the United Auctioneers Inc.’s three-day unreserved auction in Meycauayan, Bulacan and Malinta, Valenzuela City to get to know the procedures better.

Step 1: Register

Buyers were invited through advertisements in newspapers. They were asked to register and post a P100,000 check which is fully refundable should they fail to get anything from the auction. They are given a booklet with a number. The booklet contains all the lots to be auctioned with the corresponding lot numbers and schedule of auction so they can choose early which to bid for.

Step 2: Inspect the merchandise

UAI set aside two days – March 9 and 10 – for inspection of the lots to be auctioned on March 12 to 13. During the inspection, many brought with them mechanics to inspect the heavy equipment and the vehicles offered for bidding. They were allowed to operate everything and see for themselves the condition of the vehicles being sold.

Step 3: Attend the auction

The auction started at exactly 8:30 a.m. yesterday (it continues at the same time today and tomorrow). All the lots are paraded and an American auctioneer announces the start of bidding. He barks through the microphone a starting bid price and if there are no bidders, he quotes a lower price. A bidder simply has to raise the booklet with his number and a bid catcher will note his bid. The process ends once no more bids are made.

Step 4: Take your lot home

UAI holds only four three-day auctions a year. In between the auctions, its office employees completes all paper work for the lots to be sold. Hence, buyers can immediately take the stuff they bought with them right after the auction.