Centurion Blog

Helpful Resources to Learn About Our Auctions

Written by Christine Frisch on November 14, 2017

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Whether it's your first time bidding at an auction or you're a long time customer, the resources in this blog post will assist you during different steps of the auction process. We want our customers to feel well-informed and confident before participating in our auctions.

Here's what you need to know about our auctions:

What Are Simulcast Auctions?

A simulcast auction takes place in the present, meaning that all bidding is happening in real-time. On-site and online bidding means the bidders can be present on-site or logged in online. You can bid on the largest inventory of medical equipment such as radiology, anesthesia, lab, exam, patient monitoring, cardiology, endoscopy, surgery, instrumentation, disposables and more!

What Are Timed Auctions?

A timed auction takes place online over a typically longer period of time, and closes at the end of that given time period. Buyers can bid 24/7 on installed high valued equipment such as magnetic resonance imaging (MRI) machines, computed tomography (CT) machines, radiographic fluoroscopy systems, bone densitometers, linear accelerators and much more.

What Auction Terminology Should I Know? 

"As-is, where-is"
The item is sold in its present condition, with no return privileges.

"Lot"
Item being auctioned. Auctioneer can announce one lot number or multiple lot numbers. For example, "1704-1720 Lot," means all of the lots are being auctioned as one lot. The winning bidder will receive all of the items for a single price bid.

"So much a piece times the money" or "option"
If there is more than one of the same type of item, the auctioneer is asking the winning bidder to choose how many items he/she wants multiplied by the winning bid amount. Example: 30 Stryker Go Beds are up for auction, and the bidder wins with a bid of $2,000. The auctioneer will say, “So much a piece times the money,” which means the bidder is being asked how many beds they would like at that price. The bidder can choose any number from 1 to 30. If the bidder chooses 10 beds, then 10 beds x $2,000 = $20,000.

"Pass"
If an item is up for auction and no one bids or the bidding does not start at a number deemed acceptable by the auctioneer, the item will be passed. The auctioneer will then move onto the next item.

"Proxy bid"
Allows bidder to place a bid without being present at the auction on-site or online. Bidder submits the maximum price (bid limit) that he/she would be willing to pay for an item and allows Centurion Service Group to bid on his/her behalf, up to the amount of the bid limit. Centurion Service Group does not start at the maximum bid price.

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