What is the difference between a public auction and a private auction?

With a public auction, the seller does not have control over what will happen . This means it is more of a high-risk process than a private auction. However, with private auctions, the timetable is usually undefined. The sale of something may occur quickly or it could stretch out weeks and months.

What is a public auction called?

Public auctions are also known as government auctions and are held to sell property which is owned by the government or the properties which have been sold under the court law's authority.

What are the 4 types of auctions?

He established four major (one-sided) auction types: (1) the ascending-bid (open, oral, or English) auction; (2) the descending-bid (Dutch) auction; (3) the first-price, sealed-bid auction; and (4) the second-price, sealed-bid (Vickrey) auction.

Why auction instead of selling?

Faster sale: Auctions create a sense of urgency, often leading to a quick sale within a set timeframe . Potential for higher price: Competitive bidding can drive the price higher than you might achieve in a traditional sale.

What is a crying sale?

An English Auction, also referred to as an open cry ascending auction, starts by an auctioneer announcing the suggested opening bid or reserve price for the item on sale . The buyers with interest in the item start placing bids on the item on sale, with the auctioneer accepting higher bids as they come.

What is the minimum price at an auction called?

A reserve price is a minimum price that a seller would be willing to accept from a buyer. In an auction, the seller is not typically required to disclose the reserve price to potential buyers. If the reserve price is not met, the seller is not required to sell the item, even to the highest bidder.

What does PO stand for at an auction?

A purchase order (PO) is the official offer documenting the exact requirement of the buyer in terms of quality, quantity, performance, pricing and payment terms for the products or services. It is issued by buyers to their suppliers.

What defines a private auction?

Private Auction means an Auction where only certain designated companies have been invited . "Public Auction" means an Auction which is open to all companies authorized to participate in the Auction Service.

What is the difference between public and private bidding?

Private entities have the flexibility to have anonymity with their business practices. The public sector bidding processes is highly regulated . There are always a myriad of rules, conditions and contract terms to adhere to when bidding on government contracts.

What is the difference between a private and public sale?

Auctions are for people who want their property sold as soon as possible, while private sales take longer but give sellers ultimate control over more of the sale process . Your choice can make all the difference in whether you find an interested buyer or have trouble selling your home.

What are the three type of auctions?

Consider these three broad categories of auctions that have been proposed: Increasing-price auction (English auction). In this type of auction, a good or commodity is offered at increasing prices. ... Sealed-bid auctions. ... Decreasing-price auction (Dutch auction).

Public Surplus: Auction #3453700 (2024)

Auction #3453700 - Lot 337E - Lab Oven Lot (2)

Closed

[View Texas Facilities Commission Auctions]

Auction Started

Feb 7, 2024 05:17 AM MST

Auction Ended

Feb 18, 2024 02:00 PM MST

Questions

[View]

You can ask the seller questions about this auction after you login.

Description

Condition:SEE DESCRIPTION

Keys?:N

1.5% Off Road Surcharge?:N

Title?:N

What Kind of Title?:N/A

(1) Shel-Lab 1350FZZ, (1) Shel-Lab 1370FZZ, Both in working condition

This is used equipment and has not been tested. The equipment shows signs of use and wear, and some parts or pieces may be missing. The actual working status of individual items in this lot is unknown. These are reported conditions and may have changed since the time of inspection. *NO OTHER INFORMATION IS AVAILABLE ON THIS EQUIPMENT. All items are in UNKNOWN WORKING CONDITION unless otherwise stated and are sold AS IS, WHERE IS with NO WARRANTIES implied or expressed. Item preview is highly recommended and bidding without previewing is strongly discouraged as terms and conditions regarding the sale and removal apply.

** ALL OFFICES CLOSED ON MONDAY, FEBRUARY 19, 2024 IN OBSERVANCE OF PRESIDENT’S DAY **

PREVIEW:02/08/24 – 02/16/24. 7:00 am – 3:00 pm MONDAY – FRIDAY ONLY. BY APPOINTMENT ONLY.

REMOVAL:02/19/24 – 03/01/24. 7:00 am – 3:00 pm MONDAY – FRIDAY ONLY. BY APPOINTMENT ONLY.

All items MUST be removed by the last day and time authorized within the auction listing, no exceptions. Items awarded and purchased may not be sold or auctioned by a winning bidder on State of Texas Property. REMOVAL IS THE WINNING BIDDER'S RESPONSIBILITY. NO ASSISTANCE, SHIPPING, or PACKING SERVICES will be available from the seller for the removal or transportation of items won. If the items purchased are not removed by the deadline advertised, the buyer will forfeit all monies paid and property ownership reverts to the State of Texas with no recourse.1. Upon receipt of payment, You will be notified by email sent to the address You provided at registration with Publicsurplus.com. You may then contact The State of Texas and arrange for a mutually convenient pick-up time. You must bring to the pick-up location (1) the Paid Receipt and (2) personal picture identification (such as a Driver License). You must present both identification items at the scheduled pick-up, or the auction item(s) will not be released to you.2. If you are sending a third party to pick up your item: An email must be sent from the email address listed on file with Public Surplus, toauctions@tfc.texas.govprior to removal. The email MUST include the name of the seller listed on the paid receipt, location, lot number, and the first and last name of the person who will be picking up. This email will serve as the buyer's official release authorization and the person picking up will be required to present a valid GOVERNMENT ISSUED picture identification card before anything can be removed. You must then schedule removal with the point of contact listed in the auction description.

Computer Translation:[Hide |]

PLEASE READ TERMS AND CONDITIONS FOR COMPLETE INFORMATION

All items are in UNKNOWN WORKING CONDITION unless otherwise stated. All items are sold AS IS, WHERE IS with NO WARRANTIES implied or expressed. Item preview is highly recommended and bidding without preview is strongly discouraged.No allowance, refund or set aside will be made on account of any incorrectness, error in cataloging, imperfection, defect or damage. Any descriptions or representations are for identification purposes only and are not to be construed as a warranty of any type. It is the responsibility of the Buyer to have inspected thoroughly the items and to have satisfied himself or herself as to its condition and value prior to bidding.

PayMac handles all payments for The State of Texas.
Acceptable forms of payment are: Wire Transfer or Credit Card. NO CASH, CHECKS, OR MONEY ORDERS WILL BE ACCEPTED!
Payment for an awarded item must be received within five (5) business days after notice of award.

A Buyers Premium of 7% will be added to the final sale price with a $1 minimum charge per auction for payment collections. This premium if applicable will be visible during the bidding process and added to the total bid. On Road equipment there is a 1.5% surcharge.

All sales are final. Public Surplus will notify buyer of receipt of payment via email.

Public Surplus: Auction #3453700 (2024)

Questions

FAQs

What is the difference between a public auction and a private auction? ›

What are the three type of auctions? ›