General FAQs
What services does LLS offer for auctions?
LLS supports appraising and evaluating lots, setting prices, and managing communications between sellers and bidders.
How does LLS communicate with sellers and bidders?
Automatic email notifications to the bidders of bid status, auction wins, and other updates. Sellers are informed of BIN payments, auction conclusions, and required information.
What happens in case of suspicious bidding activity?
LLS uses advanced monitoring to detect fraud, including extending auctions if suspicious bids are detected. Fraudulent accounts may be suspended or banned.
How can I contact LLS?
Business Name: Loud Lion Supply LLC
Address: 305 1170 Kensington Cr. NW, Calgary, Alberta T2N 1X6, Canada
Email: auctions@loudlionsupply.com
How is sniping prevented?
The auction will recursively extend the auction by 30 minutes in the final 18 hours to account for different time zones and technical issues.
How is credit card information stored?
Credit card information is stored through Stripe and Link for fast checkout. LLS does not have access to the user’s credit card information.
How can I monitor items?
You can either add an item to your watchlist and view it in the “My Account” section or will receive email notifications for new activity if you have placed a bid.
What is a deal confirmation?
Once a lot is sold deal confirmations will be sent out to both parties re-confirming the condition, price, and terms of the sale.
Seller FAQs
What commission rates does LLS charge for auctions?
The seller commission rate is percentage-based and varies with the final price of the winning bid. For items $9,999 and below, the rate is 15%; for items between $10,000 and $49,999, it is 13%; and for items $50,000 and above, it is 11%.
What are the different auction formats available?
Unreserved: No upfront fees. The highest bid at auction end wins, subject to the commission structure.
Reserved: Requires an upfront processing fee (2.5% of the reserve price, with a minimum of $250 and a maximum of $1,500) and involves setting a reserve price. If the reserve is met or exceeded, the highest bid wins; if not, the seller can choose the top bid or decide not to sell. (See Appendices A & B)
What are incremental bids?
Incremental bids are the minimum amount by which a bid must be increased, agreed upon by LLS and the seller.
What is the duration of an auction?
The auction length will vary occasionally but will be hosted for at least seven days.
What is a staggered Close?
In some scenarios, LLS will group items and have them close at different times. Please note the close time for the auction item and marketing materials.
How will I receive payment for a sold lot?
Notice will be given to the seller once payment is ready to remit. The seller will then invoice LLS for the proceeds from the winning bid amount, minus applicable commission and fees.
What are the shipping requirements for sellers?
Sellers should prepare lots for shipment once confirmed for auction and provide LLS with dimensions and weights. They must prepare the lot for shipment within 24 hours of a winning bid or confirmed BIN price and provide photo/video.
What happens if an auction expires without a bid?
Auctions that expire without bids will not be eligible for future auctions but may be rolled over into a listing at LLS’s discretion.
What details are required for auction listings?
Images/Videos: Provide images of the lot before and after storage. Videos of the item in operation are recommended.
Short Description: A high-level description on the main auction page.
Long Description: Additional details for bidders.
Existing LLS Items: BIN prices for previously listed items will match the existing listing price.
Can LLS make changes to a listing?
LLS may withdraw, combine, or split lots based on seller benefit. Sellers will be notified of any changes.
Bidder FAQs
How do I register to bid in an auction?
You will be prompted to log in or register before participating in auctions. Bids can only be placed by registered users with credit card information.
Existing users can update their payment information from their account dashboard under “Payment Methods“.
What payment methods are accepted?
Payment is processed via LLS (Interac E-Transfer or ETF) or Credit Card via Stripe.. The bidder is responsible for shipping costs.
What if I don’t pay for my winning bid?
Payment must be received by LLS within 5 business days. If not, the bidder’s credit card will be charged for the amount owing. For bids over $5,000 CAD, LLS may require a PAD to ensure payment.
Are bids final?
Yes, all bids are irrevocable and sales are final. The highest bidder at the auction’s end is the new owner of the item.
What is the condition of the items sold?
Items are sold “as is, where is.” Bidders should conduct due diligence. Winning bids will be auto-debited for a fixed fee of $519; if the bid value is less, the winner will be refunded the difference.
How are shipping costs determined?
Items are not held in a central location. LLS will work with our 3PL partners to find you the cheapest and fastest option. Alternative measures may be taken if the route is difficult.
Please request an estimate from LLS before placing a bid.
What are the shipping requirements for sellers?
Sellers should prepare lots for shipment once confirmed for auction and provide LLS with dimensions and weights. They must prepare the lot for shipment within 24 hours of a winning bid or confirmed BIN price and provide photo/video.
What happens if an auction expires without a bid?
Auctions that expire without bids will not be eligible for future auctions but may be rolled over into a listing at LLS’s discretion.
What details are required for auction listings?
Images/Videos: Provide images of the lot before and after storage. Videos of the item in operation are recommended.
Short Description: A high-level description on the main auction page.
Long Description: Additional details for bidders.
Existing LLS Items: BIN prices for previously listed items will match the existing listing price.
Can LLS make changes to a listing?
LLS may withdraw, combine, or split lots based on seller benefit. Sellers will be notified of any changes.