Key Things to know about MLI Auctions

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Memory Lane Inc Auction (Key Things to know)

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Key Things to know about MLI Auctions:

Key Things to know about MLI Auctions

Auction Registration:

Auction Registration Registering for Memory Lane Inc Auctions at www.memorylaneinc.com and click on Auctions tab at the top and then click on “Register to Bid” or you can call us to register at (877) 606-5263 between the hours of 10am to 8pm EST M-F. Once you register online, a MLI employee will be giving you a call back to verify your registration (going over references, etc) and enabling you to bid after verification. The username and password that you enter on the registration page can be used in any Memory Lane Inc. Auction or I Own It Now sale through the login process.

The 15 Minute Rule:

The 15 Minute Rule Allows bidders to continue to bid after the close of the Auction on Lots they were bidding on prior to the Auction closing time. Bidders who have placed bids on specific lots can continue to bid on those lots only in “15 minute time period increments” until there are no bids whatsoever on ANY lot(s). Our auction software will visibly count down on your computer screen; if a 15 minute period passes with no bidding on any Lots, the Auction is automatically closed and the high Bidder for each Lot is awarded the Lot. We recommend to bid early so you can put your initial bid in and be eligible for the 15 Minute Rule. Showing the clock-timer on the auction site

Bidding/Top All Bids/Buyers Premium:

Bidding/Top All Bids/Buyers Premium Buyers Premium is 19.5% Bidding Increments are 10% to $10,000 After $10,000, the bidding increments amount to $1000/increment. Over $500,000, the bidding increments amount to $5000/increment. When bidding with MLI Auctions, employees do not have access to ANY top-all bids, your top-all bid is directly tied between when you place a top-all bid and the auction software. We use Create Auction as our auction software provider and they are based in New Jersey. Please write down your top-alls since MLI employees cannot see your top-all bids. If a customer reaches another customers top all bid by placing a bid, the customer with top all bid is still winning the item. If only the customer goes over the customers top-all bid, that is when the customer will win the item.

Payment:

Payment When you bid on lots in an auction, you are making a financial commitment if you win a particular lot. Payment for winning lots must be received no later than 14 days after the close of the auction. Personal Checks, Money Orders, Cashier’s Check and Wire Transfer will be accepted. Credit Cards will not be accepted. (There will be a 10 working day hold on all checks)

Shipping Information:

Shipping Information Once we receive payment for personal checks, there will be a 10 working days hold on the check. If you would like to send us a screenshot or attached image of the front and back of the check showing the check has been cleared, we will send the items out that same day. Payments from non US Banks must be a cashiers check in U.S. Dollars only. Typically it is a 14 working day for the release of items. Money Orders and Cashiers Checks will be sent out the same day of receiving payment Wire Transfers take normally 24-48 hours to have funds in the account, items will be released once funds shows they have been cleared

Financial Terms Available:

Financial Terms Available Terms are available upon request on purchase(s) totaling over $10,000 (before the buyers premium) Arrangements must be made prior to the last day of the auction

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