Sealed Bid Offerings (SBO)

Know what the market is for your equipment.

SBO stands for Equipment Sealed Bid Offering and evolved from a municipal client's request to make the traditional sealed bid offering more efficient and simplified.

Once your equipment has an Preview it is easy to move it to an SBO event within the Ironmarket network. In an SBO your equipment is marketed to the entire Ironmarket network. People can view the equipment information, photos, and video. And they can provide a sealed bid for your equipment.

In an SBO all bids are kept secret, even from the seller, until the end of the event. Then all bids are presented to the seller at the same time. This is in line with Ironmarket's goal of remaining unbiased and helping the entire network operate more efficiently.

As a bidder in an SBO event, you can bid as many times as you want before the end of the event, but only your highest bid will be in effect. Time does not extend in an SBO, when the event closes, no more bids are accepted.

The SBO Process

Participating in the SBO bidding process is easy:

1. Join Ironmarket. Your agent may send you an invite to join the network or you can sign up yourself.
2. Login to ironmarket.com, using your email and password created.
3. Click on the "Sales Events" tab located in the top right corner. This will show all sales events that are open or starting soon.
4. On each event there will be a "View All Lots" link. Click that to view all of the items in the SBO. Each piece of equipment / preview is a lot to itself.
5. On each lot there will be a "View Lot" link. This takes you into the lot page to view the equipment information, see photos and videos, and bid on the lot. The bid box won't appear until the SBO begins.
6. Enter your highest sealed bid amount in the bid box and click the "Place Bid" button. Remember all bids are kept secret, nobody can see your bids and you can't see other's bids. Your current bid is show only to you below the bid box.
7. That's it. At the end of the SBO event the bids are presented to the seller. The seller can choose to accept a bid or to reject all bids. The time it takes for the seller to make a decision varies, but it is usually within 2 days after the close of the event. Everyone who participated in the SBO is notified of the results.

Benefits of SBO

With SBO your equipment is marketed to the entire Ironmarket network. People all across the world will see and be bidding on your equipment. And since every SBO requires a Preview, buyers know exactly what they are bidding on. This tends to increase the value of the bids received.

SBO gives you a view into the market. You know what your equipment is worth from live bidders. If you don't feel the bids meet your expectations, you don't have to sell.

Requesting an SBO

Want to sell your equipment through an SBO. The process is easy:

1. First complete the Preview process.
2. Then talk to your agent about Ironmarket hosting an SBO event for you. We will set a date and time and market your equipment for you.
3. Sell or don't sell, the choice is up to you. But with SBO your know the mind of the market.

Sales Packages

Sales Packages	SBO Managed	SBO Self-Managed	Non-Reserved Auction
Audience Type	Public or Private	Public or Private	Public
Preview Types	Defined by asset type.	Defined by asset type.	Defined by asset type.
SBO Platform Training	N/A	Required	N/A
Optional Services	Directed Email Ads Local Print Ads Social Media Ads Banner Ads Directed Print Mailers Radio Ads TV Ads Print Publication Ads Client Supplied Lists Escrow Services Appraisals UCC1 & Lien Searches Insurance Claim Search Theft Claim Search Fluid Samples Transportation	Directed Email Ads Local Print Ads Social Media Ads Banner Ads Directed Print Mailers Radio Ads TV Ads Print Publication Ads Client Supplied Lists Escrow Services Appraisals UCC1 & Lien Searches Insurance Claim Search Theft Claim Search Fluid Samples Transportation	Directed Email Ads Local Print Ads Social Media Ads Banner Ads Directed Print Mailers Radio Ads TV Ads Print Publication Ads Client Supplied Lists Escrow Services Appraisals UCC1 & Lien Searches Insurance Claim Search Theft Claim Search Fluid Samples Transportation
Buyer Commissions	$0.00	$0.00	10% of High Bid Offer
Seller Commissions	$0.00	$0.00	$0.00
Default Penalties	Assets are contractually obligated from the start of the sales event until 15 days after the close of the event.	N/A	Assets are contractually obligated from the start of the sales event until 15 days after the close of the event.