Inglis have released a set of frequently asked questions and a guide for all of those with an interest in the Easter Yearling Sale from buyers to vendors to just those wishing to follow the sale.
FOLLOWING THE SALE – BUT NOT BIDDING
People can follow the sale at www.inglis.com.au through the Sale Day Live feature.
There is no need to register to simply follow the sale. However, those looking to bid at the sale must register in advance. Details below.
The Easter auction will be complemented by a Sale Day Live channel hosted by Caroline Searcy.
The Sale Day Live coverage will begin at 9.30am on Tuesday April 7 and Wednesday April 8 with a preview of the upcoming day’s action, as well as providing uninterrupted live coverage and commentary of the sale.
It will be accessible via inglis.com.au.
Where can I see the live auction statistics, clearance rate, average etc?
All stats and results are available on inglis.com.au in the Sale Day Live section
TEST SALE – EDUCATIONAL ONLY
Inglis will host a trial Easter Yearling Sale this coming Friday, April 3 from 10am-3pm, whereby interested participants who have registered for online bidding will be able to test the online facility.
The test site can be accessed via inglis.com.au from 10am on Friday.
Bidding will begin closing on lots from 12noon.
BIDDING & VENDOR REGISTRATION
Is it only buyers who need to register or do vendors and their respective representatives also need to register for access to the platform?
Buyers MUST register and MUST apply/be approved for credit. To register, CLICK HERE
Vendors DO NOT need to register because Inglis will place the reserve on their horse as well as upload photos and videos and be in communication with the vendor via phone.
It is not possible to have multiple people bidding on one account. Eg an agent in Victoria and an owner in New South Wales cannot both login to the same account – even to follow the auction.
Anyone who wishes to be logged in, must register for their own account. (And seek bidding approval if they wish to bid).
How do I register?
Go to inglis.com.au/biddingateaster
Can I bid as soon as I have registered?
Once a buyer registers, they receive a verification email which must be opened and click on the link (if this email is not in your Inbox, check your junk mail).
You then need to request bidding approval including credit limit, via your newly created account.
This needs to be approved by an Inglis staff member.
In coming days, the Inglis team will approve bidders as soon as practically possible.
As a vendor, if I don’t have to register will I still get an alert when someone bids on my horse?
Yes, you will. The system has rules set up which are attached to your Inglis contact details, regardless of whether you are logged in, or have a bidding account yourself.
AUCTION TIMING
What is the proposed time that each lot will be sold?
Bidding opens on Sunday 5 April at 10am (AEST), which means bidders can login and start to place bids for a period of 3 days.
Lot 2 will be the first lot ‘for sale’ (lot 1 is a withdrawal) and bidding will close at 10.04am on Tuesday 7 April.
Each subsequent lot will be 2min after this time.
Please take careful note of withdrawals as they are excluded from the countdown timer.
If horses are withdrawn after 10am on Sunday 5 April (when the sale is live) they will still be part of the countdown timer.
Only horses withdrawn prior to this time will not effect it.
Eg. Lot 17 12.06pm
Lot 18 W/D
Lot 19 W/D
Lot 20 12.08pm
Lot 258 will be the first lot sold on Day 2, Wednesday 8 April. It will sell at 10.04am.
For an up to date timing on when each lot will sell please visit the individual lot page, accessed via the catalogue index
BIDDING
How does bidding work?
Once you have registered for an online bidding account, you must request approval to bid and a credit limit.
Once you receive confirmation from Inglis on your credit limit, you are free to bid.
Minimum Bid
A minimum opening bid of $20,000 is required for all horses offered at the Easter Yearling Sale, regardless of if they are unreserved.
Should the yearling fail to receive a bid of $20,000 or higher, then the offering will be passed in.
Automated bidding/Maximum Bid
A maximum bid is an amount up to which you allow the system to bid automatically on your behalf (this is called automatic bidding).
The system will only raise your bid when a counter bid has been placed.
As the holder of the maximum bid, each bid placed will be recorded as your new highest bid until your maximum has been outbid.
When placing a maximum bid, the bid amount shown will be the next increment required only, except in the case where the maximum bid does not exceed the reserve price of the listing.
Should this be the case the system will record the maximum bid entered.
If you enter the same amount as another bidder's maximum, the first person to place the bid will be the winning bidder at that amount. (Note: Automatic bidding will be recorded ahead of manual bidding).
Bidding Sliding Scale
The bidding increments for each Lot will be determined by a sliding scale based on the following:
Current Bid Bidding Increment
$20,000 - $100,000 $5000
$100,000 - $300,000 $10,000
$300,000 - $500,000 $20,000
$500,000+ $25,000
What happens if a counterbid comes in the last 30 seconds and I would have bid higher?
A countdown timer kicks in to extend the lot time by 2 minutes if a bid is placed in the last 5 minutes.
Therefore, you will always have an opportunity of 2 minutes to respond.
For example, if a bid is placed with the countdown at 4.38, will the clock then extend out to 6.38.
And if there is a bid at 0.08 seconds, will it extend to 2.08.
This will continue to do so until no more bids are placed on that lot.
Auto extension of an individual lot will not have any bearing or knock on effect to other lots in the catalogue.
How can I reduce my maximum bid?
Go back into the lot you are bidding on and re-enter an amount lower than the original maximum bid amount, unless there is a counterbid already in place equal to or greater than the limit the original bidder wishes to reset.
This must be done in the next available increment.
What if I enter an incorrect increment or try to bid over my limit?
You will receive an error / warning message.
Can I bid on multiple lots at the same time?
Yes, the best way to do this is via the short list feature.
On the site index there is yellow stars in the far-left side of each lot.
Click the star to put into your shortlist.
Click on the menu on the top right-hand side which says “Hi [insert bidder name]” and click on the dashboard.
The dashboard allows you to keep track of your horses as they are selling and bid concurrently.
How do I know if I am the highest bidder?
A message appears on screen underneath the current bid box ‘you are the highest bidder’.
On the shortlist in the dashboard, the lot will be highlighted green.
What is the process if I am a successful buyer?
Once you are the successful bidder, you will receive a phone call from an Inglis finance team member, and you will be sent a buyer acknowledgment form via email.
Questions include whether you would like insurance, do you require post sale scoping, do you require your purchase to be blood tested, where the yearling is being transported to and who will be transporting it, Inglis Race Series pay up etc.
How is buyer confidentiality maintained through the bidding process?
The front-end website system itself only counts the number of bids made on the lot.
No notification is available through the public system to any party as to the identity of the bidder.
The details of who the bidder is are only available to limited Inglis senior staff with security setting enabled in the Ardex Premier system.
PASSED IN HORSES
What is the process for a passed in lot?
Inglis will follow up all passed in horses with a phone call to the vendor and the bidder/s involved in the auction.
The system provides the Make an Offer link through the results.
GENERAL
Can buyers use appointment of agent forms?
Yes, buyers can complete an appointment of agent form, available on the sale page.
Where will x-rays be lodged?
X-rays can be lodged in the repository; this process is the same as a live sale whereby the x-rays are stored against their relevant lot.
They can only be viewed by a registered veterinarian.
A copy of a survey report (or any other) can be uploaded to the horse listing on the site itself if it is saved in PDF format.
Inglis bloodstock staff will assist vendors.
What is the process for scoping?
Post-sale scoping to be finalised within 7 days of sale.
Inglis will co-ordinate.
How is an ownership transfer completed?
As Inglis guarantee vendor settlement the purchaser of a lot can transport the yearling to another property immediately regardless of whether payment has been received.
Once a purchase has been paid for in full the ID documentation is sent to the buyer by registered mail.
The ID documentation is supposed to be provided by the vendor prior to the sale closing .
Settlement proceeds may be withheld from vendors to ensure full clear title and required documentation has been provided.
Do we offer fall of hammer insurance?
Yes, we offer fall of hammer cover, like any other Inglis live auction sale.
If you are a successful purchaser, you will be able to tick the box for insurance cover and our team will be in touch.
I have forgotten my password and/or username?
Go to inglis.com.au and click through to the sale page, where you can follow the prompts.
Please note the username and password are computer generated, so they will not be your ‘usual’ credentials.
WEBSITE TRAFFIC & ACCESSIBILITY
During the live sale is the digital platform only able to be accessed by a limited number of registered buyers or can anyone in the wider public view the live auction?
All sale results and current bids will be displayed on Inglis.com.au - which is our normal ‘sale day live’ platform and sits on a different server to the online auction platform - anyone can access this.
The bidding engine will be restricted to those who have preregistered and have a login to reduce traffic to those participating in the sale
What contingencies have been put in place to ensure servers are not overloaded or unnecessarily slowed in their performance for the most important registered participants?
The bidding engine is a different URL meaning general traffic to the Inglis website won’t impact bidding.
The bidding engine will have a much smaller amount of traffic because it is only registered bidders who can login to the site.
All servers are hosted by Amazon Web Services which allows us to scale them up to meet demand.
Servers will be greatly over-provisioned to ensure a great experience for all involved.
Inglis has engaged a 3rd party to conduct load testing and other vital components in the lead up to the sale.
A test sale will take place on Friday 3 April to further give buyers confidence in the system.
What are the contingencies in place should user’s network access be affected during the sale due to known broadband congestion issues (refer Telstra’s recent warnings)?
The Inglis team will be available by phone and have bidding accounts setup meaning staff can bid on the client's behalf over the phone.
Clients will need to sign an appointment of agent form prior to the sale.
Contact details for staff will be available prior to the bidding closing.
There is no minimum standard of internet connection necessary to access the site. Google Chrome is the preferred web browser.
Will Inglis staff who are actively monitoring who is bidding, be able to detect if an online connection is lost at a critical stage and urgently call the respective party to seek further instructions?
Inglis cannot identify loss of online connection, but all buyers will be provided details of who they can call in the instance this occurs.
All Inglis staff have been allocated a role to assist in actively supporting both buyers and vendors during the sale. Resources are available.
