Behind the Auction

It's Not Just A Lot Of Fast Talk!
There's A Whole Lot More...

Below is are many of the services that may be offered by an auction company:

Inventory: Your merchandise will be inventoried for appraisal, lotting, advertising, cataloging and record keeping.

Appraisal: Appraisals help determine the value of your property. This can give you an idea of what your property may bring at auction. However, there are several different types of appraisals and you should understand the differences of each. {coming soon} You will find more information on Appraisals in the Auction Information section.

U.C.C. Filing: Uniform Commercial Code filing is required on major purchases, such as equipment, cars, furniture, etc., which may have required a loan for the purchase. As part of the service, we file all required UCC-11 Forms, Request for Information or Copies. This insures that all liens have been released properly, or gives us the information needed to request permission to sale property by auction from the lienholder.

Creditor Notification: Notification to all creditors that have a lien filed against a piece of property is required to obtain the approval of the lienholder prior to the sale of the property. Failure to make notification can create legal problems for both the seller(s) and the auctioneer. This notification will also be made on your behalf, as well as, the request for permission to sale any item with outstanding liens.

Advertising: Advertising campaign is setup and handled for you. Depending on the type of auction and advertising budget, this may include flyers, postcards, catalogs, direct mailings, newspaper ads, trade publications and even radio spots.

Property Make
Your merchandise will bring more money when it is in top condition. We take care of the cleaning and minor repairs for you. Property make ready is an important part of the sale because it increases value of and demand for the property by improving appearance and operating condition.

Site Selection: Proper Auction site selection is the key to provide accessibility and comfort to increase number of buyers, and to ensure maximum length of buying time. It also allows the auctioneer to manage and control the sale and provide for proper security.

Site Preparation: Another important part of the auction is the appearance and setup of the site. A good auction site needs plenty of parking, plenty of seating (if applicable), a neat and orderly appearance for best display of all merchandise, as well as, controlled access and exits for security.

Lotting: All merchandise to be sold is lotted (listed and numbered) for recordkeeping. Also, smaller items can be grouped to speed up the process. This will help keep the auction and excitement going, and keep the interest of the buyers.

Registration: Registration of buyers and issuance of buyer numbers is the system used to call and record purchases. It allows documentation of financial requirements such as letters of credit, cash terms or other prior approval. Also, It provides the means for meeting sales restrictions such as dealers only, admission by fee only, possession of required license or registration and to verify sales tax exemptions.

Clerking: An auction clerk is responsible for recording the item sold, the purchaser (by buyer number), and the amount bid. This information is passed to the cashier for totalling buyers purchases for collection.

Cashiering: The cashier for the auction totals the purchases of each buyer, calculates sales tax as applicable, collects monies owed, issues receipts for purchases, verifies financial arrangements, and completes auction settlement sheet.

Bid Calling: This is the part of the auction everyone recognizes. Here is where the excitement is built and the bids go up. The auctioneer is normally saying two numbers - the amount he currently has bid, and the amount he is asking for the next bid. The rest is just filler words. Listen for the numbers and ignore the rambling (filler words).

Ring Working: Ringworker(s) are provided to assist with taking the bids. This allows better coverage to help insure that all bidders can be seen and that bids are not going unnoticed.

Check Out:
Control of property is maintained until purchases are paid for. In order for a purchaser to obtain merchandise on which they were the successful bidder, they must first pay for the merchandise and present a receipt.

Security: Security must be maintained before, during and after the sale. Controls are put into place to insure that merchandise is safeguarded until completion of the auction and collection of funds are complete. Part of this includes check-out service during and after the sale.

Accounting: You are supplied a full accounting of the receipts, sales taxes paid, costs and commission, along with your proceeds from the auction.

Escrow Account: All monies are maintained in an escrow account until full accounting and final settlement has been completed.

...and There's Still A Whole Lot More!

Going to Auctions | Auction Info | Terms & Definitions

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