WHAT IS A "LIVE" AUCTION?
This has been the most typical type of auction over time, involving an actual auction site, with items to be sold laid out in order, allowing physical inspection. The auctioneer offers each item, chanting aloud a bid value with physical attendees giving visible physical or vocal reaction - creating an atmosphere of excitement of purchase and transaction speed. Payment and possession are immediate and onsite.
WHAT IS "ONLINE ONLY" AUCTION?
Lots are offered via an internet view and bid platform. Success is determined by item description and information, provided by the auction company via internet exposure. Generally there is limited physical contact between the buyer(s) and items offered, but more effort is required by the auction company for accurate presentation. Online auctions are also referred to as "timed auctions", which means a certain lot or lots close at a specific time, with pre-bidding allowed days or weeks prior to the auction closing. Due to being online, there is the potential for a far wider range of bidders (bidding competition). Payment can be made by credit card or wire transfer, prior to possession.
WHAT IS A "SIMULCAST" AUCTION?
Simulcast is basically a live on-site auction, conducted simultaneously with an live-stream/internet audience. Live-stream provides internet buyers with pictures as well as audio/video streaming of items being offered for sale.
WHAT IS "BUY/SELL" CONNECTION?
This is an alternative method of marketing offered to sellers and buyers, similar to private treaty sales, but relying on the auction company to provide accurate information & pictures, and then using local and internet advertising to expose item(s) to potential buyers. Sale values are established prior to advertising, and seller has the right to refuse all offers. Generally, if an item remains unsold after an agreed-upon period of time utilizing this method, the item will transfer to an online/simulcast/live auction status. This method works well for individual items from multiple sellers.
WHY SHOULD WE HAVE AN AUCTION?
Auctions are a time-proven method of determining the fair market value due to experience and exposure to purchasers. Advertising efforts and multiple mediums of exposure have improved the consistency of receiving higher values. The auction method is still a unique way of turning material into money in the most efficient and timely manner.
WHEN SHOULD WE HAVE AN AUCTION?
Today's advertising and internet exposure have changed what was generally considered the auction season. Although still somewhat seasonal, the auction items and different auction methods, will help determine the right time of year to have an auction.
WHAT IS A NORMAL TIME-LINE FROM START TO SETTLEMENT?
The type of sale will determine the time-line necessary in planning an auction. If you're considering an auction of any type, we encourage you to contact one of our auction professionals for a no-obligation consultation to consider each facet of the process in order to maximize your auction success. Settlement is made as soon as possible after all associated expenses have been collected, and accounting finalized.
WHAT CAN BE EXPECTED FOR AUCTION EXPENSES?
Each type of auction will have different expenses involved, and your auction professional will discuss it in more detail at the time of consultation.
BUYER FAQs
HOW/WHERE DO I REGISTER?
For " Online-Only Auctions " : Determine auction of interest and simply touch the bidding-icon button. If you have not previously made purchases with one of our platforms, you will be asked to register.
For " Simulcast Auctions " with 2 platforms: Determine auction of interest and simply touch the bidding-icon of choice. If you have not previously made purchases with either of these platforms, you will be asked to register.
Please retain your password for future reference and bidding. If you are already registered, you will be required to provide your password to log in to bid.
WHAT INFORMATION IS NECESSARY TO REGISTER?
Your legal name, as displayed on driver's license; valid credit card information; as well as your current address and general information. A current active email address must be provided for future notifications and communications. For registering assistance, please call Proxibid Help Line at 1-877- 505-7770; or for EquipFacts at (908} 788-2025.
HOW DO I BID?
At the time of registering for live onsite auctions, you will receive a bidder card and can physically bid on items as they are presented. For online/simulcast auctions, once you have registered and been accepted, you simply select item(s} of interest, touching the bidding-icon button, which gives you the option of bidding the next predetermined $ increment; or entering a maximum bid value. This will start the bidding sequence and give others the opportunity to raise the bid value. Your maximum bid value can only be achieved if there are opposing bids to raise the value. Online auctions are timed by the system as to available bid time, but simulcast bidding happens at normal live auction speed, so please watch the screen for all bid activity and respond rapidly to assure purchase.
HOW DO I SETTLE FOR MY PURCHASES?
Depending on the auction company's policy for that particular auction, acceptable payment may be cash, a personal check, cashier's check, wire transfer, or credit card. Complete payment must be received prior to possession or shipment.
HOW /WHEN CAN I TAKE POSSESSION OF MY PURCHASES?
Full possession can be granted upon receipt of valid, satisfactory funds for complete purchase. Possession of live auction purchases can be immediate upon check-out and settlement with cashier prior to leaving site. Online/simulcast settlement can be achieved immediately after receiving emailed invoice, via credit card or bank wire transfer, and possession given.
"BUY-SELL" CONNECTION FAQs
SELLER
- WISHES TO SELL BY PRIVATE TREATY WITHOUT AUCTION EXPOSURE AND EXPENSE ABILITY TO MARKET SEASONAL UNITS CLOSER TO TIME OF NEED
- ALLOWS SELLER TO HELP DETERMINE SALE VALUE
- ALLOWS SELLER MORE FLEXIBLITY IN TAX SITUATION
BUYER
- MAY NOT BE COMFORTABLE IN AUCTION SETTING ALLOWS FOR MORE RESEARCH AND INSPECTION
- ALLOWS FOR BUYER OPPORTUNITY TO ACQUIRE FINANCING ALLOWS BUYER FLEXIBILTY FOR CASH FLOW PURPOSES
AUCTION COMPANY
- PROVIDES METHOD OF SALE
- PROVIDES INDIVIDUAL ADVERTISING MEDIUM TO LARGER AUDIENCE
- PROVIDES INDIVIDUAL UNIT ATTENTION
- PROVIDES LIEN DOCUMENTATION
- PROVIDES EXPERIENCE IN DETERMINING FAIR MARKET VALUE TO BOTH SELLER AND BUYER