The Auction Process
Initial Site Visit
Before we enter into any formal contractual agreements, we like to visit the facility, view and photograph the saleable assets and answer any questions. After the site visit, we can begin working to set the time specific goals for the auction and develop a plan of action to achieve these goals, including the actual date of the auction. Factors that help determine the date include time constraints, including deadlines for vacating the premises, and conflicting dates of any other similar auctions to be held in the same geographic region.
Once the goals and auction date are established, we enter into a formal contract and we assign a Project Manager to the auction. The Project Manager will oversee the entire auction process; one of his first duties is to arrange to meet with your on-site representatives to begin preparing the facility for auction.
The first step in preparing the site for auction is collecting, sorting and arranging the assets into a logical sale order. During this process, our Project Manager and his associates clean, sort and prominently display every asset to be offered for sale. Tooling and spare parts are aligned with associated machinery, along with manuals and maintenance records and any other information that can enhance the overall value.
Our associates then catalog the assets and assign Lot Numbers. Highly visible directional signs are posted throughout the facility.
For live webcast auctions, we will arrange for a concession-style caterer to be present on the auction day. We also arrange to have local riggers attend your auction. ( it was running together)
We compile all the necessary information needed for eye-catching direct mail pieces and detailed specifications for placement on our website. We market to thousands of potential buyers weeks in advance of the auction date. Our marketing is targeted to the right people: those who have shown a history of an active interest in buying machinery at auction.
For maximum local exposure, we also create and place attention-grabbing advertisements in leading regional newspapers and pertinent trade journals.
Inspection / Preview
One or two days before the auction, we host an Inspection period, where all potential buyers are encouraged to preview the equipment that is for sale. Buyers who are unable to attend the main inspection can arrange for a private inspection, scheduled by appointment.
For live webcast auctions, buyers are directed first to a registration area; there they are required to produce proper identification and sign a bidder’s registration card stating that they accept and agree with the terms of the sale. Each bidder is then assigned a Bidder Number and given an auction catalog, which describes every asset being offered.
The Terms and Conditions are written in the catalog, posted on signs throughout the facility and announced by the auctioneer prior to the start of the auction.
Before the auction begins, the registration clerk accepts all endorsed, signed checks accompanied by bank letters of guarantee for safekeeping during the auction. Although no equipment may be removed while the auction is being conducted, buyers can pay their invoices at any time during the sale.
Items are offered lot by lot or in groups of lots in order to accommodate the full spectrum of buyers. Every buyer will receive an itemized invoice of purchases and detailed explanation of payment generated by our computerized accounting system. Invoices will include lot numbers, descriptions of every item purchased and prices paid. Upon receipt of their invoices, buyers can proceed to the checkout area, where the items are located and the supervising of removal of the equipment begins.
Removal / Equipment Pickup
Removal begins immediately after the auction has ended. During removal, each plant area is supervised and every buyer is assisted to assure that all invoiced merchandise is properly distributed.
The independent riggers will likely be on hand to assist buyers in removing the larger assets from the facility, however, it is the buyer’s responsibility to remove all property that has been purchased at the auction.
Financial & Finalization
All of the final accounting information will be transported to and processed at our offices in Barrington, Illinois. A distribution of the net proceeds as well as a final accounting report, including an itemized list of everything that sold and a list of auction expenses relating to the sale, will be provided within 7 days from the last day of removal.