Answers:
• What Is An Auction?
An auction is a sale
of personal or real property conducted by a sales professional called
an auctioneer. Auctions are usually open to the general public and are
generally characterized by the auctioneer asking for bids until he obtains
an opening price. Once the bottom price has been established, the
auctioneer will keep increasing the price until a final hammer price is
obtained. Auction prices, due to the competitive bidding by potential
buyers, are considered by many authorities to be the true measure of a
fair market value.
• What Happens At An Auction?
Most
auctions throughout the United States contain the same general
elements. The first and perhaps most important part of the auction is the
preview period. This is a time period that is set aside for potential
bidders to inspect the items that will be offered. Since most auctions
offer no guarantees or warranties on purchased items, it is imperative
that auction attendees use this time wisely to determine what items they
want to bid on and how much they are willing to pay for the items they
have an interest in.
The next important event of the auction
sale is the actual start of the auction. The auctioneer will introduce
himself and his staff and then provide several important announcements
concerning the auction process. The opening statements usually include the
fact that no items offered for auction have warranties or any guarantees.
Other statements which are important to the attendees
usually include, but is not limited to discussing what forms of
payment will be accepted, the order in which the merchandise will be sold,
whether there are any auction day changes that are in effect which
contradict earlier printed matter, reminders that only registered bidders
can participate in the sale, and sales taxes will be in
effect.
From this point on the auction is now in full
progress! The ringmen and salespersons will bring items across the
auctioneer's block for their eventual sale. All attendees will now be
focused on the item currently up for bid at auction. The auctioneer will
successively ask for bids until he obtains an opening price. Once the
bottom price has been established, the auctioneer will keep increasing the
price until a final hammer price is obtained. At that point in time,
unless there are any reserve bids which are not met, the item is
officially knocked down to the last bidder. The details of the transaction
(bidder, amount, hammer price) are recorded by the clerk and this entire
process is repeated until all lots in the auction are sold.
When
the lots you are interested in are all sold, the settlement process
begins. At this stage all buyers take their bidder cards to the cashier so
that they can be presented with an itemized bill that records the details
of all of their purchases. Only after a buyer's account has been paid can
he then remove his purchased items from the auction site. In most
cases, unless prior arrangements have been made, all items must be removed
from the premises within a specified amount of time.
• What Types Of Items Are Sold At Auction?
This list is virtually endless and includes but is not limited to the
following items: automobiles, antique automobiles, antiques and
art, commercial equipment, and industrial equipment, livestock, and
other personal homemakers' items, and much more. In short, anything
that is legal, whether tangible or intangible, can be successfully sold at
auction.
• Why Attend An Auction?
Auctions are a
lot of fun! Only at an auction event can you receive clean and wholesome
family entertainment, such as witnessing the drama of an unfolding bidding
war for a treasured item and acquiring an opportunity to buy items
and services at significant discounts.
Furthermore, the variety of
items available for auction are unequaled by regular retail
establishments. You just never know what interesting, rare, or unusual
items will be sold.
If you are looking for wholesome fun, an
opportunity to save money, or need to locate an unusual antique to
complete the decor of your living room, plan on attending an American
Auction Company auction today!
• What about "AS IS, WHERE IS" and the "all sales
final" stuff.
AS-IS means selling the merchandise without
warranties as to the condition and/or the fitness of the property for a
particular use. Buyers are solely responsible for examining and judging
the property for their own protection. Otherwise known as "As Is, Where
Is"
Please note, if Amercian Auction Company, Inc. Auctions knows
of a problem with an item, we will disclose it.
• Why do you sell things "as is" anyway?
Because, we don't own the goods we sell. They are consigned by
companies or individuals or from Estates. We can't afford to provide
warranties for the small commission we charge our clients. We do try to
call whatever problem there may be with an item, if we know ourselves.
• If I buy something, can I return it ...
No. When you buy it at auction, its yours. By registering at an
auction, you agree to the terms of the auction company. The auction
company freely discusses any known problems about an item, before it is
sold. If you feel terribly mistreated, talk to us. We want your continued
business and will try to treat you fairly.
• How Much Does It Cost To Attend An Auction?
Our auctions do not have admission fees. Whenever you come down with
an "gotta go" case of auction fever, feel free to attend the closest
auction (hopefully it'll be one of ours) and buy something! All you need
is a valid drivers license to register at our Auction Center,
• "When should I call an auctioneer, if I am thinking
about having an auction?"
BEFORE you throw anything
away. So many times we have gone in after the family has removed the
"trash". Unfortunately, many sallable collectibles have been sent to the
landfill. The old quote of “one person’s trash is another’s treasure” does
hold true. Call the auctioneer first! We are the experts on what will
and will not sell at auction.
• Why Would I Want To Have An Auction?
The many reasons why someone wants to sell items at auction are as
numerous and as varied as the circumstances why people want to buy at
auction. Some may wish to employ the services of a professional
auctioneer, if there has been a loss of loved one and an estate to settle.
Many others may do so because they desire to close their businesses and
liquidate their holdings, while others call when they wish to reduce their
inventories of items and create more space for other items. However, in
every case of an item sold at auction, true market value will be obtained,
the item is guaranteed to be sold, and you know exactly when it will be
sold. So before you have a going-out-of-business sale or a
garage/estate tag sale, call a qualified Amercian
Auction Company Representative ASAP!
• How Long Will It Take To Schedule An
Auction?
The amount of time necessary to adequately prepare
for a professional auction is different for each auction. Examples
are a business liquidation auction will require a state-wide county
by county Uniform Commercial Code search. Likewise, an auction of real
property will require a title search, a Seller's Disclosure Statement, and
most likely an open house before the auction is conducted. Other variables
that can influence the time needed to prepare for an auction include
the location, quantity of items being sold, time needed to comply with
local laws and ordinances, time needed to document, itemize, clean,
transport, and organize items, and American
Auction Company's schedule of availability. With all that being
said, an auction of respectable size can usually be conducted within a 30
day time frame or less.
• How Much Does It Cost To Sell Items At
Auction?
There is no quick and easy answer to this question.
Generally speaking, auctioneers are sales and marketing professionals that
are paid a specified commission of the sale's gross proceeds. In most
cases, the cost to the seller depends on a variety of factors that are
unique to every individual's circumstances. The most pertinent issue that
should be considered is the quantity and expected sales price of items
that are being consigned for an auction. All things being equal, the
sellers should expect to pay higher commission rates for small quantities
of items that bring relatively low sales prices.
Other factors
that can affect and influence the selling commission rate include whether
the auction is on-site or off-site, the amount of advertising needed to
locate any needed specialized buyers, the number of personnel necessary to
conduct a professional auction event, and the amount of research necessary
to maximize optimum prices.
One thing to keep in mind when
trying to determine the best method for disposing of and liquidating your
property is that auctions in the long run are cheaper. This is due to the
fact that if you conduct a sale yourself or hire a tag sale specialty
company, you will not receive the best prices for your items which they
are capable of bringing and you will have left over items that must be
dealt with and you also will have to consider your personal time
investment and amount of time the premises which will be tied up, and
thus increase the final sale of your items anywhere from 200% -
600%.
• How Long Will It Take To Receive The Proceeds From
My Sale?
After your items has been successfully sold at
auction by American Auction Company, you should allow 10 business days to
receive payment. In most cases, your proceeds will be processed and paid
earlier. On-Site Auctions are settled sooner.
• Can you conduct auctions at my location or do I
have to bring the items to the auction facility?
That is
determined by what you have for auction. We conduct many business
liquidations and estate sales on location. To conduct an on-location
auction, we generally need to inspect the auction items to determine if
there is enough to warrant an on-location auction. We also need to check
to see if the site is feasible for an auciton in terms of parking
availability, room for display of items, compliance with city ordinances,
and if there is room to handle the amount of people we expect to attend.
• When can I bring my auction items and when will
they sell?
Items received on an Appointment basis. Please
call to arrange a time.
Your items will be placed on the next
available auction (not necessarily the next auction, if that auction is
already filled.) If you have a specialty item, such as an antique piece,
coins, firearms, etc., we might suggest to you that you place them on one
of our special auctions that we schedule regularly.
Entire Estate
Items can be sold at once for Estate Settlement purposes.
• What happens if I bid, and don't pay for my
purchases.
There will be legal action. Buying at auction is a
contractual obligation, and you should be aware of the terms and
conditions before you buy.
• Who sets the prices at the sale?
You
do. The auctioneer may start with an asking price, but ultimately its the
bidders that determines the price.
• Are there items you will not accept for
auction?
- Abandoned or Unclaimed storage unit items purchased at auction or
otherwise
- Any soiled or damaged furniture, includes that covered with pet
hair
- Car parts (even new, they are too hard to sell)
- Plastic Clothes racks
- Clothing, shoes, unless vintage and in good condition
- Computers older than Pentium II or those that do not work
- Console stereos
- Distressed Furniture / appliances / Household items / other;
Particle board
- Garage sale-Estate sale-Tag sale-etc, left over’s (if you can't sell
it, we can't either)
- Ironing boards
- Non-working or damaged TV’s, VCR’s, Console TV’s, Radios
- Oil heaters
- Desks – large wood/metal; particle board
- (Ask Auction crew for other types that we may take)
- Any exercise equipment; unless new modern electronic version in
working condition
- Any office machines / equip: copiers, mimeograph, etc
- Old snow skis, old water skis
- Old suitcases that are not antique / collectible 30’s and older in
good shape
- Old vacuums
- Older or colored appliances
- Older or stained beds / mattresses / box springs
- Organs & Pianos (they are hard to sell even if in good shape)
- Paperback books; Encyclopedias
- Re-model pull outs (cabinets; doors; windows; fixtures)
- Truck Bed liners or Canopy’s
- TV trays – tin
- Typewriters
- Water beds
- Other items deemed un-sellable by our crew
• More Questions?
Of course, these
aren't all of the Q&As. If you have a specific question that needs an
answer that we haven't given here, please feel free to e-mail us with your
question.
|
