The clear goal, where profit is maximized, is for the broker, client, or owner to quickly sell the business to a legitimate buyer. However, if the business appears to be a possible auction candidate, the broker should not hesitate to mention the asset buyout or auction scenarios as part of the initial sales presentation. The period of time when businesses remain listed too long is often the most trying in the broker/client relationship, and it may be the ideal opportunity to introduce the auction process. If the client realizes the possibility of an asset buyout or auction is a viable option from the outset , a smoother transition into a sale will result. Unfortunately, the time frame when a business has no legitimate buyers, but remains listed, also represents the period of time when the assets suffer their greatest commercial loss. If an asset has to be auctioned, the faster that point is realized represents the greater savings to the client.
Our staff members have been conducting various types of liquidations for decades. What makes our company different is the diversity of our liquidation capabilities, the techniques we have learned and our additional experience in the international placement of commercial assets. Our company maintains a global niche in the industry to find the appropriate marketplace, wherever in the world that may be, as well as a worldwide buyers list.
IAAS Worldwide does not endorse or represent any rigging or machinery moving company. Companies or individuals that purchase auction goods from any of IAAS Worldwide’s auctions are solely responsible for removing their purchases from the auction site in a safe manner. Any company contracted by an auction buyer, or in any fashion using heavy equipment to remove their purchased and paid for auction goods from an auction site will be required to provide IAAS Worldwide with a valid certificate of insurance that meets the following requirements.
IAAS Worldwide must be named on the certificate as a certificate holder:
14 South Main Street
Shrewsbury, PA 17361
The company must possess no less than $2,000,000 in general liability coverage as well as $1,000,000 in workman’s compensation coverage
IAAS Worldwide reserves the right to alter the pre-qualification requirement at any time for any auctions.
IAAS Worldwide also reserves the right to deny any company or individual access to IAAS Worldwide’s auction sites if IAAS Worldwide is at any time dissatisfied with the conduct of the service provider or the quality of the service provided.
If you would like to be pre-qualified as a potential service provider please fax insurance certificates that meet the criteria above along with the completed Riggers Information Form to (717) 235-8331.
Auction Buyer Tip #1: Do not mistake auctions for retail sales. The two have very little in common. Auctions are different from retail because auctions are governed by federal laws, state laws, Uniform Commercial Codes and city ordinances. When you bid at an auction you actually enter a legal contract.
Auction Buyer Tip #2: You must have a bidder’s card in order to buy at the auction. To obtain a bidder’s card, you must put down a deposit for a bid card. This insures that you will pay for all your purchases that you bid on. Once you pay for your items or decide to leave the auction without purchasing any items, your deposit is immediately returned to you. If you do bid and win, your deposit is applied to the purchases.
Auction Buyer Tip #3: Be careful when you bid on lots. Know how much you are bidding and whether you are bidding against your spouse, parent, sibling or friend. Although you can retract a bid while the bidding is open, you cannot retract it once the auctioneer has said “sold”. Auctioneers expect you to take full responsibility for your bids.
Auction Buyer Tip #4: The moment the auctioneer says “sold”, the ownership of the item being auctioned has changed hands. This is the law. If your merchandise is later stolen you will still have to pay for it. It is no different than having your wallet or purse stolen while shopping at a store.
Auction Buyer Tip #5: Know what you are bidding on by closely inspecting each item before the auction. This is why an auction preview is offered. Use your own evaluation as your bidding guide, not the auctioneer’s description or other bidders’ comments. You are buying the merchandise “AS IS WHERE IS WITH NO IMPLIED WARRANTY” with no guarantees of any kind from the seller or auctioneer. The risk of the item not being what you wanted should be factored into your bidding amount.
Auction Buyer Tip #6: A fast-moving auction benefits both buyers and sellers. Auctioneers have the right to reject any bid amount that would slow the bidding. Auctioneers cannot wait for slow bidders, so know in advance what to buy and how much to spend. Your inability to keep up with the bidding pace is not the auctioneers’ concern.
Auction Buyer Tip #7: Don’t be shy about bidding loud and large. Raise your bid card in the air if you want an item and keep it up until you are done bidding. Make certain the auctioneer is aware you are bidding because the auctioneer may be taking bids from someone in front as well as online or behind you. Once the auctioneer says “sold,” the item is gone even if you are willing to continue bidding. There are no do-overs in the auction business. Spotters or ring men are there to help the auctioneer spot bids and will signal your bid to the auctioneer.
Auction Buyer Tip #8: When the auction starts, you will hear a ring man call out a lot number and give a brief description of the item. The auctioneer will begin selling the item and will ask for you to bid. The auctioneer continues to go up in increments until the item has been sold. Once the bidding has closed, the auctioneer will say “sold” and state the winning bidder’s number and the final price.
Auction Buyer Tip #9: During the auction, clerks record the description of your items and your buyer number as well as the amount you paid for the item.
Auction Buyer Tip #10: There are some terms that are used during an auction of which you need to be aware. These terms are “choice” and “all for one money.”
Terms and Conditions of our Sales
13.5% Buyer’s Premium. All purchases are required to have a Buyer number. The Buyer number will be valid for this Auction only and may be received in the Auction office. Driver’s license or other identification may be required. The Auctioneer reserves the right to withdraw from sale any of the items listed or to sell at this Auction items listed, and reserves the right to group one or more lots, or to subdivide into two or more lots. Whenever the best interest of the seller will be served, the Auctioneer reserves the right to sell all the items listed in bulk.
At this auction and for every auction, IAAS conducts, we consider a sale the following. “When the auctioneer asks for a bid, we consider that an offer and when the attendee raises his or her paddle, or bids in any manner he or she sees fit, we consider that an acceptance.” In other words that is a sale, which you as the attendee accept, without prejudice.
If any dispute arises between two or more bidders, the Auctioneer may decide the sale or may immediately put the lot up for sale again, and resell to the highest bidder. The decision of the Auctioneer will be absolute. When items are to be sold by estimated count, measure, or weight, the purchaser will be billed for and required to pay for the estimated count, measure, or weight. If any shortage exists at the time of removal, the Buyer will receive a refund at the rate of purchase. If there is an excess, the purchaser will be required to accept and pay for this excess, at the rate of purchase. The Auctioneer reserves the right to reject any and all bids. On lots that have a reserve, the Auctioneer shall have the right to bid on behalf of the Seller.
The Auctioneer shall not be responsible for the correct description, authenticity, genuineness of, or defect in any lot and makes no warranties, expressed or implied. No allowance will be made or sale set aside on account or any incorrectness or errors in cataloging or any imperfections not noted. No deductions will be allowed on damaged articles, as all goods are being sold “AS IS, WHERE IS”. A deposit of at least 25% of the entire purchase price is required at time of purchase. This deposit may be left at time of registration for the ease and comfort of the Buyer. Any deposit left, for which the Buyer made no purchase, will be promptly returned. This is a deposit only and full payment must be made at the end of Auction. We will ask for a $100.00 deposit at registration, cash, credit card or signed check.
All bills must be paid to a representative of the Auction Company in full on Auction day, unless other arrangements have been made. Payment should be in CASH, COMPANY OR PERSONAL CHECK WITH A BANK LETTER OF GUARANTEE, CASHIERS CHECK, OR WIRE TRANSFER. No items may be removed until bill has been paid in full. Organization and payment for removal of purchased items are fully the responsibility of the buyer. In default of payment or deposit, the Auctioneer may retain all monies received as deposit or otherwise, as liquidated damages. Lots not paid for or removed within the time specified herein may be sold at public or private sale without further notice. Any deficiency together with all expenses and costs of resale will be paid by the defaulting purchaser. Any and all purchases made subsequent to auction sale are governed by the terms and conditions found herein. Any additional terms or conditions of Sale added by the Auctioneer shall be announced by the Auctioneer at the start of the Auction. Thank you for attending our sale!
It’s easy to pay for your items at our auctions. We accept MasterCard, Visa, AMEX, Discover and a Bank Letter of Guarantee.
Please call our office for wiring instructions.