• What Is An Auction?
An auction is a sale of personal or real property conducted by
a sales and marketing 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 fair
market value.
• What
Happens At An Auction?
Most auctions contain the same general agenda 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 for sale. Since
most auctions offer no guarantees or warranties on purchased items,
it is important that auction attendees use this time wisely to
determine what items they want to bid on and how much they are
willing to spend.
Next is the actual start of the auction. At this time the auctioneer
will introduce himself and provide any important announcements
regarding the sale process. Opening statements will most likely
reiterate the fact that no items offered for sale have warranties
or guarantees. Other important statements may 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 sale day deviations that are in effect which contradict
earlier printed matter, reminders that only registered bidders
can participate in the sale, and sales taxes are in effect.
The auction is now in full progress! The ringmen and assistants
will bring lots across the auctioneer's block for eventual sale.
All attendees will now be focused on the single item currently
up for sale. The auctioneer will successively ask for bids until
he obtains an opening price. Once the bottom price has been established,
the auctioneer will increase the price until a final hammer price
is obtained. At that time, unless there are any reserve bids which
are not met, the item is offered for sale 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 items in the auction are sold.
When the lots you successfully bid on in are all sold, the settlement
process begins. All buyers take their bidder cards to the cashier
so that they can be given 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 sale site.
In nearly all cases, unless prior arrangements have been made,
all items must be removed from the premises within a specified
amount of time.
• Why
Attend An Auction?
Auctions are a lot of fun! Only at an auction sales 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 opportunistic chance to buy items and services
at significant discounts.
Furthermore, the variety of items available for sale are unequaled
by regular retail establishments. You just never know what interesting,
rare, or unusual items will be sold. So 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 auction today!
• How
Much Does It Cost To Attend An Auction?
Auctions do not have admission fees. Whenever you come down with
an acute case of auction fever, feel free to attend our auctions
and buy something! All you need is a valid drivers license to
register and bid.
• What
Types Of Items Are Sold At Auction?
This list is virtually endless and includes but is not limited
to the following items: new and used merchandise, household goods,
livestock, automobiles, tools and equipment and much more.
• What
about this "AS IS, WHERE IS" and the "all sales final" stuff?
Auctions sell property 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 each item for
their own protection. Otherwise known as "As Is, Where Is".
• Why
do you sell things "as is"?
We don't own the goods we sell. They are consigned by companies
or individuals. We can't afford to provide warranties or customer
service for the small commission we charge our clients.
• If
I buy something, can I return it ... or cancel my credit card
charge?
No. You buy it, its yours. Our credit card service providers are
aware that you have made a purchase at a state regulated public
auction and will not stop a charge. If you feel mistreated, talk
to us. We want your continued business and will try to treat you
fairly.
• What
happens if I bid, and don't pay for my purchases?
First, we won't allow you to register again, until the invoice
is paid. Second, 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 bidder that determines the price.
• More
Questions?
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.
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