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What Is An Auction?

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What Happens At An Auction?

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Why Attend An Auction?

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How Much Does It Cost To Attend An Auction?

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What Types Of Items Are Sold At Auction?

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What about "AS IS, WHERE IS" and the "all sales final" stuff.

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Why do you sell things "as is" anyway?

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If I buy something, can I return it ... or cancel my credit card charge?

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What happens if I bid, and don't pay for my purchases?

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Who sets the prices at the sale?

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More Questions?

 

Answers:
• 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.