March 2, 2012

Buyers FAQ

Who sells at auctions?

The US Bankruptcy Court, Assignee’s for the Benefit of Creditors, State Court Receivers, Financial Institutions, Fortune 500 Companies, Corporate and Individual Owners, CPA’s, Insurance Companies, Leasing Companies and Turnaround & Management Companies.

What is the cost of an auction?

The normal fee structure for an auction is 5-10%. In addition the expense of the
advertising, labor and miscellaneous expenses are the responsibility of the
seller.

What is the Buyer’s Premium?

The Buyer’s Premium is a percentage, normally 12.5%, that is added to the final bid. For example, if the normal 12.5% Buyers Premium is imposed on a lot that is sold
for $100.00, the total purchase price, exclusive of any applicable sales tax
would be $112.50.

Do I have to register to attend the auction?

Yes, the morning of the auction or the day before at the preview of the assets, you need to obtain a Bidders Number. Before you are given the Bidders Number you will be asked to read the terms and conditions of the auction and sign the said terms
and conditions . . . agreeing thereto before you receive your bidders paddle.

Will I have to leave a deposit?

ALL auction attendees MUST REGISTER AND LEAVE A FULLY REFUNDABLE DEPOSIT. The deposit must equal 25% at all times for any purchases made at the auction. If the buyer does not make a purchase their deposit is returned immediately. If the buyer is the successful bidder, CMA will apply the deposit toward the total purchase price on the day of the auction, with the balance due no later than 24 hours after the sale

How do I bid on the item(s) I want to buy?

After you have registered and obtained your bidders paddle, you simple raise your paddle in the air to get the auctioneer’s attention. The auctioneer will acknowledge
your bid and ask for the next bid. If there are no further bids the item is
yours. It’s that simple.

How do I remove the items I purchased?

During or after the auction you make an appointment with the registrars office to pick up your items. These appointments are usually from 9am – 4pm the three days
following the auction. No items may be removed during the auction. No items can
be removed until final payment has been made to the auctioneer. You can remove
the items yourself or use a moving/rigging company that has proof of insurance.

Do I have to pay sales tax on my purchases?

Yes, unless you have a valid resale certificate or your purchases are being shipped out of state by a common carrier.

What if I don’t buy anything?

If you are not the successful bidder and want to leave the auction early your deposit will be refunded back to you. Your deposit will be returned to you usually within a half hour of your request to leave the auction.

Why must I have to wait a half hour?

Paper work must be turned into the auction accounting clerk from the auctioneer to insure no purchases were made by you.

What if I didn’t mean to bid on an item that went up for auction?

No problem, just stop the auctioneer immediately and tell him it was a mistake. No one will be upset if you tell him as soon as possible.

Do you accept checks?

Not unless it is accompanied by a “Bank Letter of Guarantee” signed by the President on bank letterhead.

Do you accept Visa, Master Card or American Express?

No, sorry. We do not accept any form of credit card.

What is acceptable form of payment?

Cash, cashiers check, money order, check accompanied by a “Bank Letter of Guarantee” signed by the President on bank letterhead.