Auction Overview for Sellers and Buyers
Marketplace Machinery, Inc. specializes in public auction and liquidation sales of commercial and industrial equipment. Which type of sale can offer the best benefit to a buyer or seller will be driven be individual circumstances surrounding each potential sale. Auction and liquidation events offer significant benefits and opportunities to both buyers and sellers.
Benefits to Sellers
For a seller, an auction sale is an efficient means of disposing of a large (or small!) amount of equipment in a short period of time.
At an auction everything is sold, funds are collected for each asset sold and the facility is cleared so that it can be prepared for its future intended use. The approximate six week time frame from auction contract signing to auction sale event is spent cleaning and photographing select assets, assigning lots and tags, cataloging the assets and producing marketing materials that will be delivered to targeted audiences with an interest and need for the particular type of equipment that is being sold. After an auction sale is complete buyers remove their assets from the auction premises. The removal process is appropriately scaled to each individual sale but in all cases is done as quickly and efficiently as possible with full supervision of personnel authorized by Marketplace.
As a seller there are many options available for selling your assets including an outright cash purchase of your assets by the auctioneer, cash guarantee by the auctioneer, commission sale and others. I have been significantly involved in over 200 on-site and online auction and liquidation sales of industrial and commercial equipment in my career and will draw on this experience to derive the best possible realization on the sale of your assets.
Marketplace is registered with www.BidSpotter.com, an online selling platform that facilitates the sale of your company's assets. Using both the marketing options offered by BidSpotter as well as our own strategic marketing efforts we target a large network of companies and individuals that have a need for, and interest in, purchasing your assets. We market to companies within your standard industrial classification and we advertise in publications specific to your industry.
We offer all auction services and options available in the industry including traditional on-site auctions, online timed, combined on-site and online, webcast and the full range of commission sale, outright cash purchase, and cash guarantee types of sales.
We welcome the opportunity to buy and sell your surplus business assets, from one machine to complete facilities of any size. Auction sale options including marketing, labor and timing estimates are custom tailored to each sale. Marketplace will be happy to provide options and a pricing quote to conduct your auction sale. Please call Kirk (248-417-7646) for more information.
Benefits to Buyers
For buyers, auction sales provide unique opportunities to purchase high quality new or used equipment for significantly less than what it would cost new. Buyers also may find desirable equipment available at a public auction that has limited or no availability for purchase new. Registering for participation in the auction process as a buyer is simple. In order to place an auction bid you must be a registered buyer and must complete the following steps.
- For online auctions you must first register with www.BidSpotter.com. On the BidSpotter registration page enter the event number of the auction in which you’d like to participate. To bid online you must also send a deposit check in the amount of 25% of your total anticipated online purchases to:
Marketplace Machinery, Inc.
400 North Main Street, Suite 305
Milford, MI 48381
NOTE: You must be registered and have your deposit on file with the auctioneer 48 hours prior to the start of the auction. Failure to register AND send your deposit to the auctioneer will disqualify you from bidding online.
For on-site auctions registration can be completed either on preview day(s) or on the day of the auction. Please proceed to the on-site auction registration desk to pick up your auction catalog and registration materials. Once you have completed the registration form you will be asked to provide identification and an e-mail address and to choose your method of payment; cash, certified funds, company check or wire transfer. If paying by company check or wire transfer a bank letter of guarantee will be required. The letter must be in the following format:
Mr./Mrs. (Customer Name) of (Company Name) is a customer of this bank. This bank will guarantee irrevocable unqualified payment for full face value stated on this letter to Marketplace Machinery, Inc. for checks or wire transfers drawn on (Account Number) for an amount up to $ ______________.00. This letter is void after (Date).
Once your registration is complete you will receive a buyer number. For on-site auctions you will receive a paddle with your bidder number on it.
- Use your buyer number and/or paddle to place a bid. Immediately after placing a successful bid, a deposit of 25% of the total purchase price is required. The funds can either be cash, certified funds, or a company check/wire transfer accompanied by a letter from your bank guaranteeing funds will be paid by your bank.
- We will provide you with an invoice containing the total amount of your purchase. You must pay your entire balance within 48 hours after the end of the auction sale.
- You will need to make arrangements to remove your purchases. Dates and times specified for removal will be identified in the auction catalog and in the advertising materials prepared for each sale. If the auction is on-site the removal dates and times will be announced by the auctioneer prior to the auction. Removal must be done by a licensed rigger. Any riggers contracted to move equipment from a Marketplace Machinery auction must obtain a minimum liability policy of $1,000,000. The policy must be on file with Marketplace Machinery and must name Marketplace Machinery, Inc. as an additional insured party.