The Seven Steps in The Auction Process That Ensure The Maximum Return On Investment!
The first step is for Mohawk Machinery’s inspection team to visit your facility, view and photograph the saleable assets, and answer any questions you may have about our company. We will then present to you an auction proposal offering different options so that you can decide what will work best for your company. We help set realistic goals for your auction, the time constraints for removal of equipment, the competitive environment we are dealing with, and select a mutually agreed upon auction date. With all these details worked out we will sign a formal contract and assign a project manager to your job. This is where step two begins.
The second step is preparing the facility for auction. This is when the Project Manager and his set-up crew will list all the items being sold. Tooling, spare parts, manuals, and service records will all be displayed in order to realize the most money for your equipment. The items will each be assigned a specific lot number in order to ensure accurate accounting and the security of the auction process. The Project Manager will also make countless small decisions like where to place signs, establishing the best flow for customers entering and leaving the auction site, parking areas, registration area, paying and check out areas, etc. Mohawk Machinery will also have catering, restrooms, telephones, and local riggers available in order for buyers to be able to seamlessly purchase the equipment and enjoy the auction experience.
The third step in the auction process is the marketing/advertising. Mohawk Machinery uses a multi-faceted approach where we create a direct mail brochure with a complete listing of equipment being sold. We use actual photos, complete specifications, and videos of machines running in plant. Brochures are mailed to thousands of targeted potential buyers two weeks before the auction date. The brochure is also converted into a digital format so we can directly email it to our proprietary list of qualified buyers as well as lists from trade associations and journals. We will place ads in leading regional newspapers, local newspapers, and appropriate trade journals. Buyers from around the world will know about your/our auction sale and the results will speak for themselves!
The fourth step is to allow potential buyers an inspection date. This is usually a day or two before the sale. Informed buyers who take the time to get comfortable with their purchases are usually the ones who pay the most money. During these inspection days we have our crew direct customers to the equipment they are interested in, provide as much information as we can and answer whatever nagging questions buyers may have. (We will also allow private inspections if scheduled in advance).
The fifth step is the actual Auction Day. This is where the Magic begins!!!
On auction day, the first thing potential buyers do is to register. We have each bidder produce proper identification, sign a bidder’s registration card, (agreeing to terms of sale) and turn in an endorsed signed check accompanied by a bank letter of guarantee. Bidders without this letter are required to make a 25% deposit at time of knockdown/sale. Each bidder is assigned a bidder number and given an auction catalogue listing each item by lot number. When the sale begins items are offered either by single lot or in multiples requested by buyers. The Auctioneer makes these decisions determining what will net the most money. Mohawk Machinery spends extra time on the largest items in order to maximize your return.
Mohawk Machinery favors the On-Site-Walk-Around style of auction with ring men. This method allows potential buyers to actually see, feel and picture the machines in their shop. The ring men generate the true “auction fever” that makes buyers compete for the machine and you become the big winner. (We can also accommodate theater and online styles of auction when the situation requires).
No equipment may be removed while the auction is in progress however buyers can pay their invoices at any time during the day. Buyers use one of three different ways to pay for their items. 1) A check accompanied by a bank letter of guarantee 2) a deposit of 25% day of auction balance before pickup 3) a wire transfer directly to our bank.
Mohawk Machinery uses the latest computerized accounting system providing each buyer with an itemized invoice of their purchases. When the invoice is settled in full, buyers can begin the checkout process.
The sixth step in the auctioning of your equipment is checkout/removal of items. This process begins immediately after the auction has ended. Mohawk Machinery provides our crew members to supervise the buyers in removing the items they purchased. Independent riggers will be at the auction site to assist buyers in removing the large items. Auction buyers are responsible for the removal of their own equipment. Buyers are anxious to remove equipment and checkout is almost always finished within a week’s time.
The seventh and final step in the auction process is settlement with you. When the final accounting has been processed a detailed report will be generated. This report will list everything that was sold, how much each item brought, complete list of auction expenses, and a check for net proceeds will be given to you. The proceeds are usually distributed within two weeks of date of sale.
Mohawk Machinery provides the best opportunity for you to have a successful auction. Our experienced team can individually tailor an auction sale to meet your needs. We have the customers, we have the people, we have the knowledge, and we have the drive. Give us a chance to show you what we can do!
Would you like to speak with us concerning your upcoming needs.
Call us at 513-771-1952 or use the contact form below.
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