Contents:
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General Auction Information
Auction Q&A
Auction Glossary
Auction Terms & Conditions


General Auction Information:
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Our specialty is bringing you top-quality merchandise very conveniently, often at prices otherwise unheard of. Looking for top quality furniture for your new home, but don't want to pay retail prices? Come to Asset Recovery. Are you in the market for high quality building supplies or restaurant equipment, and want to find the merchandise at a price that you set yourself? Asset Recovery auctions are definitely the answer.

The auction setting puts you, the buyer, in the driver's seat. In this setting, you are in a position of power. You will never experience this in any other buying-and-selling setting. At auctions, you set your own price for the goods in which you are interested. You never have to absorb the initial shock of an inflated price tag. You are never forced to haggle or negotiate with the seller about lowering the price. In the auction setting, the seller never decides what an item is worth, or for what amount it will sell. That's your job. At the auction, you bid until you reach your own personal price ceiling. You never have to pay more for something than you think it's worth. It's that simple.

Auction Q&A -
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Just click on the question links below to be directed to the appropriate answer.

Q: What is an auction?
Q: Can anyone attend an Asset Recovery auction?
Q: Why is merchandise being sold at auction?
Q: What is the asking price?
Q: How do I qualify as a bidder on auction day?
Q : Are there any minimum bids?

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Q: What is an auction?

A: An auction is defined as the public sale of goods or property which prospective purchasers bid for until the highest price is reached.
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Q: Can anyone attend an Asset Recovery auction?

A: Sure! All Asset Recovery auctions are open to the public. Remember, however, that there are registration and funds requirements in order to be eligible to bid.
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Q: Why is merchandise being sold at auction?

A: The typical seller in our auctions is a motivated seller who desires to shorten the time to sell their property by selecting the auction method, and "setting" the date on which their property will sell. It just makes sense, and is a smart alternative to the conventional method of selling.
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Q: What is the asking price of a certain piece of merchandise?

A: The beauty of the auction method of selling is that the buyer gets to bid what they think the merchandise is worth, not what someone else thinks it is worth. You set your own limit on price.
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Q: How do I qualify as a bidder on auction day?

A: You are required to register upon arrival. Be prepared to present a cashier's check, certified funds, personal check with letter of bank guarantee, Visa, MasterCard or cash in the amount required for each item.
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Q: Are there any minimum bids?

A: There are never minimum bids. All merchandise at our auctions is sold to the highest bidder, regardless of price. This is known as selling things at "absolute auction".
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Auctioneer:
The person who conducts an auction, accepting bids from the audience.

Bid Assistant:
A person who assists the bidder. Calls out bidders' bids and answers questions.

Buyer's Premium:
An amount (usually a percentage) that is added to the winning bid to determine the contract selling price which the buyer pays for the property being sold.

The use of the buyer's premium is so effective because it benefits both the buyers and the sellers. Sellers benefit because it helps to defray many of the expenses associated with conducting an auction. The buyer benefits because without the use of this tool, there may not have been an auction. The open and competitive bidding process might not exist if the buyer's premium were not used to offset some of the auction related expenses.

Reserve Auction:
The seller establishes a confidential reserve price and has the right to accept or decline the highest bid if it falls below the established reserve. If the reserve auction method is chosen, it is imperative that the reserve price be realistic.