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Auction/Sales Process

Auction Services
Auction Process
Conducting a Successful Auction

Auction Services

Webcast and Online Auctions

The majority of Premier’s auctions are held on-site with a simultaneous webcast over the internet.  The simultaneous webcast service allows Premier to reach a much larger, global audience and allows local buyers to bid from the comfort of their offices.  Due to the increase in popularity of on-line buying, we regularly find that over 20% of any particular auction’s sales are conducted over the internet.

Premier also regularly holds on-line auctions.  This medium is particularly useful when a client has a few individual pieces of equipment located in numerous locations around the world.  Shipping a few items to a central location to hold an on-site auction is not always cost efficient.  As employees’ time at a premium and maximizing cash flow is critical, having a local plant dispose of surplus assets may not be maximizing the return on the company’s resources.  With the use of an on-line auction, however, a company can quickly turn surplus assets into needed cash without disrupting employees’ routines.

Purchase

In instances where time is of the essence or the client requires immediate cash, Premier can assist through an outright purchase of the assets. This allows the client to move on to more critical issues and not be involved in the overall sales process.

Commission or Flat Fee

When clients have multiple plants or locations, quite often certain specific assets at a discontinued location can be reused internally at a continuing one. However, it is not immediately known which assets will be transferred internally versus sold. As the overall pool of assets to be sold is uncertain, Premier can provide its services on either a straight commission as a percentage of sales or a flat fee structure with a pre-determined expense budget. In addition to the benefit of getting the sales process started, this fee structure gives the client additional time to make the right business decisions and provides them with the flexibility to remove or add assets, as necessary, up to a certain date.

Net Minimum Guarantee

Under a Net Minimum Guarantee (NMG) situation, Premier will appraise the assets and determine the absolute minimum amount the assets will sell for. We will then guarantee to the client the NMG amount, assuring the client a minimum price. Should the sales proceeds exceed an amount above the NMG, the client’s overall return on the asset increases through participation in the excess amount. The benefit of the client of a NMG is that it establishes a minimum amount the client can budget for when forecasting the asset sale proceeds. It also allows the client to profit on the upside when the sales proceeds exceed a certain threshold. In addition, throughout the process the client retains title to the assets and Premier simply acts as their sales agent.


Auction Process

The Proposal Process

Every situation that requires asset recycling is unique unto itself.  The first step is a proper evaluation.  The evaluation will allow the selection of the most efficient manner of asset disposition.

Next comes the interview process.  Premier will meet with you, the seller, to determine and understand your unique circumstances.  This information will be used to customize a specific proposal, uniquely designed for your needs.  For an auction sale, we may present several proposals that vary in the degree of financial risk.  After selecting the program for your situation, the auction process begins.  This is where Premier applies science to the art of auctioneering.

Each Formal Proposal includes a brief introduction, a financial section including evaluation, a marketing plan, a complete timetable, an explanation of the plan/process, and a list of references.  This process is tailored to every unique situation.

Premier has been successful over the past 40 years, as our primary concern is delivering a value added service to our clients.  Premier’s senior management will meet with the client and review the project to ascertain the client’s primary objectives are met and the concerns mitigated.

Depending on the particular situation, Premier can either purchase the assets outright, provide our services on a straight commission basis, or provide a net minimum guarantee.

Our experienced personnel will then research the market for the particular assets, the general economy, and the optimum timing for the sale.  A detailed commitment letter is then prepared stating the recommended sales method, the projected gross sales proceeds, and the proposed marketing program.  At this time Premier will also specify a commission structure that is straightforward, fair and equitable to both parties.

Upon being awarded the contract, Premier will catalogue the assets, documenting all pertinent details required to properly market them.  We will then develop a marketing strategy to ensure that the right buyers are contacted to create a demand for the assets and achieve the optimum sales proceeds.

Premier Asset Recovery Group’s auctions are totally computerized with a state-of-the-art system which provides for buyer registration, organized lot numbers, purchase price, billing, sales tax, internet online bidding, absentee proxy bidding, etc.

Premier’s first action will be to describe and photograph all of the machinery and equipment with emphasis on the major items.  This information will be used for preparation of an illustrated auction brochure, media, journal advertisements, and a facsimile graphic flyer campaign.

Throughout the duration of the media-marketing program, Premier’s personnel will be at the site for the purpose of preparing the items for auction.  This involves cleaning, organizing, sorting, identifying, and evaluating the sequence for the assets to be sold.  The lots are then numbered, photographed, and entered with descriptions into the computer.  A buyer’s guide will be prepared for each sale.

Prior to the auction sale, Premier’s personnel will supervise the inspection of the equipment by prospective buyers, usually one or two days prior to the scheduled auction date.

Premier will be responsible for collection of all proceeds of the sale.  Premier’s personnel will supervise the removal of the purchased items.

Auction settlements are usually made two weeks after the auction sale date.  Premier Asset Recovery Group is a results oriented organization striving to achieve the best possible results for our clients.

Sale Name

Shipping Information

Unless stated otherwise, auction buyers are solely responsible for:

  1. Removing assets from their current location before the “clearance / removal date” stated in the relevant “Notice to Purchasers” or on your Paid-In-Full invoice,
  2. Packing or dismantling items, and
  3. Transporting assets to their new location.

Buyers may either pick-up purchased assets themselves or contract with a third-party Logistics Service Provider to arrange for asset removal, packing, dismantling, or shipping (always subject to applicable Health and Safety guidelines).

PLEASE NOTE: Premier Asset Recovery Group does NOT quote, arrange, pack, move or ship items itself.  If buyers require assistance with logistics services, buyers are solely responsible to identify and hire a qualified third-party service provider.

Logistics Service Providers

For a list of third-party logistics service companies who have experience and expertise in handling the unique transportation needs of auction buyers, click on the following link:

As a service to you, we list these local and global logistics service providers who understand Premier Asset Recovery Group’s removal process, offer specific services, and have certain skills and capacities.  Our goal is to bring buyers in contact with reliable, price competitive riggers, packers, movers and carriers.  These service providers are familiar with Premier Asset Recovery Group’s checkout and clearance process.

Please note that Premier Asset Recovery Group’s listed service providers do NOT work for Premier Asset Recovery Group.  They are independent contractors.  The providers are listed as a customer service only.  Any instruction given is at your own risk and expense.  Premier Asset Recovery Group is not in any way liable for any acts or omissions of the providers.

Important Information for Checkout and Shipping

Following is an overview of the process and topics for buyers to consider when preparing to collect assets purchased at Premier Asset Recovery Group’s auctions:

  • What is the checkout / clearance process?
  • How to determine what service(s) you need?
  • How to obtain a logistics services price quote?
  • Where are my assets?

The Checkout / Clearance Process

Picking-up and removing equipment yourself:

Checkout contact information is listed at the bottom of your “paid-in-full” invoice.

  • If no appointment is necessary, confirm the asset location & removal schedule and go to the specified location to pick-up the assets.
  • Present your proof of payment to the on-site check-out / clearance contact.
  • Find and gather your assets and sign the auction invoice acknowledging your receipt of all purchases.  You agree on all goods sold and received are AS IS, WHERE IS, WITH ALL FAULTS.  This will prove you received your purchase in full.

Using third-party provider to pick-up and remove equipment for you:

  1. If you cannot collect your purchases in person, you must contract with a third-party provider for the services you need. 
  2. Determine which logistics provider you will hire and how the assets will be shipped.
  3. Pay for your equipment in full.
  4. When anyone other than the registered buyer is assigned to pickup purchased assts, the registered buyer must establish that other person/company as an “Authorized Agent” to collect the assets on the buyer’s behalf by completing the “Agent Release Authorization form” (Acrobat PDF) in USA, or elsewhere by advertising Sale Checkout / Clearance Contrast in writing.
  5. Receive a “paid-in-full invoice” or other proof of payment from the auction’s site manager, accounting manager, or customer service.
  6. Fax or e-mail a copy of the “paid-in-full invoice” or other proof of payment to your third party logistics provider.
  7. If an appointment is necessary, make a removal appointment with the removal checkout / Clearance contact AFTER you have paid in full.  Checkout contact information is listed at the bottom of your “paid-in-full” invoice.
  8. Have the authorized agent present your proof of payment to on-site checkout/clearance contact.
  9. The on-site checkout/clearance contact will identify your assets.  Your authorized agent will then need to sign the auction invoice acknowledging receipt on your behalf of all purchases from this location.  Your Authorized Agent’s signature will acknowledge your receipt of all goods sold and received are AS IS, WHERE IS, WITH ALL FAULTS.  This will prove your equipment was removed from the location and either taken to an off-site location for packaging or packaged at their current location.

How to get a price quote

To obtain a price quote, contact a provider directly.  You should advise them of the following information:

  • The name / date of the auction and location of the asset (s)
  • A copy of your Paid in Full invoice
  • A list of lot numbers (or a description of the assets)
  • A ship-to address

If you have trouble locating a provider, please consider contacting one of the providers serving the location of your purchased assets as listed in the Directory of Shippers and Logistics companies.

How to determine what service (s) you need

Most assets purchased at auction neither are nor prepared, packaged or otherwise ready for shipment upon pickup.  Assets are generally sold from commercial environments and are in AS IS WHERE IS condition.  As an auction buyer, you may require of one or more logistics services to collect, prepare and ship your purchases.  Below is a list of common services you may need:

Packing
Most assets purchased at an auction need to be prepared before the can be safely shipped.  Fragile equipment like computers and microscopes may require being foam-packed or protected in bubble-wrap.  If you purchase multiple assets, they may be able to be consolidated into one box or crate before shipping.  Most carriers (see below) will not accept loose or unpacked freight.  Once items are packed, they need to be prepared (forms completed) and handed to the carrier of choice.

Machine Moving / Rigging
Large, complicated machinery may need to be disconnected, disassembled, and loaded onto transport.  Riggers (machinery movers) can provide these services and may also be helpful in documenting the dismantling process and labeling connections in order to make set up and reconfiguration more efficient on the receiving end.

Freight Forwarders / Carriers
Once assets are packed or crated, they need to be prepared for the carrier of choice: forms filled out, pickup appointment scheduled and physical hand-off to the carrier’s truck.  Our listed third-party logistics service providers offer this as part of their standard service.  Your service provider may select from a variety of carriers depending on the type of asset shipping the service level you require and other factors.  Carrier examples include FedEx, UPS, and any of the various truckloads, LTL and other over-the-road freight carriers.

Shipping / International Transportation
Land, air, or ocean container transportation across international borders usually involves the additional complexities of specially-prepared documents which enable goods to pass custom’s checkpoints without penalties or delays.  Premier Asset Recovery Group’s listed providers have the experience required to manage these complexities.

Where are my assets?
Once Premier Asset Recovery Group has released the equipment to the buyer or its approved service provider, Premier Asset Recovery is no longer involved.  Claims made after the equipment is released and signed-for should be made to the service provider or the carrier directly once a tracking number has been assigned.


Conducting a Successful Auction

Is it an art or a science?

The answer is yes to both.  To conduct a successful auction sale, a lot of science is applied to the learned art of auctioneering.

Here are a few questions that the science of auctioneering can answer:

  1. What day of the week should you hold an auction?
  2. In what order would you sell certain items?
  3. How long before an auction sale should you send out the auction brochures?
  4. At what time of day would you sell certain machines?
  5. Would you rather send out 20,000 16-page brochures or 40,000 8-page brochures?

Auctioneering as an Art

  1. Are all auctioneers the same on the auction block?
  2. Are some more effective?  How does the auctioneer establish trust with his audience? Does it matter?
  3. Which method of advertising is more effective: brochures, newspaper, facsimile, email, trade journal, or telemarketing? 
  4. And how do you measure it?
  5. When does the next marginal dollar spent in advertising bring you back $1.10 or $.90?
  6. How much advertising is enough?
  7. Can a good auctioneer beat the odds?
A well conducted auction sale that is properly promoted, advertised, and set up will increase your chances of the best possible results.

When the proper science is applied to the art of auctioneering, the auction company creates the potential for the highest possible outcome.  When the auction environment is finely orchestrated, the odds for success are always increased.

 

Premier Industrial - Applying Science to the Art of Auctioneering