sales@libertymachinery.com
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sales@libertymachinery.com
Auction Services
Liberty Machinery Company offers auction services to help you with:
Call Peter at 847.276.2761 or e-mail him at peter@libertymachinery.com for an immediate analysis of your machinery and equipment.
We offer auction solutions to assure the greatest return on investment.
What is an Online Auction?
An online auction is a web-based process where equipment is sold through a timed, competitive bid event. Liberty will run your auction with a few pieces of equipment or for IOO’s, depending on your needs. Assets are listed individually as “lots” and bidders from around the world bid against each other in real time. Once the sale closes (finishes), all items that reach the “reserve” price are then sold.
Liberty uses BidSpotter.com, which is one of the largest, most recognized platforms of live web-based interactive auctions. Their online auctions provide maximum exposure for our clients’ assets in the used equipment marketplace. The online auction platform creates a competitive bidding environment that reaches buyers from around the world, allowing our clients to realize the highest possible market value in a limited duration of time.
The Process
There are several steps involved in conducting an online auction. After assets have been identified as surplus and are available to sell, our experienced staff will dive in and get to work!
Gathering Information and Valuation of Assets
Liberty researches and determines the approximate market value of each item and helps you decide whether a reserve price is appropriate. A reserve is the minimum price at which an item will be sold and is known only to you and Liberty.
While setting a reserve price is a common, it’s not always the best practice. The primary goal of an auction sale is to divest your company of surplus assets, and a reserve is an impediment to this goal. Auctions conducted by Liberty are marketed well and properly advertised, enabling sellers to realize true market values of the items sold without the potential impediment of a reserve. Our AMEA-accredited appraiser has over 25 years’ experience buying, selling, and evaluating machine tools and fabricating equipment and will guide you accordingly.
Creating a Lot Catalog
Lot catalogs include details of each item offered including photographs, descriptions, and opening bids/reserve prices if they are being used. Our staff will come to your facility and work with you to make sure each item is cleaned, take pictures, and write accurate descriptions.
Then Liberty posts the lot photos and descriptions on a web page specific to your auction and accessible from the BidSpotter.com main site and calendar.
Marketing
Once the lot catalog is completed and posted, our team launches a high-impact marketing campaign to create demand and drive potential bidders to the website, where they can sign up for the event.
Liberty will advertise your auction with multiple email notifications via our internal database of over 60,000 contacts as well as BidSpotter’s over 90,000 “opt-in” registered users. We submit your inventory to multiple print advertising avenues and internet search engines (including Google AdWords, which hits over 20 million internet users).
Registration and Running Your Event
We collect all registration information based on your event’s distinct needs. To indemnify and insulate you from any future potential claims, standard “Terms & Conditions of Sale” forms must be digitally signed prior to any bidding.
On the day of the event, we run the auction interface and can see the activity on each lot in real time. Bids are accepted and processed and lots are sold to the highest bidder. When all lots are resolved, the auction closes.
Conclusion and Final Settlement
Email notifications are sent to highest bidders including all applicable charges and pick-up and load-out instructions. We collect all monies and process all payments.
Once all proceeds are collected, you receive a “Sale Settlement” statement detailing all accrued expenses and sale proceeds. Net proceeds will be disbursed within 10 business days.
Finally, Liberty works with you and the rigger to ensure each item is properly disconnected, staged, prepped, and ready for loading.
