FAQ
Check here for answers to Frequently Asked Questions.
Setting up an Auction Sale
Q. I'm considering an auction sale for my engineering company - what do I do next?
A. Contact our office and one of our expert valuation team will make an appointment which will be totally confidential without any obligation. Once we have conducted an appraisal taking into account the quantity, manufacturer, models, age, condition and value of the equipment we will then advise you of the various options which in our opinion would maximise your return. If you only have a small number of items we can still sell them at one of our collective sales.
Q. I need to vacate my rented premises within the next 4 weeks we only have 6 machines can we run the auction on your premises ?
A. Yes we have 2 freehold warehouses which are serviced by overhead cranes which can lift 20 tons on a single lift and 35 tons on a tandem lift.
Q. How much will does an online auction cost ?
This all depends on the value of the equipment. machinebidder ™ charge the auction buyers a premium of 15% which we keep (this may vary from time to time), if the assets are low value sometimes a charge for advertising is made. Conversely if the items being sold are very modern we will not charge you anything and in some circumstances give you an interest in the buyer’s premium or profit share.
Sales Methods
Q. What is a collective sale ?
A. Regularly we run auctions for assets which are owned by multiple vendors in multiple locations.
Q. What is Private Treaty ?
A. Simply by way of offering the equipment at a fixed price or by negotiation.
Q. We can’t decide on whether we should sell you the goods or let you sell on commission ?
A. We will assist you with this sometimes difficult decision, we can offer you several options including a cash offer, sell it on a commission basis or even offer you a guaranteed return including a profit sharing situation once your return has been achieved. It all depends on the value of the equipment.
Q. Can you buy the equipment outright ?
A. Yes we have substantial funding available involved in various sectors, mainly engineering
Q. Will we be allowed to put reserves on the equipment ?
A. This will be discussed with you prior to the auction taking place, we will advise you of historical prices we hold on our database as to what equipment sold for in the past and advise you of what in our opinion is a realistic reserve price.
Timing & Payment
Q. How long does the whole process take ?
A. We normally turn around an online auction sale within 4-8 weeks depending on the size of the sale, this may change if we are selling equipment via the Private Treaty option which tends to be for larger types or higher valued assets.
Q. When will I receive payment ?
A. Our in-house accounts normally process payment within 14 days or some circumstances pay an interim payment on account within 7 days of the auction closing with the balance within 14 days. Payment is normally made by BACS.
Q. What happens if some of my assets don't achieve the reserve price?
We will re-market them as unsold lots after the sale in the Machine Shop section with options to include, Re-Auction, Buy it Now or Make an Offer option.
Overseas Vendors
Q. We are a company based outside of the UK - do we need to pay VAT on goods that leave the country?
A. If you are exporting we will require the following:
- Proof of payment (confirmed by bank remittance)
- Proof of Export (usually Bill of Lading)
- An Overseas Address
When we have received this we will re-fund the VAT only on the hammer price back to you bank account.
Using our Online Auction
Q. What is overtime bidding ?
Our system is designed to emulate the live auction process and therefore once the end time is less than 10 minutes away and another bid is received, the time will extend to a further 10 minutes this is to award the lot to the buyer who is willing to pay the highest amount. This is different to some other websites where buyers are penalised by the timing of their bids. The system also updates in real time - there is no need to refresh the page.
Q. When I entered a bid the bidding increased but I’m not winning. Why is this ?
A. This happens because you have automatically been outbid by an Auto Bid. The Auto Bid facility allows buyers to enter an automatic bid to a maximum price you they are willing to pay and the auction software will automatically bid on your behalf and stop bidding once other competitive bidders logged onto the site have stopped bidding. This facility is designed so you do not have to be constantly sat in front of your screen but we do recommend that you check the online sale near to the closing time.
Q. Can I bid higher than the set bidding increment ?
A. Yes of course, the bidding increment is set as a guide only but some buyers to speed the process prefer to enter a higher bid rather than repeatedly press bid on a set increment.
Q. I’ve lost our username and password, can you email them ?
A. Unfortunately we cannot do this, as all customer passwords are encrypted on our system, please go to the registration page and press Forgot Password - it will ask you for your email address and will allow you to reset a new password.
