Auction Process
We’re committed to providing the information and insights you need to get the most out of your auction experience and to know what can be expected throughout the process. Below we’ll walk you through the major steps in the timeline that spans before, during, and after auction day.
01
Initial Consultation
We will conduct an initial consultation to discuss your situation and needs. In this discussion we would like to understand your expectations, the equipment list, timeline, and any potential hurdles related to your situation. If possible, we would like an available equipment list and any pictures you have sent to us via email. CIA will also discuss basic auction proposal options but every scenario is different and specific proposal details such as purchase price, guaranteed price, or expense budget cannot be determined until after a site visit. All consultations are confidential and only discussed within our company.
02
Site Visit & Evaluation
Once you the seller and we the auctioneer determine there is potential use for our services and that we can meet your timeline and expectations, we will schedule an onsite visit. In this face-to-face visit, we like to review previously discussed expectations, and discuss any potential hurdles we see with your situation. From there, we like to do a thorough walkthrough of the facility to get a lay of the land, identify equipment to be sold and take photos. This critical step in the process enables us to evaluate all of the components needed to design an exit strategy that best suits your needs, timeline, and budget. We fully understand these visits often require a certain level of discretion, and will accommodate for any sensitivities and preferences when visiting your facility.
03
Review Auction Proposal Options
Once CIA has done their research and backed their evaluations with comps, CIA will put forward the proposals discussed at the initial site visit. Each proposal will be tailored to your project based on its timeline, machinery type(s) and your specific needs. CIA will discuss these proposal options with you before sending a formal email with those options for your review. We would be happy to assist you with any questions you may have before making your decision, and are also willing to discuss options to adjust our proposal to fit your needs. We are here to work with you and understand that every project is different.
04
Contract Execution
When you have selected a proposal option that you would like to proceed with, we will fill out our standard auction contract with your information. CIA will send the contract as well as the equipment list for your review. When a mutually agreeable contract is agreed upon, the seller will execute the contract and send to CIA for us to execute. This is the start of our contractual obligations to one another and the true start of the auction process.
05
Select auction date
We then begin working, together with you, to set realistic goals for your auction and develop a plan of action to achieve those goals. First, we discuss choices for the actual date of the auction. Factors that help determine the date include time constraints, if any, that you may have for vacating the premises, and conflicting dates of any other similar auctions to be held in the same general area as yours.
From there, we assign a project manager to your auction. Your project manager will oversee the entire auction process; one of his first duties is to arrange for his crew to meet with your on-site representatives to begin preparing your facility for auction.
06
Site preparation
The first step in preparing your site for auction is called "cataloging." During this process, our project manager and his crew clean, sort and prominently display every item that will be sold at your auction. Tooling and spare parts will also be prominently displayed with the appropriate machinery, along with manuals, maintenance records and any other information that could enhance the item's value.
Our crew then assigns specific lot numbers to every saleable piece. To ensure the utmost security at your auction, lot numbers are marked on machinery using a non-washable paint stick. During this visit, our prep team will also select areas for: Sale Entrances / Parking / Registration / Location of Assets. Highly visible and directional signs will be posted throughout your facility and will remain on-site until the conclusion of the sale. In addition, we will arrange to have local riggers attend your auction.
07
Auction promotion
The project manager and his crew will work with your on-site representatives to compile all the necessary information needed for eye-catching direct mail brochures and our state-of-the-art website. Both will offer your potential buyers detailed equipment specifications and photographs as well as directions to the sale site.
The brochures will be mailed to thousands of potential buyers approximately two weeks before the auction date. E-Blasts are another extremely effective marketing tool used to direct buyers to the website. Social Media (Facebook/Linkedin) are other cost effective ways to promote your auction to not only the local market but lookalike audiences across the continent. For maximum exposure to our target market, we also place banners on websites and in E-Newsletters through trade journals and relevant associations. Buyers across the world will know everything you want them to about the upcoming sale of your equipment.
08
Inspection
It has been our experience that informed buyers are more likely to pay top dollar for your equipment. Therefore, one or two days before the auction, we host an inspection where all potential buyers are encouraged to preview the equipment that is for sale. During inspections, our on-site team directs buyers to the equipment of their interest, provides as much information as possible and answers any questions potential buyers may have. Buyers who are unable to attend the main inspection can arrange for a private inspection, scheduled by appointment.
09
The Auction
Buyer must register online first before their bids can be acknowledged. By registering for the auction they are agreeing to our standard terms of sale. Upon registering we are notified to which we check their information before approving them and allowing them to bid. International bidders are required to post a deposit in order to be approved to bid unless they have a buying history with our organization. The terms and conditions of your auction are posted on our website, the bidding platform website, written in the auction catalog, and announced by our auctioneer before the sale starts.
The sale begins! Items are offered lot by lot or in groups of lots in order to accommodate the full spectrum of buyers. Although up to 100 lots per hour may be sold, our team always devotes sufficient time to your largest items, keeping in mind that our main objective is to maximize your return.
A unique offering at CIA Industrial is the use of a ringman onsite during the live webcast auction. Although we don’t advertise onsite bidding, we certainly do not turn away any potential customer that would like to bid at our auction. This ringman assists the auctioneer with grouping & choice of lots as well as identifies major selling points of a particular item. The ringman can also answer any “on the fly” questions buyers may message us during the sale of an item. These assistants walk the auction floor during the event and provide potential buyers with detailed information and prices for each saleable item. Ring-men not only assist the auctioneer by taking bids, but they also encourage more bidding in general.
Although no equipment may be removed while the auction is in progress, buyers can pay their invoices any time during the sale; if additional purchases are made additional invoices will be generated. They may also pay one lump sum at the end of the auction. Buyers can choose from different payment methods: 1) direct wire transfer or ACH, 2) a company check, 3) personal check with state ID, 4) cash for small purchases.
Our accounting system provides every buyer with an itemized invoice of purchases and detailed explanation of payment. Once their invoice is settled, buyers can proceed to the checkout area where the auctioneer's assistants are supervising removal of the equipment.
10
Removal of Assets
Check-out begins immediately after the auction has ended. During check-out, CIA Industrial staff members supervise each plant area and personally assist every buyer to assure that all invoiced merchandise is properly distributed. The independent riggers that were sent brochures and contacted prior to the auction will likely be on hand to assist buyers in removing purchased items from your facility. However, it is the buyer's responsibility to remove all property that has been purchased at the auction. In some instances we will assign an Exclusive Rigging & Removal Agent(“ERRA”). The ERRA and CIA Industrial will negotiate predetermined pricing on large items that require a forklift for removal. Those prices will be published in the catalog & in the lot description online. Anyone bringing a powered piece of equipment onsite will be required to submit a Certificate of Liability Insurance in the amount of $2,000,000 before being allowed to do any removal.
11
Settlement
All of your final accounting information will be processed at our offices in Cincinnati. A check for the net proceeds, a final accounting report, including an itemized list of everything that sold and a list of auction expenses relating to the sale, will be given to you within 15 business days from the date of the sale.
FAQ
How do I register to bid online for an auction?
Online buyers can follow the "Bid Online" button located on the Auction's specific webpage. If you're not already a Bidspotter user then you must create a user profile with bidspotter.com. If you are already a user with bidspotter.com then you must register for the individual auction so that you join the online bidder approval process.
How do I know if I am approved to bid online for an auction?
Once you register for the individual auction through bidspotter.com CIA will be notified. CIA will contact you via email with the additional requirements needed to be an approved online bidder. Once you meet the additional requirements for an auction you will receive an email from bidspotter.com stating your approval status.
Glossary
Choice
This is when the auctioneer is selling more than one similar lot. High bidder has the option to pick and choose individual lots out of the lots being offered. Multiply the final price by the number of lots chosen.
Privilege
This is when the auctioneer is selling more than one similar lot. The high bidder has the option to take as many lots as they want in order. Multiply the final bid price by the number of lots chosen.
Subject to bid confirmation
When an item has this designation, we will offer at the auction and receive a high bid for the item, we will take that high bid to the owner and they will have 24 to 48 hours to accept, reject or counter the offer.
HIRE US
Whether you’re looking to downsize, liquidate your entire business or sell equipment to reinvest, our team of experts is ready to help with all of your asset management needs. We take pride in designing solutions for your unique situation, and delivering results you can rely on.
