FAQ & GLOSSARY
We want to make sure you have the information you need to have a great auction experience. Below you’ll find answers to some of the questions we get asked most frequently, and a glossary of common auction terms.
FAQ
CIA can provide a bulk valuation based on a list or site visit in the form of an Auction Proposal. However, if you need a formal report with individual values for the purposes of a bank loan or restructuring, this is what we call an appraisal. Please visit the appraisals page for more details. We are always looking to help our customers so feel free to contact us about a customized solution that fits your needs.
We offer several different types of appraisals from informal desktop opinions to formal certified reports including forced, orderly and market type valuations.
Each appraisal is different in nature. The time to complete is dependent on how many items there are to appraise and at which value levels. A market value appraisal tends to require more research than a forced liquidation value appraisal thus extending the time to completion.
The charge for an appraisal depends on the scope of the project and how long it will take to complete. The number of line items will increase the cost (example: 10 machines vs. 100 machines). Next, how unique are the machines? If the machines are highly specialized, this tends to require more research. However, please note, it is against our ethical standards to charge based on the value of the machines. Lastly, if you require all value levels, this too will require additional research time.
Typically it takes 60-90 days from the contract being signed to having all the assets removed from the site. This allows CIA ample time to aggressively advertise the auction and remove the assets following the sale.
CIA will purchase and sell any type of industrial & commercial equipment including but not limited to Metalworking, Plastics, Construction, Warehouse, Food & Chemical Processing.
Live webcast auctions are a more traditional style auction with a specific starting date and time. As the name indicates it is a live event with a real-time bid calling by an auctioneer. Timed online auctions have a specific closing time and rely on auction bidding software with auto bid extension and no live auctioneer.
Every situation is different. Please call our office to see if onsite bidding is offered at the auction you are interested in. This only applies to Live Webcast Auctions. Naturally no onsite bidding for Timed Online auctions.
Online buyers can follow the “Bid Online” button located on the individual auction’s specific webpage. If you’re not already a BidSpotter user, then you must create a user profile on 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.
You will either have to click on the reset password button on Bidspotter.com and create a new password, or you can contact Bidspotter’s Help Line Number at 253-858-6777.
Once you register for the individual auction through bidspotter.com, CIA Industrial will be notified. We 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 confirming your approval status.
A “Proxy Bid” is a when a buyer sets a maximum price that they are willing to bid on an item and the auctioneer or computer software bids on their behalf until the maximum is reached. If you would like to submit a Proxy Bid please contact our office via phone or email or use the max bid feature on the bidding platform.
Wire Transfer, ACH, Cash, Company Check, Personal Check with Valid State Identification, Cashier’s Check. NO CREDIT CARDS ACCEPTED.
Yes, the wire transfer information will be the same account information you would need to place an ACH Payment. Please do not provide us with your accounting information!! We can not assist you with payments! You must contact your bank to make an ACH or Wire Transfer Payment.
Sales tax is charged on a state-by-state and auction-by-auction basis. Most states offer tax exemption on manufacturing or resale. Please have your Federal Tax ID number available, otherwise we must charge sales tax.
The auction will be sold in a numerical sequence following the specific auction catalog located on the auction’s specific webpage. Only variations will be when we offer choice of lots or groups of lots.
All items at our auctions are sold “as is, where is” which means all buyers are responsible for the removal of their purchases. Buyers are able to remove their purchases once the auction is over. If your purchase removal necessitates the use of powered equipment, you must provide a $1,000,000.00 certificate of liability insurance, or arrange removal through industrial riggers who attend all of our auctions. Please refer to the specific auction’s webpage for auction specific removal information.
In order to get your title out, we will first need you to complete and return the title transfer sheet. This allows us to properly complete the back of the title pertaining to who will be owning the vehicle. The original titles will be mailed out via UPS 2nd Day Air 7-14 business days after payment has been received from the auction.
If the buyer’s premium is 18% and the auctioneer sells an item for $100.00, then the winning bidder will be invoiced for $118.00 plus tax if applicable.
Each auction is different. About half the time there is no one left onsite until the week of the auction. Please contact us via phone or email for possible early inspection.
Please feel free to contact our friendly and helpful auction staff at our home office at (513) 241-9701, or fill out our contact form if you have any other questions or concerns.
Glossary
An appraisal is either the act of developing an opinion of value, or the opinion of value itself.
At every auction you must register and be assigned a bidder number in order to bid.
This typically is the most comprehensive auction information package including machine specifications and photographs, sale times, dates, locations & other related details.
This is a fee, paid by the buyer, which is added to the final sale price of each item. For example, if a customer bids $1,000 for an item (and the buyer’s premium for that auction is 15%), the final cost will be $1,150.00 (the $1,000 bid plus 15%).
This is the lot-by-lot (item-by-item) listing for each auction which establishes the sale order. This doesn’t mean each lot will be sold individually.
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.
The date to which an appraiser’s analyses, opinions, and conclusions apply; also referred to as date of value.
Only available for certain auctions, this contains a preliminary listing of items.
This is the price at which the auctioneer sells a lot. The buyer’s premium is added to this along with the sales tax.
These are photographs taken after the lot catalog is completed. This also contains additional photos of items that may not be included in the auction brochure.
This is when the auctioneer sells a group of lots for one bid price.
Items at this type of sale are not offered at an auction but instead for a fixed price only. If you want to offer less than the fixed price, please call and we will relay that offer to the owner.
A live onsite is an auction that is conducted onsite only; no offsite bidding is available in this type of auction.
This is our most standard type of auction. Potential buyers have the ability to bid live onsite while the webcast provides our offsite customers the convenience of bidding over the internet from their office or anywhere in the world. A webcast clerk on the auction floor handles the internet bidders as they bid against live onsite participants on the auction floor.
A single item or grouping of items to be sold as one unit. Each auction has a lot catalog which is an item-by-item listing of the equipment that will be sold.
Every item in an auction is assigned a lot number and the auction is sold primarily in numerical sequence.
Items at this type of sale are not offered at an auction but instead for a fixed price only. If you want to offer less than the fixed price, please call and we will relay that offer to the owner.
Bidding is conducted solely online similar to eBay. Only our online auctions feature auto bid extension when a bid is made in the last ten minutes of an item closing.
Items at this type of sale are not offered at an auction but instead for a fixed price only. If you want to offer less than the fixed price, please call and we will relay that offer to the owner.
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.
A proxy bid is an absentee bid on a purchase for which one of our auction staff will bid favorably for you in your place. Your bid will go through the standard bidding process. Our auction representative will go up to, but no higher than your top bid, trying of course, to purchase the item(s) for less than your maximum bid if possible. In order for your proxy bid to be accepted, you must fill out the forms and remit a 25% deposit of your max bid amount no later than 24 hours prior to the start of the auction.
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.
When an item has this designation, it is subject to being removed from the auction. Please call our office to determine an up-to-the-minute status of an item with this designation.
When a lot has more than one of the same item, the auctioneer will sell that item and the final bid price will be multiplied by the number of items in the lot. For example, if a lot has (2) drills and the auctioneer sells the lot times the quantity and the final bid price is $100.00, the invoice price will be $100.00 x 2 = $200.00. + the designated buyer’s premium.
The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standards for the appraisal profession in the United States. USPAP was adopted by Congress in 1989, and contains standards for all types of appraisal services, including real estate, personal property, business and mass appraisal.
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