Auction Basics and Terminology
- How does an industrial auction differ from other auctions?
Maynards Industrial auctions usually take place where the machinery is located due to the nature of the large, often immobile items up for bid. Sale of industrial auction items are often subject to conditions wherein the buyer is responsible for removal according to a set time frame as well as any associated costs.
- Where do auction items come from?
Items available in Maynards’ industrial auctions frequently come from bankruptcy or receivership situations, restructuring projects, or they may simply be surplus assets to ongoing operations.
- How do I participate in an auction?
Our auctions are open to the public. Project Managers also contact and invite potential buyers from our extensive database of qualified contacts.
- What kinds of things can I expect to see at a Maynards Industrial Auction?
Our auctions typically include a wide range of used and unused equipment from a vast range of heavy industry, including automotive, forestry, mining, fabrication, manufacturing and others.
Can I inspect items of interest before the auction?
Items are often available for viewing well in advance of the auction date. Preview times are provided in the auction event listing. If you are unable to attend the preview dates, please contact a Project Manager to arrange a viewing. On the day of the auction, it is a good idea to show up early in order to examine the items you are interested in one last time before you bid.
What is a buyer’s premium?
A buyer’s premium is a small fee added to the winning bid which goes to the auction house to cover sale costs. A buyer’s premium (BP) will be added to each successful on-site and online bid. Check the auction event details to find the BP for each event.
What is a hammer price?
The hammer price is the price at which an item is sold at auction. This expression comes from the old auctioneer’s tradition of banging a small hammer to signal the close of bidding on a lot
What is a consignor?
A consignor is someone who has provided items to sell in an auction – in other words, a seller.
What should I bring with me to an auction?
Please arrive 30 minutes prior to the beginning of the auction to fill out a registration form and obtain a paddle. Please also bring valid photo identification and your preferred method of payment.
Buying, Paying and Returns
How do I pay for my purchases?
Purchases may be paid by cash, certified cheque, Debit card, Visa or Mastercard. Uncertified cheques must be accompanied by a letter from the issuing bank stating the amount of funds available for withdrawal.
Can I bid if I’m unable to attend an auction?
You have a number of options if you are unable to attend. You can either contact a Project Manager to place an absentee bid, bid by phone, or participate in the simultaneous webcast of the on-site auction.
How does absentee bidding work?
An absentee bid enables a staff member to bid on your behalf according to the standard bidding process. Our auction representatives will not bid above the maximum amount you indicate. You have three ways of placing absentee bids:
* By phone
* By fax
Online auctions are conducted in a “click to bid” format. In order to participate, you will need to create an account and register for the auction. We recommend that you do so 72 hours prior to the event. At this time, you will also be able to browse the catalogue and place absentee bids. If you are the high bidder at the close of the bidding period, you will receive an invoice via email after all the lots have closed. This invoice will include relevant information regarding payment, removal, and more. Please note that the buyer’s premium will be added to the hammer price.
How do I purchase equipment through a private treaty sale?
Private treaty sales or negotiations are normally conducted for high-value assets – though these types of sales may range in size from a single machine to an entire plant. A longer selling period is frequently required to allow for thorough inspections and to allow for the maximum number of buyers to participate. Unlike at auction, there is an asking price, which is negotiable through the Maynards Industrial Project Manager.
Is the equipment sold with a warranty or guarantee?
We endeavour to represent the equipment well and have a proud history of satisfied buyers and sellers. However, we do not provide a warranty or guarantee on the equipment being sold at auction. If you have any questions regarding an item, its history or condition that are not answered by the lot description, please contact the Maynards Project Manager for further details.
Will I be charged tax on my purchase?
Yes. Tax charges will differ depending on the municipality in which the auction takes place.
What is the difference between on-site and simultaneous webcast auctions?
Most Maynards Industrial auctions are conducted on-site with a simultaneous webcast, which allows buyers to place bids from the comfort of their office or home. The only effective difference is that you are not physically present and raising a paddle to bid.
How do I participate in a webcast auction?
If you are interested in participating in an upcoming webcast auction, please read our Bidding Online 101 tips. For further details, contact the Project Manager listed for that event and they will provide you with instructions.
If my bid is successful, how do I transport my item from the auction site?
You can collect your equipment once you have paid for it in full. Payment is due within three days after the final auction session. If you chose to pay via non-certified funds, Maynards will not release your purchase until funds have cleared our bank
Is a deposit required to participate in an auction?
Depending on the nature of the auction, a deposit may be required to ensure that only serious bidders are in attendance and that the winning bidder will complete the transaction by paying for their item.
How do I keep up-to-date about upcoming auctions and events?
Sign up for our Industrial e-newsletter Newsletter sign up here. At your request, we will email you details of upcoming sales, feature items and news about Maynards.