Auctions Process

 
Auction needs are as diverse as the companies themselves. Premier Assets is experienced in handling a wide range of situations, from foreclosures and bankruptcy liquidations to those involving equipment and surplus properties. While no two auctions are identical, there is a general process that we follow to ensure your auction will have the most successful outcome possible.

AUCTION TYPE AND DATE

Before a contract or agreement is even reached, Premier Assets sits down and listens to what you have to say. Once your objectives are articulated, we analyze the situation and determine the date and auction type that will best serve your needs.
 
Several factors go into determining your auction date, including:
• If the site has to be vacated by a certain date.
• Whether or not another auction or event is slated for the same day.
• Travel time for domestic and international attendees.

INSPECTION & APPRAISAL

After the contract is signed, Premier Assets comes to your facility, inspects your equipment, appraises its value and provides you with an estimate of what you can reasonably expect to recover in auction revenues.

FEE STRUCTURE

Once we provide you with an estimate, we work with you to determine the best fee structure for our services. Please refer to the Auction Options section for more details on your choices.

SITE PREPARATION

Our team of auction professionals meets with you or a representative of your company at your facility to prepare it for auction by:
 
• Photographing and cataloging all available equipment
• Cleaning and prominently displaying machines to maximize appeal
• Tagging each asset and assigning it a lot number
• Displaying tool room equipment, parts, manuals, maintenance records and any other accessories related to a specific item near the appropriate machinery
• Designating areas of the facility for the main entrance, registration desk and business office, parking, general information postings, catering, etc.
• Displaying signs on and around the property promoting the event

CATALOG

Once all data on available equipment is harvested and photographs are taken, Premier Assets develops a catalog for your auction that lists the product name and contains a detailed description, lot number and digital image for each surplus asset. The catalog also contains photographs of the facility itself, detailed travel directions and terms of sale. Once completed, the catalog is sent to Premier Assets broad network of contacts and potential buyers. It’s also featured prominently on our Web site. This site is connected to all key search engines, which means that anyone who conducts an online search for the type of plastics industry equipment you are selling will be directed to your assets on www.stopol.com.

PRIVATE TREATY SALE

Upon execution of the contract, Premier Assets immediately launches an extensive and highly targeted marketing campaign to promote your wares all over the globe.

To generate the most interest and visibility, Premier Assets conducts an eight-week Private Treaty Sale. Premier uses this Private Treaty Sale period to promote your auction and available assets to our expansive network of industry contacts. In addition to fielding inquiries from interested parties and scheduling previews accordingly, we actively explore our database for leads and comparable synergies, further elevating your odds for a maximum yield. The Private Treaty Sale is conducted while Premier Assets prepares your facility for auction. As sales are completed during the Private Treaty Sale phase, we will remit funds to you before the machinery is disconnected.

PROMOTION

Premier Assets employs an aggressive marketing campaign on our clients’ behalf that includes:
 
• Advertising that targets both local mainstream media and the trade press
• A proactive public relations/media relations strategy targeting the mainstream, general business and trade press to generate publicity and control messaging
• Broadcast emails
• Direct mail
• Direct phone contact
• Internet Advertising – www.premierassetsllc.com, www.bidspotter.com , www.machinetools.com , National Auction List to name a few.
 
Please refer to the Promoting Your Auction section for more details on this comprehensive effort.

PREVIEW

Generally, Premier Assets holds a preview the day before the auction so that prospective buyers can conduct on-site equipment inspections. The Premier Assets staff is on hand at this time to provide information and answer any questions that may surface. In the event that an interested buyer cannot attend the preview, Premier Assets will accommodate them by trying to schedule an inspection at a time and date that fits their schedule – provided that we have access to the facility at the scheduled time.

DAY OF AUCTION

As your full-service auction company, Premier Assets will conduct every aspect of the auction for you – just as we have done for countless companies around the country and throughout the world for more than 17 years. The following are what you can expect the day of your auction:

SALE TIMES & SCHEDULING

Premier Assets provides accurate descriptions of your anticipated sale times and reminds attendees to take note of the times items they are interested in are up for bid so that they can plan accordingly. While there are no guarantees of what will sell when, our experience shows that we can cover about 80 to 100 lots per hour.

REGISTERING

When you attend a Premier Assets-run auction, we handle this crucial aspect as efficiently as possible. Attendees must register before being admitted to the auction floor. During this time, the attendees are informed of the terms and conditions of sale, as well as the payment terms. To accelerate this process and prevent long lines caused by attendees filling out forms, our staff solicits and staples attendees’ business cards to their registration forms – greatly reducing the amount of time-consuming handwriting needed to complete the registration process. Bidders also are given auction catalogs at this time.

PAYMENT TERMS

Premier Assets ensures that all bidders understand the ways in which they can pay in full on the day of the auction, from cash to letters of guarantee or wire transfers. During the registration process, bidders are asked for a check and bank letter of guarantee up to a certain amount. If an attendee does not have a guaranteed check, they will at times be required to produce a 25-percent deposit for any winning bids they make.

INSURANCE

Premier Assets will ensure that the appropriate insurance paperwork is completed and on-hand for the protection of the seller, landlord and Premier Assets.

SECURITY

Premier Assets provides security for all large items during the removal phase and will guard small items for 24 hours after the auction. We also have a dedicated representative to handle claims.

CATERING

Premier Assets makes arrangements with a local caterer on your behalf to have food and beverage concessions available at your event. Generally, the fare offered at our auctions consists of donuts, pastries, sandwiches, wraps, assorted snacks and a variety of beverages, including coffee, tea, juices, bottled water and sodas.

PREMIUMS

There is a non-taxable premium – usually 12% – added to the buyer’s invoice. Premier Assets will ensure this premium is understood and charged.

RIGGING

Although Premier Assets is not a rigging/trucking company; we can refer you to a rigging company to help transport recently purchased equipment to its new location. We also ensure that our dedicated representative will be available to receive certificates of insurance for all rigging and trucking.

REMOVAL

Premier Assets handles the appropriate removal of items unsold, keeping within all rules and regulations while ensuring potential buyers have the maximum time allowable to bid on all items. All items remain on the floor until the auction is concluded to ensure both safety and efficiency, and to prevent other bidders from being distracted. Immediately after the event, Premier Assets personnel will double-check bidders’ invoices to ensure that the winning participants are receiving the appropriate item(s). Removal of purchased items is the sole responsibility of the buyer. As noted above, we can refer bidders to riggers if necessary. Premier Assets representatives will remain at the facility for three days after the event’s conclusion to manage and complete the removal process.