Auction Information

What is an auction?

Auction is a sales process in which items are sold on the open market by competitive bidding. Auctions can be held for a single item (lot), or for 1000's of lots (known as an event). Auctions are the most advantageous type of sale for both buyers and sellers and have become the sale of choice for many because of the ability to provide a quick recovery in a very short period of time.

Auctions enable the selling of any fixed asset to the highest bidder through public competition. When working within a limited timeframe, auctions are the most effective way to recognize, create and channel demand. Public competition ensures the item is sold for the highest market value.

Camargo Auctions creates a marketplace that provides maximum exposure for our clients' assets into the second user market. We also offer great value and opportunity to purchase used equipment for our buyers.

Auctions thrive on competition and are most effective when selling a wide range of items to a large number of buyers. Understanding the marketplace is a key component to retaining high levels of competition - the more bidders, generally, the better the price achieved.

At Camargo Auctions and Liquidations we conduct public auctions through:

Live and Webcast Auction

In a live and webcast auction venue, we will have an Auctioneer at a location selling to a live audience as well as buyers who are bidding live on the internet over our webcast system. In a strong local market, this is a great solution for our clients as it brings together both local and global buyers.

Online Auctions

Online auctions are entirely web based sales events, offering used equipment for sale in lots and having buyers from around the world bidding over the internet.
Camargo Auctions help our clients exceed local market conditions and achieve global fair market value for their assets. Through our user-friendly website, online auctions are an effective way to attract buyers from around the world. Our clients' assets are listed individually as part of sales events and bidders globally can bid against each other in real time.
An online auction:

• provides sellers with exposure to the world market, and allows buyers from anywhere with internet access the opportunity to bid and buy used assets
• is a fast and reliable process allowing sellers to turn surplus assets into cash in a timely and cost effective manner
• is marketed extensively to expanding and hot-buying regions around the world

Sellers

Selling at auction:

• Quick Turnaround
• Auction is immediate. It happens during a set time and is completed during that time. You know exactly when your assets will be sold and there is no negotiation. People agree to buy with no discussion or debate.
• Creates competition by bringing together a willing group of buyers
• Buyers come prepared to buy and to take home property. All buyers are pre-qualified either through a deposit, certified cashier's check or bank letter.
• Extensive marketing
• Our job is to market your assets to get as many people as possible to attend YOUR auction. Camargo Auctions utilizes comprehensive mailing lists and develops strategic marketing plans to draw attention to your sale.
• Establishes a floor and eliminates the ceiling on pricing
• The Seller has control – when, where, how much, terms, etc.
• Fair to all parties in the marketplace
• Auction is the only method that truly reflects the Current Fair Market Value
• Auctions motivate buyers to buy! Often times people will get caught up in the bidding which can drive the prices of items higher. That means more dollars in your pocket.
• Can satisfy Governmental and Judicial requirements
• Creates a sense of urgency
• Auctions create an exciting atmosphere and an atmosphere where buyers feel compelled to bid.
• Auctions are effective and immediate
• Research shows auctions are a steady force in both good and bad economic times. Settlement is immediate and you can have cash in hand in 30 days or less.

Buyers

Buying at auction

Auction is a great way to buy almost anything and access amazing value. Buying at auction offers:

• Wide selection of items to bid on
• Seamless Transaction
• Simple and Transparent Process
• Sensible Approach
• Vast Opportunities

Process for First Time Buyers:

• When you arrive, please check in with our clerk to register for a bidder number. We ask for a $200 deposit. Remember when you bid to please show your bidder number to the auctioneer.
• At auction, items are sold "as is – where is." Please preview items before auction and make your own determination as to quality and condition.
• The highest bidder is the buyer. If a dispute arises between multiple buyers, the auctioneer will either decide the buyer or immediately put the item up for auction again.
• The record of sale is kept by the auctioneer and clerk and is taken as absolute and final in all disputes.
• Payment in full is due at end of auction. When you are ready to leave, check out with the cashier, you will receive a receipt which will allow you to take the items you have purchased.

Tips for First Time Buyers:

 These auction buyer tips will help you avoid common mistakes made by buyers. Read up on laws, rules, bidding tips and buyer rights.

Do not mistake auctions for retail sales. The two have very little in common. Auctions are different from retail because auctions are governed by federal laws, state laws, Uniform Commercial Codes and city ordinances. When you bid at an auction you actually enter a legal contract.

You must have a bidder's card in order to buy at the auction. To obtain a bidder's card, you must put down a $200 deposit for a bid card. This insures that you will pay for all your purchases that you bid on. Once you pay for your items or decide to leave the auction without purchasing any items, your deposit is immediately returned to you. If you do bid and win, your deposit is applied to the purchases.

Be careful when you bid on lots. Know how much you are bidding and whether you are bidding against your partner or friend. Although you can retract a bid while the bidding is open, you cannot retract it once the auctioneer has said "sold." The auctioneer expects you to take full responsibility for your bids.

The moment the auctioneer says "sold," the ownership of the item being auctioned has changed hands. This is the law. If your merchandise is later stolen, you will still have to pay for it. It is no different than having your wallet or purse stolen while shopping at a store.

Know what you are bidding on by closely inspecting each item before the auction. This is why an auction preview is offered. Use your own evaluation as your bidding guide, not the auctioneer's description or other bidders' comments. You are buying the merchandise "AS IS" with no guarantees of any kind from the seller or auctioneer. The risk of the item not being what you wanted should be factored into your bidding amount.

A fast-moving auction benefits both buyers and sellers. Auctioneers have the right to reject any bid amount that would slow the bidding. Auctioneers cannot wait for slow bidders, so know in advance what to buy and how much to spend. Your inability to keep up with the bidding pace is not the auctioneers' concern.

Don't be shy about bidding loud and large. Raise your bid card in the air if you want an item and keep it up until you are done bidding. Make certain the auctioneer is aware you are bidding because the auctioneer may be taking bids from someone in front of or behind you. Once the auctioneer says "sold," the item is gone even if you are willing to continue bidding. There are no do-overs in the auction business. Spotters or ringmen are there to help the auctioneer spot bids

When the auction starts, you will hear a ringman call out a lot number and give a brief description of the item. The auctioneer will begin selling the item and will ask for you to bid. The auctioneer continues to go up in increments until the item has been sold. Once the bidding has closed, the auctioneer will say "sold" and state the winning bidder's number and the final selling price.

 During the auction, clerks record the description of your items and your buyer number as well as the amount you paid for the item.

There are some terms that are used during an auction of which you need to be aware. These terms are "choice" and "all for one money."