If you are looking to save money on select restaurant equipment, auctions might be a possible solution. Auctions are typically live format or online, and at times you might find that special piece of restaurant equipment at a bargain price.
Online auctions can be risky at times as you are buying blind, however, if the auctioneering company is reputable then it can be worth the risk. Online auctions are usually not absolute auctions (an auction with no reserve) meaning that you may bid $100 for an item, yet the seller may want $500. In this scenario, the item would not be released as SOLD. Whereas a live auction can be a reserve auction, or an absolute auction (everything goes even if the bid is only $1).
Auctions work for buyers and sellers alike because everyone wins. The seller wins because they are able to sell their business assets or property on a timely basis. Moreover, entertain only real offers that are designed to close and save potentially thousands of dollars in carrying costs, marketing and management costs. Buyers win because the savings they have realized with finding restaurant equipment that they have been looking for.
What Criteria Identifies a Good Auction Candidate for a Business Asset Auction?
Auctions are typically the best alternative marketing method to liquidate business assets in a timely manner. Advertising lead times can be in as little as a few days to two weeks. An auction company would reach a large diverse group via social media, email blasts, targeted lists, phone call campaign, as well as, website with pictures and descriptions of items for sale. Terms of payment and picking up items are outlined as the bidders need to understand the “as is, where is” concept. There is an inspection period preview time and bidders should take advantage of this to conduct their diligence. At auctions, sellers get paid in a timely fashion, usually within 2-3 business days. Items are usually picked up from the bidders within 24 – 48 hours.
Advantages for Buying at Auctions:
Types of Bidding:
At Paradise Auctions, we are leaders in the State of Connecticut and only conduct absolute auctions whether it be our online Auction or Live Auction. We choose to do most of our Auctions Live and onsite from the seller’s location for many reasons:
Visit http://860Auctions.com to learn more.