General items do not have reserves. Exceptions listed below…
Currency auctions (Stamps, Bank notes or Coins)
If lot is for a 50.00 bank note that is currently accepted by the bank we will start the auction at 50.00 this is not a reserve but a STARTING PRICE equal to face value.
With Cars, Trucks, Trailers, Etc… The consignor can request a START PRICE (Not a hidden reserve price). We will start these auctions with the higher start price but the owner of the item will be required to pay a 10% fee on the reserved start price if the item does not sell…. So if the reserve start price is set to 1000.00 a 100.00 commission is due even if the item does not sell.
On successful sale the standard 30% commission will apply however we cap the commission at a maximum 1000.00. Even if it sells for 10k our commission stands at 1000.00.
The sellers package must be purchased in advance for vehicles. A signed bill of sale, signed ownership card, the vehicle itself and the sellers package must be dropped off with the keys to our shop parking lot before the auction starts.
Why no other reserves?
Why do we not place reserves on general merchandise? Simple, we establish a fair market value for the items, we have enough bidders that items reach fair prices market value prices. Starting lots at 5.00 adds early interest in the items and creates some excitement for the bidders, sometimes they get lucky and score an item for a incredible price but that is what an auction is all about! If you put a BUY IT NOW price or a reserve price then you might as well try to sell it on one of the classified ad sites. In many cases if the consignor wants a reserve on a great item we will offer to purchase the item instead from the consignor so that we can feature the item in our auction and they do not take any risk or instead of a reserve we implement a higher starting price.
More then 90% of the time the consignor should have put the item in themselves as they would have made more on the item then we paid them for it … but sometimes people want a sure thing.