FREQUENTLY ASKED QUESTIONS

Why should I auction my assets?

Auction is the way to determine the true market value. Your assets are only worth what someone is willing to pay. Weaver Bros. Auctions Ltd. advertises and promotes each auction to bring potential buyers to your sale and achieve market value for your assets.

How do I get started?

First, we will determine if your assets are suitable for auction. A Weaver Bros. representative will meet with you and discuss the auction process. Weaver Bros. Auction conducts agricultural and industrial equipment, real estate, livestock, vehicles, and estate auctions.

Are there any upfront costs involved in consigning my items?

No. The Commission and any agreed upon expenses are deducted from the proceeds of the auction.

Do You Offer Appraisal Services?

Yes, we do offer appraisal services. We have Certified Personal Property Appraisers (CPPA) on staff.

AUCTION TERMINOLOGY

AUCTIONEER

An Auctioneer is a person who asks for bids on the items up for sale. The Auctioneer represents the Company whom the seller engages to disperse their assets by Public Auction.

APPRAISAL

An appraisal is a current value on an individual item or List of Assets provided by a Weaver Bros. Auctions Ltd. representative. The appraisal is based on the condition and quality of the item, and its marketability.

CONSIGNOR

A Consignor is an individual or company who delivers goods to an auction to be sold at an agreed time and place. The Consignor and Weaver Bros. Auctions Ltd. complete a Sales Contract which specifies the Commission Fee and other agreed upon expenses.

PROXY BID

A Proxy Bid is a method of bidding by a person who will not be attending the auction. The Absentee Bidder completes a Proxy Bid form indicating the lots they want to bid on and the maximum amount to bid. A Weaver Bros. Auctions Ltd. representative will bid one increment above the last on-site bid on behalf of the Absentee Bidder, up to the maximum specified amount, during the auction.

For example:
A Proxy Bid of $500 is placed for an item:

The bidding opens on-site at $300.00. The Proxy Bid is recognized by the Auctioneer and advances it at the next increment which in this case is $50.00 and therefore bid for the Proxy $350.00. The on-site bidder advances it to $375.00 and this continues until either the Proxy Bidder wins the item or reaches the maximum bid. If the on-site bidder bids $400.00 – your Proxy Bid is recognized at $425.00. If the on-site bidder does not advance his bid then the Proxy Bidder will purchase the item for $425.00 even though he has left a maximum bid of $500.00.

If the on-site bid is at the maximum amount left by the Proxy Bidder, then the on-site bidder will win the lot since the Auctioneer can not advance the bid past the maximum amount on the Proxy Bidding form.

Your Proxy Bid constitutes a binding contract and you are subject to the fees, terms and conditions specified on the contract. WBA encourages you to inspect all perspective purchases and contact the seller with any questions before submitting a Proxy Bid.

AS IS, WHERE IS

This phrase means that you are purchasing the item as it is. If it is damaged, broken, incomplete, or won’t work, that is the condition in which you buy it. Rely on your own inspection of the item up for auction. If you discover damage after an item has been sold to you, you are still expected to pay for and remove the item. If you discover damage after paying for the item, no refunds are given. In other words, preview and inspect your potential purchases!

BUYER’S PREMIUM

Buyer’s premium is the portion of the auction company’s commission that is paid by the buyer. The buyer’s premium is added to the successful bid and becomes part of the total sale price. A Buyer’s Premium may vary from one auction sale to another or may not be charged.

CHOICE

On choice is a bidding method most often used when there are several identical or similar lots being offered. When the Auctioneer announces that he will be selling a group of lots using “choice,” it means that the high bidder will have the chance to take any or all of the lots in that group, each at the price of the high bid. For example, there are five lots of saddles being offered by choice, and the high bidder bids $500. That bidder can take one for $500, all five for $2,500, or any saddle they choose. If there are any lots remaining after the high bidder chooses, they are first offered to the back-up bidder and then offered to the rest of the bidders until all are sold.

LOT

A single item or a group of items offered for sale.

RESERVE

A Reserve is a minimum price the Consignor has set. Weaver Bros. Auctions Ltd. sells all auctions completely unreserved. In very rare circumstances we may sell an item at a reserve price. A reserve price will be publicly announced.