BIDITUP's prime focus is the conversion of assets via the "Public Auction" forum. We conduct about 100 national auction sales per year. These events exude enthusiasm, excitement and spirited participation. BIDITUP's innovative conversion programs include our direct purchasing of complete businesses, personal property, product line and/or certain assets including Real Estate. Guaranteed participation and various commission structures are also offered and tailored to fulfill individual criteria. Upon your request a BIDITUP representative(s) will personally visit your facility, free of charge, for a confidential consultation to further elaborate on these programs.
Once an asset recovery program has been implemented through auction, our goal is to create an environment and event which guarantees enthusiasm, immediacy, and finality. The public auction sale will be conducted on your premises on a mutually agreeable day and time. This process creates an urgency in buyers to purchase by opening bidding prior to the market value rising. This process is achieved through creative merchandising and marketing techniques.
Customized Marketing Program
On-Site Client Services
Once you select BIDITUP to conduct your auction, we will assign a project supervisor whose sole responsibility is to supervise the transformation of the facility from its normal condition into the proper auction environment. They will be your liaison in assuring proper auction/liquidating methods are implemented. In conjunction with our staff, the superintendent will perform and supervise all necessary duties including, but not limited to the following:
Biditup will provide all necessary labor, in addition to supplies, paperwork, office equipment, etc.
Removal of Assets
The removal of assets will be supervised by our on-site superintendent and performed in a workman like manner. All third party contractors are required to post adequate liability insurance, co-naming all entities involved.
Why have an auction?
Several reasons. Auctions can accomplish specific goals. Whether you have a few selected items to dispose of or an entire plant or even a group of plants, auctions sell more assets on an annual basis than equipment dealers.
Auctions happen in a very short time frame. Auctions force buyers to step up and buy instead of playing a waiting game with you.
How many types of auctions are there?
Three, with the most common being the GUARANTEED AUCTION. With a guaranteed auction, we review your assets and determine their value. We come to an agreement to buy your assets and transfer the money. A deposit is paid on the day the contract is signed. The balance is wired 48 hours before the auction. The auctioneer takes all the risk.
The second most common auction is the COMMISSION AUCTION. This used to be the only way auctions were conducted but with commission auctions the owner takes all the risk. Many owners are reluctant to do this. Instead the owner and the auctioneer agree on an expense budget to cover advertising, labor and other auction related items. The auctioneer then adds a buyer's premium (usually 10%) to each item that is sold. The owner receives the proceeds of the auction minus the expenses and the auctioneer keeps the buyer's premium.
Another type of auction that is gaining popularity is the GUARANTEE & SPLIT. This is a shared risk format. The auctioneer guarantees a fair amount to be paid prior to the auction. Any overage from the auction is split between the owner and the auctioneer. This is very popular where the assets include one or more very valuable items that have very limited use. The guarantee covers the value of the conventional items and offers an incentive to the auctioneer to find a buyer for the limited use items.
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