|
FREQUENTLY ASKED QUESTIONS
General FAQ
FAQ for Buyers
FAQ for Sellers
Absolute auction or reserve?
Absolute Auction
A property is sold to the highest bidder with no minimum, no reserves. This type of auction presents the greatest opportunities for the buyer.
Reserve Auction
The seller may set a 'reserve' price and if the auction fails to have a bid equal to or higher than the reserve, the item remains unsold.
How do I buy at your auction?
Registering to buy at our auctions can be done easily. To get a bidder's number, all we need is your personal information, your banking information, your method of payment, and your signature.
After you register you can bid.
How do I pay for the equipment?
All equipment must be paid in full at the time of purchase or up to 1 hour after the auction. If you leave an absentee bid or a cellular bid, we will set up a wire transfer from your bank. Methods of payment include: Cash, Cashier's Check, Personal Check or Company Check. If you pay with a personal or company check, we will need the name, address, telephone number and a contact from your bank at the time of registering. All personal or out of state checks will require a bank letter of credit.
What about the title transfer? When will I receive the titles? Is there a fee to transfer the titles?
If you pay cash or equivalent for your purchases, or if you have a letter of credit stating the bank will honor or guarantee your check, the title(s) will be sent to you via overnight delivery the next day. Otherwise the title(s) will be mailed out as soon as your check clears. We will have a title clerk attending the sale. The buyer is responsible to pay all title transfer fees, state sales tax & license tag fees.
You will need to show proof of insurance for the vehicle to the title clerk.
Do you accept checks? Personal? Business? Out of state?
Methods of payment include: Cash, Cashier's Check, Personal Check or Company Check. If you pay with a personal or company check, we will need the name, address, telephone number and a contact from your bank at the time of registering. We will also need a bank letter of credit from your bank.
Do I need a bank letter of credit?
Yes we do require a bank letter of credit to accompany all checks. The bank letter of credit from your bank stating they honor or guarantee your check.
Can I leave an absentee or proxy bid?
Ideally we would like all of our customers to be able to attend our auctions and buy in person, but we understand your busy schedules and we are here to assist you in any way we can. That is why Hess Auctioneers, LLC offers an absentee bid program and a cellular phone bid program.
The first step to absentee bidding is to contact us us prior to the auction date. We can register you for the auction by faxing or mailing to you a registration form. Just fill it out completely, sign it, and fax or send it back. Please include the equipment you are interested in purchasing and the maximum amount you want to spend. At our auctions, we do not start the bidding with your maximum bid. If the equipment sells for less than the maximum amount you want to spend, you will own it at that price.
We also recommend a Phone Bid, this is where you will be able to communicate with the auctioneer as the auction is going on. This is offered on a 1st come 1st serve basis. Please call with any questions.
Are there reserve or minimum bids?
No, all equipment is sold "absolute" regardless of price. In addition you never have to worry about an owner running up the price on his equipment because WE DO NOT ALLOW THIS. If we find out someone is bidding on their own equipment or having someone else bid on their equipment for them, they will be asked to leave.
Cell Phone bids?
Contact us and let us know you are interested in bidding on equipment. We will fax or send you a registration form. Fill it out completely, sign it, and fax or send it back. Please include the phone number you would like us to contact you at during the auction and the equipment you are interested in purchasing.
On auction day, our staff will contact you right before the auctioneer is about to sell the equipment you are interested in purchasing. You will be able to communicate with our staff and have them bid on the equipment for you just as if you were at the auction.
Buyers premium at your sales?
No, you will never pay a buyers premium or title fee. We appreciate our customers who attend the auctions and we are not going to punish you for purchasing equipment.
What about PA sales tax?
PA Sales Tax on vehicles with titles
If you transfer your new title using our title clerk you will need to pay any applicable PA sales tax unless you have an approved form for exemption of the PA Sales Tax.
PA Sales Tax on all other items sold at our auction
We are required to charge PA Sales Tax unless you have an approved form for exemption of the PA Sales Tax.
Is the equipment sold with a warranty or guarantee?
We do not provide a warranty or guarantee on the equipment being sold at auction. Everything is sold "AS IS WHERE IS". You are the professionals, so inspect the equipment before you purchase it.
It is our desire to represent the equipment well, however we are not the owner of the equipment so please come early and inspect the equipment.
When can I pick up my equipment? Title or no title?
You can take the equipment as soon as you pay for it with an approved payment.
However, if you need more time that's no problem. Announcements will be made the day of the auction regarding the length of time you have to get the equipment off the lot. If you cannot get the equipment moved by then, contact our auction staff to discuss the options available.
How can I register ahead of time to bid?
You can register to bid ahead of time by going here or you can call and we will send or fax you a registration form. You must pre-register at least 2 business days prior to the auction.
You are our customer! We want you to get the highest $'s!
One thing we will attempt to do for everyone of our sales is to market the sale well. We do this advertising well using direct mail, internet advertising, phone and personal contacts. We will get the word out about your equipment. We fee the key is for you to get us your information as early as possible so that we can market your pieces very well.
How does your auction work?
We start to find pieces well before our sale dates and then we will market the sale well. You will bring your piece of equipment to our sale about a week before the sale so that the potential buyers may come and inspect the items. We will sell your item and then you will receive a check from us after the sale.
What about the title?
We must have your title in our possession at least 1 business day prior to the sale. If this is going to present a problem please contact us prior to the auction.
All rolling stock must have a transferable title, free & clear of all liens and encumbrances. We will need to have you sign a power of attorney form prior to the sale so that we can easily transfer your title after the sale. This form will need to be signed in front of a notary and it must be filled out in the same name as the unit is titled.
What if my bank has the title?
Supply us with the name of the contact person at your bank or financial institution. We will work with them to find out what arrangements need to be made to procure the title. A guarantee of direct payment of net auction proceeds or payoff may be made in exchange for the title or lien release.
Can I set a minimum on my equipment?
No. All equipment sold is sold "absolute". That means there are no minimum or reserve bids and no owner buy-backs.
When do I need to deliver my equipment to your auction?
Equipment needs to be delivered no later than five days preceding the auction date. This allows potential buyers the opportunity to inspect the equipment prior to the auction. If so desired, arrangements can be made to deliver the equipment to a storage facility prior to auction set-up.
Maintenance records?
Maintenance records are made available for viewing by potential buyers, thus increasing the potential sale price for your equipment. If you have maintenance records bring them along when you deliver your vehicle.
Transportation of my equipment to the auction?
We can put you in touch with a delivery service to assist you. We can also help match trucks with trailers from the same geographical area to help you save on transportation costs.
What about insurance while my equipment is at your auction?
Insurance coverage for sellers of equipment
You are required to have the equipment insured for the following up until and including the day of the sale.
Liability Insurance Coverage (required)
Collision Insurance Coverage (optional but if there is a claim you are responsible for any loss)
Comprehensive Insurance Coverage (optional but if there is a claim you are responsible for any loss)
Insurance coverage for buyers of equipment
You are required to get the equipment insured for the following beginning on the sale date.
Liability Insurance Coverage (required)
Collision Insurance Coverage (optional but if there is a claim you are responsible for any loss)
Comprehensive Insurance Coverage (optional but if there is a claim you are responsible for any loss)
Equipment preparation?
Condition and appearance are important factors in realizing higher auction prices. A sales rep can assist you in determining what prep work, such as detailing, painting, body work, etc., would effectively put more money in your pocket. If you need help, we can put you in touch with those services.
Do I need to attend the auction?
No, but it helps. It's been shown that a seller who is at the auction representing his equipment will realize a higher price than one that is not. In addition, we will have potential buyers call you prior to the auction if they have specific questions about your equipment. If you do attend the auction please make yourself known to the auctioneer when your item is being sold so the auctioneer can point you out to any potential buyers.
When do I get paid?
Generally, the proceeds, less commission and costs, are remitted to the seller on or before 10 banking days following the auction.
Do you accept credit cards?
Yes we accept credit card payments however there will be a 5% surcharge added to the total transaction cost to cover the credit card charges.
Do you offer a detailing service?
Yes we offer a service to detail your truck or trailer. Please contact us for rates on the detailing service.
What is the “Terms & Conditions” of our sale?
We are in process of uploading our Terms and Conditions.
What is the order of the sale?
It is our desire to sell in the following order, however this will be determined on the sale date.
- Trucks
- Truck Tractors
- Misc
- Trailers
|
