The Advantages of Buying at Auction

Auction Statistics More than half of the U.S. population has attended a live auction. The value of all goods and services sold at auction in 2007 was approximately $270.7 billion.

AUCTIONS are on the Rise A rewarding activity for the whole family. Consumers are willing to drive 1.3 hours to an auction.

People Enjoy Auctions 51% think they offer a great value on items. 83% think auctions are an exciting way to get good deals. 51% think they offer a great value on items. 65% think they offer exciting items they wouldn’t otherwise purchase. 53% like the excitement of getting a good price.

Advantages of Buying at Auction Speed of Process You Set Your Own Price Certainty of Knowing What You’re Getting

Advantages of Buying at Auction Opportunity for a Bargain Fun and Excitement Honesty of Transaction

When Attending an Auction. . . Show Up Early Get Registered

Be Prepared to Bid Understand the terms of the auction. Listen closely to the auctioneer. Make eye contact when you bid. Be quick.

Best Source for Finding Auctions www.auctioneers.org

National Auctioneers Association Promotes the auction method of marketing. Members abide by a Code of Ethics. Focuses on the education of its members.

Common Auction Terms

Absentee Bid: Process that allows a bidder to bid in an auction without being there. Bid Number: Number assigned to you when you register. Bid Assistants: Individuals who assist the auctioneer. Bidder Package: Package of information and instructions pertaining to the property being sold at the auction.

Buyer’s Premium: An advertised percentage of the high bid or flat fee added to the high bid to determine the total contract price to be paid by the buyer. Conditions of Sale: Legal terms that govern an auction. Hammer Price: Price established by last bidder. Minimum Bid Auction: Auction in which the auctioneer accepts bids at or above a disclosed price.

The Advantages of Buying at Auction