What is the process I can expect with “traditional” live auctions?
Live auctions represent the most familiar way of liquidating “must sell” assets. Typically, bidders who register are given 24-48 hours to inspect the asset. With regards to marine related assets we strongly encourage an inspection (some auction houses make inspection mandatory prior to bidding) and for a small fee you have the option of a sea trial as well. Bidding often starts as low as $100 and depending upon the number of bidders in attendance that particular day it is not uncommon to secure a repossessed boat, RV, ATV, etc. for 70-90% below book value. Once the hammer drops and you are recognized as the highest bidder most auction sources typically require a small deposit followed by full payment to be made usually within 24 hours via. cash, certified funds or check. Shipping arrangements are typically the buyer’s responsibility but sometimes can be arranged through the auction house.Question Answered?
