SELLING AT AUCTION GUIDE
Selling at auction can be a great way to sell your unwanted truck, vehicle or machinery. Auction houses get lots of potential buyers through their doors which means lots of exposure for the item/s you are selling.
Also, another great thing about selling at auction is that most auction houses generally take care of the work involved in selling an item; such as paying out any finance on your behalf as well as any paperwork making the selling process as easy as possible.
Steps to selling at auction
If you have an item that you wish to sell at auction, the easiest way to get started is to contact your local auction yard to arrange an inspection of the asset.
From here your local auction yard will then take you through the process of selling at auction and give you an estimated price for the sale of your item. If your then happy with the estimated price, the item will then be added into the next available auction and sold to the highest bidder (providing of course your reserve price has been met).
Some other things the auction yard will typically require from you to enable you to sell at auction include:
- Signed agency agreement. Varies slightly between auction yards and details the auction yards terms and conditions.
- Insurance on the item until ownership is passed onto the buyer (otherwise the item is held by the auction yard at your own risk).
- If a truck, a Safety Certificate or Certificate of Inspection.
- Removal of personalised plates if not being sold with the item.
- Proof of ownership such an original invoice from when you purchased the item.
- If your item is under finance, a signed authority form to allow the auction yard to contact the financier on your behalf to arrange pay-out etc.