AUCTION SERVICES
PMI’s turnkey operations guarantee the highest quality service, from the moment our on-site sales coordinator first visits your facility, until the last piece of equipment has been removed. Upon signing a contract, you will receive a certificate adding you as an additional insured on PMI’s $11,000,000 General Liability Coverage. The following chart illustrates the PMI process, ensuring that your project is as easy, as pleasant, and as profitable as possible.
Types of Auction Sales
When most people think of auctions, they picture a live auction that takes place on a single day. But these days, there are more options than ever that can make the process more convenient and open the bidding up to buyers all over the world. As the seller, it’s up to you to decide which auction setting and timeline is the best fit for your liquidation needs.
The Auction Process
Live On-Location & Webcast Auctions
Simultaneous On-Location and Online Webcast auctions are the most exciting auction type. Interested buyers are able to physically preview the assets at the on-site location where they are located and participate in a bidding environment that is electrically charged by a professional auctioneer.
The Webcast brings the dynamic auction floor to remote bidders and allows potential buyers from anywhere, to participate in the live auction, real-time and bid, along with and against individuals bidding in person.
Live Online Only (No Onsite Bidding)
Live Online Only (No Onsite Bidding) auctions are the newest type of auction PMI offers. Interested buyers are able to physically preview the assets at the on-site location(s) where the equipment is located, but all bidding registrations will be done electronically on the bidding platforms. On auction day the bidding will be conducted via Webcast by a professional auctioneer. This brings the dynamic auction floor to all bidders and allows potential buyers from anywhere, to participate in the live auction, real-time and bid.
Timed Online-Only Auctions
Timed Online-Only auctions are easy to use and are an effective way to attract buyers from across the nation and abroad to engage in bidding. They provide sellers easy exposure to expanded markets, and allow buyers from anywhere, with Internet access to bid and buy used equipment and assets.
Sellers’ items are listed individually as part of the sales catalog and bidders bid against each other in real time.
This style auction provides flexibility in scheduling and timing, and site inspections can be conveniently scheduled. Travel by the bidder is not necessary and they can bid at ease from home or office. The sale closes (finishes) at a given time on a given day and all lots are sold with no reserves.
Alternative Sale Formats
In addition to our standard On-site, live webcast and timed online-only auctions, we offer these following alternative sale formats at PMI
Sealed Bid Auction
A sealed bid sale may be used when a client wants to accomplish a sale on an immediate basis or when the size or specialized nature of the package dictates that an auction is not a desirable approach. An example would be an entirety offering for which there would be only a few strong bidders. The bidders are kept apart and each bidder is only given one opportunity to bid; thus, each initially puts forth their highest bid. The seller then has an opportunity to accept
Orderly Liquidation
In an orderly liquidation, PMI markets the equipment and sells it over a specified period of time. The client is able to accept or reject any offer that is made on the assets. This method of sale is useful when the equipment has a high book value, when there are specific removal requirements, and when the equipment is particularly special or unique. This method is not as expedient as an auction sale, but in some instances, can be more profitable.
