What Is An Auction & How Does It Work?

WHAT IS AN AUCTION?

An auction is defined as a public sale of goods or property in which prospective purchasers bid until the highest price is reached. Paranzino Brothers Auctioneers specialize in the selling of building materials at public auctions.

WHY ARE GOODS SOLD AT AUCTION?

There are several reasons why items may be sold at auction. In the building material industry there are a large number of manufacturers for many different products, this creates a surplus of excess inventory. These manufacturers and wholesale distrubutors need to keep their inventory moving, which makes our auctions a great way to sell excess inventory.

HOW DOES AN AUCTION WORK?

• First timers to the auction need not be afraid. We promise to make your auction experience one you will want to repeat! Once you arrive at the auction, you will want to register at our registration trailer. Make sure you come equipped with a valid driver's license or id card as you will be asked to present it for identification. When your information has been entered into our computer system, you will be presented with a bidder number. This card identifies you in our system when you begin bidding. You must register at each auction, however, once your information is saved in our system, future registration is quicker and easier.
• If you have not viewed the items for auction prior to the auction day you will need to allow yourself time to inspect your prospective purchases before the auction starts
• When an item you are interested in comes up for bid the auctioneer will announce the lot number ( found on the item during the viewing period ) and give a brief description of the item. A starting bid will be suggested by the auctioneer and usually bidding will start below this price so do not assume the auctioneers starting bid is the lowest price available.
• When bidding it is natural to get the auctioneers attention by raising your hand or making some other clear gesture to the auctioneer. Now you have started bidding the auctioneer will return to you every time the bid is against you to see if you wish to raise your offer, a clear shake of the head will indicate to the auctioneer that you do not wish to continue bidding. Bids go up in steps controlled by the auctioneer and until the bid nears the assumed final price a bid of less than this amount will not usually be taken. After you have won the bid you are obligated to pay for your items. The type of payment method i.e. cash, checks, credit cards will be accepted. Remember, the items purchased are the responsibility of the purchaser after the auctioneer has said sold. Also, building materials can be very heavy, so bring a friend to help you load.

AUCTION TIPS

• Certain auctions can be subject to cancellation at short notice and it is therefore a good idea to phone on the day before the sale to confirm the sale is going ahead. You should inspect the items thoroughly as most auction items are sold without guarantees, if items are described as damaged, check that the damage can be easily repaired, sometimes you can test the goods before the auction starts, ask the auctioneer if this is possible.
• Think about setting yourself a price limit on the goods you are interested in and "stick to it". Remember a "buyers premium" will be added to the final bid price at some auctions and local taxes may also be added to the price. Listen for any changes stated by the auctioneer in the description they give of the item at the start of bidding. REMEMBER - "KNOW WHAT YOU ARE BUYING! Once the auctioneer says sold it's yours. There are no returns after the bidding has concluded.