kenny thomas
Well-known member
Many times you have to realize what you have may be worth scrap price. I got a New Holland 648 chain roller in on a cow trade. It brought $300 yesterday but it didn't come home with me.
Pro Team Auction
- Thread starter sstterry
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One guy 92 years old did a no sale on his old tractor. By golly if I make it to 92 which a very slim chance, that old tractor would have sold.
OP
OP
I never understood, why even have an auction? Just put a price on it and be done.
kenny thomas
Well-known member
He actually called back and let it sell. It was a Ford 2000 gas with a loader. Not a lot of demand for that.
Why should a seller be forced to sell?
If it goes for more then you want to pay you aren't forced to buy. Why should it be any different for a seller!
What difference does it make who the high bidder is ?
Sometimes is another bidder.
Sometimes it's the seller
Sometimes it the auction company.
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kenny thomas
Well-known member
The Pro-Team auction is advertised as absolute meaning its supposed to sell for whatever the bid is no matter what happens.
Our sale you have the option of taking the bid or not. Some days it might be best not to.
Example, when working an auction many times i will start the bid at a reasonable amount pretty well knowing i won't get the item. Last spring I started some Rubbermaid water tanks at maybe $70. No other bids so i got them. Unloaded them at my barn and took them back to the sale in October. They brought $150 which was higher than new ones that size.
And a reserve price is different than any other order or bid how?
Every auction I have ever attended if the item is no sale due to price the paperwork is no different from any other paperwork. Seller is listed as seller pays commission according to terms of auction and is also listed as buyer. No different then if you sold one thing at auction and bought something else from a different seller.
kenny thomas
Well-known member
OP
OP
Was it you telling me that the owner of Pro Team will sometimes spend $10 million on equipment, ect before his auction to make sure there is a lot of stuff and big crowds on his Lot? I know that someone told me that last year.
I have been through the years to several different equipment auctions in Kentucky, Tennessee and Virginia. The one at ProTeam at times is unreal what all they have on their lot, especially with a 10% premium. They usually have 10-15 skid steers, 20-30 riding mowers, all kinds of equipment that looks like at one time was rental equipment, construction equipment all sizes all make, a lot of vehicles, etc. The people running the place sure have it going on. They had at least 5 real nice Vermeer round balers, 3 John Deeres at the last auction and three of the Vermeer's almost new. I reviewed their auction after everything was sold and good equipment sold well. They have a good location helps also just off I81.
kenny thomas
Well-known member
Not me.
SDgrampa
Well-known member
Can someone explain to me why we have buyers premiums now? Didn't back in the day. The auctioneer works for the seller and the seller pays commission Also who gets the buyers premium?
kenny thomas
Well-known member
The buyers premium goes to the auction company. Some auctions still just charge the seller. Some charge only the buyer, some split it between buyer and seller.
kenny thomas
Well-known member
They for sure have the largest auction within several hundred miles. I can't see how they get enough equipment to have an auction every 2 months.
More money in seller and auction house pockets. Buyers premium is added onto the selling price. Leading to higher prices .
If buyers cut off price is $150 he will bid up to 150 and then pay 10 percent buyer's premium, but if his cut off was $150 he won't bid up to $160 at a no buyer premium auction . Even though it is still less then he would pay at a buyer premium auction. Understanding human nature and using it to generate more profit. Same reason a lot of store prices end in 99 cents.
kenny thomas
Well-known member
OP
OP
Because he has a whole team out buying and consigning. Like I said, someone told me, it may have been one of his truckers, that he spends millions on every auction. Even it only brings what he paid for a piece of equipment, he is still making 10-12% above that.
kenny thomas
Well-known member
Roosters sure were high there.
Did you notice the rooster prices this last sale. They sold good.
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