During The Auction
How it works: When you want to make a bid it’s as easy as raising your hand or your bid card. When the auctioneer believes there will be no higher bids made he will put his auction hammer down. This closes the bidding on the lot in question and also creates a binding contractual agreement with the winning bidder. When you are a winning bidder the auctioneer will need to see your bid card to record it into his system. The auctioneer will conduct the proceedings accurately, fairly, according to his training and his professional code of ethics.
What to bid: Please remember that the appraisal amounts shown at the auction are provided by government-appointed or consignor-appointed independent professional appraisers. You should not bid based only on the appraisal amount, but instead bid what you feel the item is worth to you. For more information on appraisals please see our section on Appraisals & Appraisers.
Feature items: On certain feature items if you are the winning bidder you may be asked to place a deposit during the auction, right after you win the bid. For most of the items, however, payments or deposits are arranged immediately after the auction has ended.
Payment planning: In order to be a winning bidder on any item you must either pay in full for the item (and if desired, take it with you immediately) or place a minimum 25% deposit and make arrangements to receive the item within a few days when the balance is paid. We accept Visa and MasterCard credit cards, Interac debit payments, cash and certified cheques. A 15% service charge plus applicable taxes are added to all winning bid amounts.
National Bidding Process:
The National Bidding Process applies to all vehicles offered at auction by Asset Auctions. MULTIPLE BIDS WILL NOT BE ACCEPTED FOR VEHICLES
- Cars are stored in a secured, off-site facility
- The highest bidder nationally will be allowed to inspect the vehicle at the off-site storage facility
- The highest bidder in the particular auction is not the final bidder
- The highest bidder of that auction must send a certified cheque or draft for the 35% of the PROFORMA INVOICE value via FedEx to Asset Auctions’ Service Center. In case deposit is not received before the following afternoon the customer’s bid will be cancelled.
- The National Bidding Process normally completes in 4 to 6 weeks
- The Cashier will provide a PROFORMA INVOICE / PROVISIONAL BID of the vehicle for calculation of the 35% deposit purposes only
- Applicable taxes will be paid by winning bidder directly to the government at the time of transfer of the vehicle