How To Sell
General Auction Company specializes in both live and timed online auctions that are open to the general public and dealers. You will find a large selection of vehicles, equipment, and a variety of miscellaneous items. Our bidding systems allows for you to leave proxy bids before the auction as well as in real-time the day of the sale. Our timed auctions have time extension when bids are placed within 60 seconds of close.
Due to the pandemic, we are currently running all auctions as timed online only.
Follow the steps below to get started:
Procedure for Selling Items
- Pre-Sale Assessment:
- Research & Valuation: Evaluate the item’s worth in the current market. This might include online research, expert consultations, and comparisons with recent sales of similar items.
- Item Authentication: Ensure that the item is genuine. For high-value items or antiques, consider obtaining a certificate of authenticity.
- Listing Your Item:
- Register as a Seller: Fill out the required registration form and submit any necessary identification or business-related documents.
- Catalog Description: Write a detailed, accurate description of the item. Highlight its unique features, age, provenance, and other pertinent details.
- Photographs: Take high-quality pictures from multiple angles. Ensure good lighting and a plain background to make the item stand out.
- Determine Reserve Price: Set a minimum sale price if desired. This is the lowest amount you’re willing to accept for the item.
- Submission: Submit your item details and photographs to the auction company.
- Inspection: Allow potential buyers to inspect the item. This might be through an online portal or at a physical location.
- Promotion: The auction company will likely advertise the upcoming auction. Consider doing your promotion if the item is of significant value.
- Ask About Fees: Understand the commission or fees the auction company will charge for selling your item. This can vary based on the sale price or type of item.
- Auction Day:
- Monitor the Auction: Watch the bidding process, either in-person or online, to stay informed about the bidding activity on your item.
- Auctioneer’s Role: The auctioneer will start at an opening bid and proceed upwards. If your item has a reserve price and doesn’t reach it, it will only be sold if you decide to negotiate post-auction.
- Completion of Sale: Once an item is sold, the auction company will confirm the final bid amount and the buyer’s details.
- Payment: Upon successful sale, the auction company will collect payment from the buyer. This could be immediate or within a stipulated timeframe.
- Deduction of Fees: The auction company will deduct its commission or fees from the sale amount.
- Transfer of Ownership: Hand over the item to the auction company for delivery to the buyer, or if the company does not handle logistics, coordinate with the buyer directly.
- Receive Payment: The auction company will transfer you the sale amount (minus fees). This may be through checks, bank transfers, or other agreed-upon methods.
- Unsold Items:
- Negotiations: If the item doesn’t reach its reserve price, you can negotiate with potential buyers post-auction.
- Relisting: Consider relisting the item in a future auction, possibly with a reduced or no reserve.
- Withdrawal: If you decide not to sell the item, arrange to collect or return it.
- Records & Documentation:
- Invoices & Statements: Keep a copy of the sale invoice, agreements with the auction company, and payment statements for your records.
- Taxes: Report any income from the sale, as your local taxation laws require.
- Feedback & Relationship Building:
- Post-Sale Review: Reflect on the selling process. What went well? What could have been better?
- Feedback: Consider giving input to the auction company. This helps improve future interactions.
- Build Relationships: Maintain a good relationship with the auction company, especially if you plan on selling more items.