An auction is a public sale in which goods or property are sold to the highest bidder.
There are three types of auctions: a traditional auction, an online auction, and a webcast auction. A traditional auction is conducted on-site at the auctioneer’s location or on-site at the place of the goods’ origin. An online auction is only conducted through the internet and only registered bidders can bid. A webcast auction is a combination of an online auction and a traditional auction; bidders have the option of bidding remotely or bidding in person.
We sell a wide variety of new and used machinery, equipment, materials, inventories, commercial and residential real estate, and other business assets including liquor licenses and intellectual property.
No, but we do have an auction warehouse facility where we conduct consignment auctions.
A buyer’s premium is a fee paid by the high bidder. It is normally a percentage added to the high bid to determine the purchase price.
An absentee bid is sometimes called a proxy bid. It is a convenient option for someone who is not available to bid in person or online on auction day. When you place a proxy bid, the auctioneer will bid on your behalf, up to and including the amount you specify as if you were present at the auction. You can place a proxy bid by emailing, faxing, or by directly handing the absentee bid form to our personnel at the auction site.
A numerical listing of items available for sale at auction, often including detailed descriptions, quantities, and the terms and conditions of the auction sale.
1. Inspection
Most auctions have a period of inspection prior to the auction during which prospective bidders may view the assets for sale in order to help them determine the condition and value of the assets. It is important to take advantage of the inspection period since all of the items for auction are sold in an “as-is, where-is” condition.
2. Registration
Each bidder must register by providing their name, address and phone number. Each bidder must also agree to the terms and conditions of the auction sale before being issued a bidder number.
3. Bidding
After registration, prospective purchasers may bid on the items in which they have an interest utilizing their bidder number in the process. There is also an option to leave an absentee bid if you cannot make it to a particular auction.
4. Deposit
If you are the high bidder for a particular item, you will be required to leave a deposit in the amount of $100.00 or 25% of the amount of your purchase (whichever is greater) and maintain that 25% deposit level throughout the course of the auction. (This refers to Live auctions only
Items won at an auction must be paid in full within two full days after the auction has ended.
All items purchased must be removed by the designated time stated in the terms and conditions. Buyers must remove their purchases at their own risk, expense, and liability.
Anyone can bid at Comly’s auctions. Our auctions are open to the general public and registration to bid is free.
Yes, you must register for every new auction whether its online or on-site.
Please bring two forms of identification and a credit card (Visa, Mastercard, or Discover) or cash for your deposit.
Registration is usually near the entrance of the auction. You will have to fill out the registration card with all of your contact information.
You may submit an absentee bid while attending an inspection or you can email the absentee bid form to auctions@comly.com. Please read our terms and conditions carefully.
Every auction will have slightly different terms and conditions. Please read these carefully before bidding.
Sold by the each, means that you multiply the quantity in each lot by the purchase price. For example, if there are two doors in a lot and the highest bid is $100, the total purchase price is $200 ($100 x quantity of 2 = $200). The highest bid is not the price for the entire lot.
Yes, you may choose the ‘View Only’ option to watch. You will not be able to place bids unless you register for the auction.
You will be notified by email if you were the highest bidder at one of our online or webcast auctions.
Yes, if you left a deposit and were not a successful bidder, your deposit will be refunded.
Yes, the auction is a binding contract and you are responsible to pay for the items that you purchased.
Acceptable Payment Methods
Acceptable methods of payment are: cash, credit card (Visa®, Mastercard®, or Discover®), cashier’s check, wire transfer, or a company check (only with a bank letter of guarantee payment).
Each auction is different. If the items are taxable and the auction is a taxable sale, then we are obligated to collect the appropriate sales tax. The amount of the sales tax collected is normally dictated by the location of the assets being sold.
The high bid + buyer’s premium + sales tax = the total purchase price. The buyer’s premium may vary from auction to auction.
The letter must be on official bank letterhead signed by an officer of that bank and it must state that the bank will guarantee payment of your check up to a specific amount for a specific auction or a specific period of time. An example of an acceptable letter of guarantee payment is as follows:
Dear Sir:
Mr./Mrs.______________________________ (specify name) is a customer of our bank, and we will guarantee payment of checks written on his/her
account number ______________________________up to $ _______________ (specify amount) for purchases made at your auction on
______________________ (specify date of auction).
Regards,
Print Name (Bank Representative) _____________________________
Signature (Bank Representative) ___________________________________
To obtain a price quote, contact a vendor directly. You may choose someone from our list of vendors, but be mindful that these companies are not affiliated with our company and are independent contractors. Another option is to look through the yellow pages or use an internet search engine to find a company. You should expect to provide them with the following information:
We recommend that you insure all shipments.
After the scheduled removal, items left on-site will be considered abandoned. Our clients are very concerned that the space be left empty and you will be charged a removal fee for items left onsite. Chargebacks will not be granted for failure to remove purchase items within the designated time allotted.