Questions About Auctions
Why have an auction?
Whether you are merging facilities and have excess equipment or you are trying to generate cash flow quickly, Williams & Lipton Company can sell some or all of your facilities assets.
How long will it take to arrange an auction?
From the time we receive your signed agreement, we recommend a four- to six-week time frame leading up to your auction event. Lead time can vary depending on the size of the auction to be held. For more information, see our auction process.
What will it cost to hold an auction?
Cost will vary depending on factors such as size of facility, location and the quantity of assets to be sold, and the type of auction you require. We will be glad to provide you with a proposal. Simply contact us and a Williams & Lipton Company appraiser/consultant can discuss your options with you as well as outline the costs associated with each option.
How can I place an auction bid?
If you haven’t already, Visit our auction calendar to identify an auction at which you’d like to bid.
To place an auction bid:
For ONSITE bidding:
- You must be registered; you can do this either on the preview day or on the day of the auction. You can speed the process up by bringing your business card to attach to your registration form. When you arrive, the catalog you are given will contain a registration form. You will also be asked to provide identification and a letter of credit and your banking information (i.e. your method of payment is by company check). You can also pay by certified check, money order or cash.
- Once you have registered, you will receive a paddle displaying your bidder number.
- After placing a successful bid, a deposit of 25% is required. The funds can either be cash, certified funds, wire transfer or a company check accompanied by a letter of credit from your bank guaranteeing funds will be payable by your bank.
- After the sale, we will provide all winning bidders an invoice. We request that you pay within 48 hours.
- You will need to make arrangements to remove your purchases; the time frame for removal varies depending on the auction. (Removal instruction listed below)
For ONLINE bidding:
- You must go to www.bidspotter.com to register. (You will need to register for each auction, even if you have registered for previous Williams & Lipton auctions). Please be sure to complete the information when you registration. On the registration page enter the event number of the auction in which you would like to participate.
- You will need to get a $1,000.00 deposit into our office or at the inspection preview in order to be approved to bid on online. A $5,000.00 deposit is required from International buyers. If you do not make any purchases, this deposit will be reimbursed to you in full, except any wire transfer fees.
- Once you register and are approved you will receive a bidder number.
- We will provide all winning bidders an invoice by the following morning after the sale has ended. We request that you pay within 48 hours.
- You will need to make arrangements to remove your purchases; the time frame for removal varies depending on the auction. (Removal instructions listed below)
After placing a successful bid, what do I need to remove the machinery?
- Contact a licensed rigger to schedule removal of your machinery. Download a pdf of contact information for riggers in our region, for machinery too large to be removed by you. Please note that Williams & Lipton does not endorse any of these companies or guarantee their performance or results.
- In order for a rigger to remove any machinery from the building, a minimum liability policy of $2,000,000 must be obtained and on file with Williams & Lipton Company.
- Tax exemption documents with a valid tax ID number must be shown. If you cannot provide a valid sales tax exemption certificate, sales tax will be added to your bill as required by law.
- All Outstanding invoice amounts must be paid in full before any purchases may be removed.
- Once the above items are obtained/completed, check in with the on-site administrative office. The Williams & Lipton Company employee(s) will process your account and verify that all requirements have been satisfied. Failure to meet any of the above requirements can result in delays and/or additional costs.
- After release by a Williams & Lipton Company employee(s), you will be free to remove your purchased items.
How do I bid by proxy?
To place a proxy bid prior to the auction sale, contact us for a proxy bid form that will allow the auctioneer to bid on your behalf. Please provide exact information of the item or machinery you are bidding on, including the serial number if possible.
You may also bid via telephone.
In either instance, you must furnish a 25% deposit of the bid amount must accompany your proxy bid. If you choose, you can provide this via wire transfer — please call us at 248-478-2000 for wiring instructions. Proxy bids without a deposit will not be accepted.
Please see payment terms and conditions of the auction sale apply. If you need additional information, please contact us for assistance.
What are the “Terms of Sale” at an auction?
- All items being offered for sale will be offered in piecemeal.
- All items being offered "AS-IS", "WHERE-IS", with the only guarantee being that of good title.
- All sales are for CASH, CASHIER'S CHECK, or WIRE TRANSFER or COMPANY CHECK and/or only with an IRREVOCABLE, UNQUALIFIED BANK LETTER OF AUTHORIZATION (the letter must conform to the example below.)
- On the day of sale, onsite buyers will be required to submit a deposit equivalent to no less than 25% of each item purchased at the time of purchase. Online buyers will be required to have a $1,000.00 deposit turned into our office or at the inspection preview site before participating in the sale. A $5,000.00 deposit is required from International buyers. If you do not make any purchases, this deposit will be reimbursed to you in full, except any wire transfer fees.
- Your entire account must be settled prior to the removal of any of your purchases.
- All other terms of sale and conditions of sale may be added prior to sale and may vary from sale to sale.
- Complete terms of sale are available at the time of check-in for each auction sale.
Please show this Sample Bank Letter of Authorization to your banker:
To: Williams & Lipton Company, Farmington, Michigan
Mr. (Customer Name) of (Company Name) is a customer of this bank. This bank will guarantee irrevocable, unqualified payment for full face value stated on this letter to Williams & Lipton Company for checks drawn on (account number) for an amount up to $_______.00. This letter is void after (date).
This letter format also applies to all wire transfers.