SMC

Frequently Asked Questions

Frequently Asked Questions

  1. How do I register to bid online?
  2. What is a Buyer's Preimium?
  3. What are removal dates?
  4. Why is there tax at some sales?
  5. Can SMC, LLC ship items?
  6. How do I pay for my online purchases?
  7. How do online auctions work?
  8. What is the “Max Bid” Feature for online auctions?
  9. Who can I call to rig my items?
  10. What is the difference between an auction and liquidation?
  11. Can I buy items before an auction?
  12. How do I pay?
  13. How do I place a proxy bid?

How do I register to bid online?
Registration is quick and easy and does require an email address.  Simply click here and fill out the form.
 
What is a Buyer’s Premium?
A Buyers Premium is an additional charge, usually 10-13%, which is added to the final selling price of an item.
 
What are removal dates?
Removal dates are the days that a SMC, LLC auction representative will be at the auction site to facilitate the removal of auctioned item(s) and collect payments.  ALL ITEMS MUST BE PAID FOR BEFORE THEY CAN BE REMOVED.  It is important that all items are removed during the designated removal dates unless advanced plans have been made.  We understand in the regular course of business not everyone can have their items removed within the allotted removal time.  If this happens we ask that you give an SMC, LLC representative as much notice as possible.

Why is there Tax at some sales?
The tax laws governing auctions are complex.  SMC, LLC investigates each sale beforehand to determine if sales taxes must be collected.  Here are several situations in which you do not have to pay tax.  If you have a resale certificate on record from the state where the auction is held or you are purchasing an item for use in another state you generally do not have to pay tax.  All tax exemption certificates must be on record with SMC, LLC before the end of the auction.  You can fax a resale certificate to (877) 268-3165.
 
Can SMC, LLC ship items?
Yes, for small non-fragile items SMC, LLC can package and ship items.  If an item is fragile we can deliver the item to a local packaging company for proper packing.  For large items we are happy to act as your agent and ensure a crating company does an adequate job crating your purchases.  Generally, there is a charge for all shipping activities.
 
How do I pay for my online purchases?
Unless otherwise specified auction items can be paid for anytime during the designated removal dates.  You may also mail your payments to our office please do not send cash, and remember nothing can be removed until payment is received.  Purchases paid by a company or personal check totaling more than one thousand dollars are required to be accompanied by a bank letter of guarantee.

How do online auctions work?
Online auctions work just like live auctions only the bidding is done from your computer.  You simply register and place bids on items you wish to purchase.  There is a lot of activity near the end of an online auction so we added a “max bid” feature that allows you have a maximum bid without raising the current bid.  All of our online auctions work much like a live auction.  Lots will start to close at the advertised time at a rate of one lot per minute.   If there is bidding activity close to the end of the time the lot is to close then bidding will automatically remain open for three additional minutes.   This will continue until bidding ceases thus working much like a "live" auction.

What is the “Max Bid” Feature for online auctions?
The “Max Bid” feature allows a bidder to ender a maximum amount they are willing to pay for an item without disclosing that amount to other potential bidders.

Example: if the next required bid for an item is $25, but you are willing to pay up to $500, you enter $25 as the “next required bid” and $500 for the max bid.  So long as nobody else bids more than $500 you will win that item, if no one else bids than you will only pay $25.   There is a flurry of activity as online actions draw to a close, by using the max bid feature you will not lose out at the last minute

Who can I call to rig my items?
You can use your rigger of choice, however they must have at least a two million dollar liability insurance policy in place with our company and the owner of the facility named as additional insureds.  This policy must be on file with our office before anyone is allowed within the facility to remove items.

What is the difference between an auction and liquidation?
In an auction the buyers determine the price by actively bidding until there is only one person left.  In liquidation, the prices are preset.  Liquidation items can generally be immediately purchased.
 
Can I buy items before an auction?
No.  The seller has decided that the best way to determine a fair selling price is to hold a public auction.  If you are unable to bid at a sale we accept proxy bids or will offer you the ability to bid by phone.
    
How do I pay?
Currently SMC, LLC Accepts Cash, Checks, Money Orders, Cashier’s Check and Wire Transfers.  When paying with a personal or company check SMC, LLC may request a Bank Letter of Guarantee.  All items MUST be paid for within the scheduled checkout period.
 
How do I place a proxy bid?
Online Auctions:  Use the “Max Bid” feature or contact us to receive a proxy bid agreement.

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