We were instructed by an Insolvency Practitioner in relation to a fleet of construction plant, comprising of excavators, loading shovels and similar.
There were already a significant number of interested parties, including creditors, ex-employees, dealers and others.
The director was insistent that some of the offers already on the table should be taken, suggesting an auction of the assets would never work.
We insisted that none of the assets should be sold by way of private treaty, explaining that being able to advertise the total assets of a business, in this instance the total fleet, without the best items being sold first, would attract an excellent audience resulting in far better prices.
The auction was a huge success and even after taking into account the marketing and transport costs that were incurred, the director conceded we achieved prices far greater than he imagined possible with all plant that had previously been bid upon achieving far higher prices than any of the existing bids.
Of course we believe our experience in running professional auctions from our dedicated site helps enormously, but it is the combination of our experience with the fact that we sell almost exclusively for Insolvency Practitioners that gives buyers far greater comfort in attending and bidding as opposed to those auctioneers who act as principal (i.e. own the assets) or those who sell surplus machinery and other assets from non-insolvency related vendors.