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A Typical Day at KMC: Auction Days

22 March 2017 - 21:46, by , in Blog, No comments

At Kohn-Megibow Company, we always look forward to auction day. Our used restaurant equipment auctions are held every other week on Wednesdays and we invite you to come join us sometime! To get a better understanding of what happens on auction day, continue reading!

Item Inspection

A typical auction day at KMC begins with our staff taking a final look at all the inventory. We make sure everything has been checked and is ready to go. If you see a green sticker on an item, that means we have verified that it is in good working condition. There is always a date listed on each item as well, which is the last date we tested to see if the equipment was running properly. At each bi-weekly auction, there is an average of 500 lots (items) up for bid.

The auctions are scheduled to begin at 11:00 am. As bidders show up, they are assigned a buyer’s number and given a bidding card (or an auction paddle, if you will). We recommend that you show up early in order to preview all the items for sale before the auction begins, as inspection of equipment is not allowed while the actual auction is taking place. We open as early at 8:30, so feel free to stop by before the auction starts!

Buyer Responsibility

A $200 deposit is required from all bidders in attendance. It can be used toward the purchase of any items at the auction up to an $800 total. If a buyer purchases more than $800 worth of equipment, then they will need to put down at least 25% of the total purchase price. If a buyer purchases nothing, they get their $200 deposit back.

All of KMC’s auctions are hosted by one of our three auctioneers, Steve, Tim and John. We have other staff on hand to sign in buyers, handle deposits, create final bills and help out in the warehouse during the event.

Auction Time!

The auction itself is pretty fast-paced because usually around 100 lots are sold per hour. If you are the highest bidder when that hammer falls, the item is yours. Each buyer is responsible for moving their own item(s) once the auction ends at around 4:00 pm. KMC provides a standard two-day grace period after the auction. We do have a forklift available on-site if you need something put on your truck and usually some workers-for-hire will be around on auction day if you need help moving your equipment immediately. Otherwise, you must provide your own manpower. We are open 8:30 a.m. – 4:00 p.m. both Thursday and Friday for equipment pick-up.

As a company, auction day is one of our favorite days. That’s because we get to see our customers get great items for great prices. To join us at our next auction, check out our bi-weekly auction schedule on our website. We look forward to seeing you soon!

 

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