Congratulations! Your bid was accepted at one of Kohn-Megibow Company’s bi-weekly used restaurant equipment auctions. The items you purchased are all yours. But between the time you win the bid and the time you place the equipment in your restaurant, a lot happens – but what exactly? KMC is happy to share what to expect between hearing “Sold!” at the auction and setting the equipment up in your restaurant.
Deposit and Registration
Prior to the auction, you will have placed a $200 deposit with Kohn-Megibow Company (KMC) in exchange for your bidder number. This number allows you to place your bids on items up for sale. If you don’t end up purchasing anything, then that deposit is refunded to you. If you do win some equipment, that $200 deposit will ultimately be applied toward your purchase.
When you register before the auction, KMC recommends that you put your name on the checkout list at that time. This will help you later because you will be higher on the list, which will allow you to check out sooner than people who weren’t already on the list. If you don’t sign up on the checkout list before the auction, then you will be required to sign up once the auction has ended. You must be on the checkout list to claim any items you won at auction.
Paying Your Bill
When it is time for you to check out, you will get your final bill. A standard buyer’s premium will be added to the bill, which is done by any auction house in the industry. If you pay by credit card, that fee will be 13 percent. However, it is only 10 percent if you pay with cash, so keep that in mind.
It is required that you pay the bill in full before you can claim your equipment. Once you have paid KMC, you are welcome to take the purchased equipment at any time within the next two days. You can take it home immediately or arrange a pick-up time within that two-day timeframe. The items will need to be removed from our warehouse by the Friday following an auction, unless you make pre-approved special arrangements.
Taking the Equipment Home
Please know that KMC does not provide delivery options. You are fully responsible for transporting the equipment with your own truck, van or vehicle. However, KMC does have a forklift on site, and a member of our team will gladly help load any heavy items into your vehicle.
If you do need help with delivery, we have a network of moving companies and individuals who are in and out of the warehouse and can help you with moving your equipment. Just let KMC know and we can connect you, but you will need to negotiate the terms directly with them, as KMC is not involved in third-party contracting.
What is the Refund Policy?
KMC does not offer any long-term guarantees on used restaurant equipment purchased at auction. However, if you do purchase a piece of equipment and it is not working right, please contact KMC within a few days of taking it home. We will work with you to find a solution that everyone will be happy with. Taking care of our customers is one reason why KMC has had a stellar reputation for over 100 years.