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Types of On-Site Auctions from KMC

20 April 2018 - 18:10, by , in Blog, No comments

Most people know Kohn-Megibow Company as a restaurant equipment auction warehouse. But did you know we provide more services than just our bi-weekly auctions? Every once and a while, we hold special on-site auctions where the equipment is sold at the location of the business that is being liquidated. There are two main types of on-site auctions held by KMC: abandoned on-site auctions and regular on-site auctions. Continue reading to learn more!

Abandoned On-Site Auctions
There are many instances when an owner of a restaurant will physically vacate a restaurant space because they are behind on rent or owe money to creditors. It happens more than you think, and in most cases, they’ll leave behind a bunch of restaurant equipment. The abandoned equipment is usually worth a lot of money and landlords typically don’t know what to do with it. As the landlord, you want to fill the rentable space with a new tenant soon as possible while also getting the best value on the equipment that’s taking up space. So, what do you do with all the equipment?

KMC can come in and remove all the equipment or hold an on-site auction to sell it right there. Our team takes care of all the legal due diligence and marketing to attract motivated restaurant equipment buyers. We advertise online and in local papers to increase attendance. Then, our auctioneers sell the equipment in bulk.

Buying at an Abandoned On-Site Auction
What’s unique about an on-site auction is that we typically sell all the equipment to just one buyer in attendance. This happens almost every time we hold one. One buyer takes it all and it is a great opportunity for someone to get a lot of restaurant equipment at a good price. If you are a restaurant equipment buyer looking for a large quantity of equipment to buy in bulk, then you will definitely want to ask our team members about any upcoming abandoned on-site auctions.

Regular On-Site Auctions
Kohn-Megibow Company also holds regular on-site auctions for businesses who are closing or want to liquidate large amounts of equipment at once. For example, we did one for Death Row Records, who sold off their entire stock of equipment, memorabilia and other items in one massive auction held at the storage facility. Learn more about our work with Death Row Records here!

For more information on how to hold a regular on-site auction from KMC or for information on any upcoming on-site auctions, contact us today!

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