Cash
savings to you….
Selling your equipment through Hodgins Online Auctions makes
sense, plain and simple.
We
showcase your equipment to the world via our website in order
to generate great prices. There are no
transportation costs or hidden costs along the way.
Our overhead is low and can be passed on to you in the form
of lower commissions and fees. We offer our “Guaranteed
Inspection Reports” which provides confidence and assurance
to the buyer which results in great prices for the seller.
Check
out the savings in our Online Auction versus a traditional
auction. This example is based on a $50,000 piece of equipment.
Commissions
For each sale in a Showcase Auction, Signature Auction or
Immediate Purchase Listing, Hodgins Online Auctions shall
deduct from the payments made to the seller a commission fee
(the "Commission Fee") equal to a percentage of
the auction closing price ("Final Selling Price")
as set forth in the table below. All commissions will be charged
and shall be paid in Canadian dollars. The seller's commission
will be deducted from the Final Selling Price upon completion
of the sale.
Please
Note: Additional Fees may be added for some specialized items
or auctions requiring extra marketing expenditures.
Listing
Fees
For each piece of Equipment that a seller lists, the seller
agrees to pay to Hodgins Online Auctions a listing fee. The
Listing Fee covers, among other costs, the cost of the Equipment
inspection.
INSPECTED EQUIPMENT
• $500 for the first item, $400/item for additional
items at the same location.
• Smaller Pieces - Hodgins Online Auctions may quote
listing fees for smaller equipment requested to be inspected
on a case-by-case basis. Any special rates must be agreed
upon in writing prior to a signed listing contract being submitted,
or the regular rates listed above will apply.
UNINSPECTED EQUIPMENT
• $75 per piece of equipment
Showcase Auction Listings
- Auctioneers will deduct the Listing Fee from the proceeds
arising from the sale of your equipment. If your Equipment
does not sell, you will not be assessed a Listing Fee (unless
the Equipment is subject to a Removal Penalty, as described
below).
Signature
Auction Listings - You must pay this
non-refundable Listing Fee prior to the first Signature Auction
period for the Equipment.
Immediate
Purchase Listings - You must pay this
non-refundable listing fee prior to the first listing period
for the Equipment.
ADDITIONAL
FEES
Lien/Encumbrance
Search Fee - A Lien or Encumbrance search
fee may be imposed on any unit of Equipment in order to verify
clear registration and ownership including outstanding lien
or other encumbrance balances. The current fee for this search
is $25.00.
For
Showcase Auction listings,
Auctioneers will deduct this lien/encumbrance search fee from
the proceeds arising from the sale of your Equipment through
Hodgins Online Auctions. For Signature Auction
listings or Immediate Purchase Listings,
you must pay this non-refundable fee prior to the first Signature
Auction period or Immediate Purchase Listing period for the
Equipment.
Should
the Equipment which has previously been inspected by Auctioneers
be altered or modified in any way that might affect the integrity
or accuracy of the listing details, a minimum Re-inspection
Fee of $350.00 (Canadian) will be paid
to Auctioneers. This re-inspection fee will be required in
order to proceed with an auction. Auctioneers reserve the
right to determine the exact amount of the Re-inspection Fee
for any Equipment requiring re-inspection.
Reserve
Price Fee - For each Signature Auction
or Immediate Purchase Listing with a Reserve Price, the seller
agrees to pay to Hodgins Online Auctions a reserve fee ("Reserve
Price Fee") of 2% of the reserve price to a maximum of
$750.00 per item.
The Reserve Price Fee is non-refundable,
is based on the reserve price entered at the time of Equipment
Listing, and must be paid prior to each Signature
Auction period or Immediate Purchase
Listing period.
PENALTIES
Removal
Penalty Prior to Signature Auction Close (Reserve not met)
- If, for any reason, the seller withdraws a piece of Equipment
listed in a Signature Auction from the Hodgins Online Auctions
Site after the time of Equipment Listing but before the Reserve
Price is met or before the auction closes, the seller agrees
to pay Auctioneers a removal fee equivalent to the greater
of (i) 2% of the Reserve Price (as set by the seller) or (ii)
$50 ("Removal Penalty Prior to Signature Auction Close").
If, for any reason prior to the auction close, Auctioneers
removes Equipment from a Signature Auction due to seller's
violation of the On-Line Consignment Agreement,
the seller agrees to pay Auctioneers the Removal Penalty Prior
to Signature Auction Close.
Removal
Penalty Prior to Signature Auction Close (Reserve met)
- If, for any reason, the seller withdraws a piece of Equipment
(or causes Auctioneers to withdraw their Equipment in violation
of the seller's Online Consignment Agreement
listed in a Signature Auction after the Reserve Price is met,
the seller agrees to pay Auctioneers a Default Penalty ("Seller
Default Penalty") equivalent to the Commission Fee of
the winning auction closing price as if the Equipment were
sold, plus the Listing Fee.
Removal Penalty Prior to
Showcase Auction Close - If, for any
reason, the seller withdraws a piece of Equipment listed in
a Showcase Auction from the Hodgins Online Auctions Site after
the time of Equipment Listing but before the auction closes,
the seller agrees to pay Auctioneers a removal fee equivalent
to the Listing Fee plus the greater of (i) the commission
fee for the opening bid (as set by Auctioneers) or (ii) the
commission fee for the highest bid submitted for the Equipment
to the Hodgins On-Line Auctions site ("Removal Penalty
Prior to Showcase Auction Close"). If, for any reason
prior to the auction close, Auctioneers removes Equipment
from a Showcase Auction due to the seller's violation of the
Online Consignment Agreement, the
seller agrees to pay Auctioneers the Removal Penalty Prior
to Showcase Auction Close.
Removal
Penalty Prior to Immediate Purchase Listing Close (Reserve
Met) - If, for any reason, the seller
withdraws a piece of Equipment (or causes Auctioneers to withdraw
their Equipment in violation of the seller's Online
Consignment Agreement listed in an Immediate
Purchase Listing, after the Reserve Price is met, the seller
agrees to pay Auctioneers a default penalty ("Seller
Default Penalty") equivalent to the Commission Fee of
the winning bid closing price as if the Equipment were sold,
plus the Listing Fee.
Removal Penalty Prior to
Immediate Purchase Listing Close (Reserve Not Met)
- If, for any reason, the seller withdraws a piece of Equipment
listed in an Immediate Purchase Listing from the Hodgins Online
Auction Site after the Equipment Listing but before the Reserve
Price is met or the auction closes, the seller agrees to pay
Auctioneers a removal fee equivalent to the greater of (i)
2% of the Reserve Price (as set by the seller) or (ii) $50
("Removal Penalty Prior to the Immediate Purchase Listing
Close"). If, for any reason prior to the auction close,
Auctioneers removes Equipment from an Immediate Purchase Listing
(due to seller's violation of the Online Consignment
Agreement), the seller agrees to pay Auctioneers
the Removal Penalty Prior to the Immediate Purchase Listing
Close.
Unauthorized
Equipment Use Penalty - If, for any reason,
the seller operates, leases, rents, modifies, uses or allows
Equipment sold in a Hodgins Online Auction to be altered in
any manner whatsoever between the time of Equipment Listing
and buyer removal of the Equipment from the seller's location,
the seller agrees to pay Auctioneers an Unauthorized
Use Fee equivalent to the Commission Fee of
the final sale price as if the Equipment were sold, as well
as any unpaid Listing Fee ("Unauthorized Equipment Use
Penalty"). In addition, if the Equipment has been delivered
to the buyer, the seller will also be responsible for any
and all transportation and freight costs associated with the
delivery of the equipment to the buyer's location and the
removal of the equipment from the buyer's location. In
either case, registration and/or ownership and risk of loss
will not transfer to the buyer and the seller shall not receive
any of the proceeds associated with the sale.
Post-Auction Delay Penalty
- If, for any reason, after Auctioneers have notified the
buyer and seller of its receipt of full payment from the buyer
and at least one (1) business day has passed after the close
of an auction and the seller does not have the Equipment in
a condition "ready" for transport, or otherwise
delays the release of the Equipment, the following shall occur:
•
The Seller shall be responsible for full payment of all additional
expenses incurred by the Buyer and/or Auctioneers due to the
seller's delay ("Post-Auction Delay Penalty"). These
expenses may include, but are not limited to, transportation
cancellation or re-scheduling fees, transportation delay fees,
rental cost of equivalent replacement equipment for the buyer,
including loading, unloading and transportation costs.
•
Auctioneers may assess the Post-Auction Delay Penalty at its
discretion. These additional expenses will be deducted from
the proceeds of sale after buyer acceptance (or Deemed Receipt),
but prior to transferring payment to the seller.
Seller
Default Penalty - If, for any reason,
the seller fails to release Equipment sold in a Hodgins Online
Auction to the buyer or buyer's authorized transportation
carrier, or if the seller is incapable of releasing the Equipment,
the seller agrees to pay to Auctioneers a Default Penalty
("Seller Default Penalty") equivalent to the Commission
Fee of the winning auction closing price as if the Equipment
were sold, plus the Listing Fee.
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