5 Things To Know When Selling With IronRing

by Wayne Nisley
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June 21, 2024
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3 Min Read

IronRing is your go-to monthly virtual heavy equipment consignment auction, providing a hassle-free and effective way to sell your equipment. If you’re considering selling with us, here are five crucial things you should know to make the most of your auction experience.

Table of Contents

1. Preparing Your Equipment

To ensure your equipment attracts the right buyers, you need to provide detailed pictures, videos, and descriptions. This step is crucial for highlighting the condition and features of your equipment, helping potential buyers make informed decisions.

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If you have several pieces to consign, Bright Star offers a convenient service (for a small fee) where our team will visit your location to handle the documentation process for you. This service includes taking high-quality photographs and videos, compiling accurate descriptions, ensuring your listings are professionally presented to attract serious buyers.

2. Setting and Adjusting Your Reserve Price

When your item comes up for auction, we will contact you via a phone call to discuss your reserve price – the minimum amount you’re willing to accept for your equipment. This reserve price will be documented in the auction agreement (determined by a percentage of current auction value) when you sign it. However, we understand that auction dynamics can vary, and sometimes the bids might come very close to your minimum reserve price. In such cases, we provide you with the opportunity to lower your reserve, allowing you to potentially close the deal if the offer is near your expected price.

3. Understanding the Cost Structure

IronRing keeps the cost structure simple and transparent. You pay a flat fee of $500 per lot, regardless of the value of your item ($1000 or $200,000 or anywhere in between, above or below). Bright Star covers all advertising and operational costs associated with the auction. It’s important to note that this fee is applicable even if your item does not meet the reserve price and does not sell. This ensures there are no hidden costs or surprises, allowing you to budget accurately for your consignment.

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4. Assisting with Buyer Pickup

Once your equipment is sold, the buyer is responsible for picking it up from your location. It is essential to be courteous and respectful during this process, as you are required to assist the buyer with loading the equipment. Buyers have a 21-day window to pick up their purchased items unless a different arrangement is specified in the contract. Ensuring a smooth and cooperative pickup process helps maintain a positive reputation and encourages repeat business and referrals.

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5. Receiving Payment and Handling Buyer Defaults

Bright Star processes payments within two weeks after the auction, ensuring you receive your funds promptly. In the rare event that a buyer defaults on their purchase the item automatically reverts to you, the seller. On items without a reserve and depending on value, Bright Star may offer to pay for the item and assume the risk and reward of reselling the item.

This flexibility ensures that you are not left in a difficult position if a sale falls through, providing peace of mind and financial security.

Conclusion

Selling with IronRing is designed to be straightforward and beneficial for all parties involved. By understanding these five key aspects, you can maximize your success and ensure a smooth auction experience. If you have any questions or need further assistance, our dedicated team is always here to help.

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