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A Consignment Auction is simply an auction held on our premises.
You bring your items, we catalog them, take pictures, and organize them for easy pickup when the auction ends. Your items will most likely be on with other people’s things as well. The nice part about working with Southern Minnesota Auctions is that we deal directly with the people that win the items. We collect the money, pay the sales tax, and within a couple weeks, you get your check for the items that sold. It’s that easy!
Do you have too many items to bring to our warehouse? Contact us today to discuss your options!
Stay tuned by following us on Facebook or by signing up for our Email Newsletters at the bottom of this page. Click here to see the list of acceptable items.
If you don’t see what you’d like to bring in on either of the lists here, don’t hesitate to call. Even better, just text us a picture and ask if it would be a good candidate for the auction! Our number is 507-508-5334.
Disclosure at the time of drop off is important so we can accurately describe the item for our bidders. Information such as: if the item came from an environment where there was smoking, if there were any repairs/replacements, or if there is any other pertinent information that would relate to the usability of the item.
Just a heads up, we do reserve the right to decline certain items, even if they’re on the ‘OK’ list.
We’re all about quality here. Our goal is to offer items that appeal to everyone, stuff we know will fly off the shelves, and things that will be a win-win for both our consigners and us. The better you do, the better we do!
*Please call before bringing in large items
ABSOLUTELY NO
HOUSEHOLD ITEMS
To consign firearms, simply bring them to our warehouse and provide the information needed on the Auction Agreement. Whether it’s a brand new in-the-box rifle or the old revolver grandpa handed down to you that you’re not quite sure works, we can facilitate a safe transaction that complies with all of the most current ATF regulations. Secure storage is assured and shipping is provided at the buyer’s cost.
We’re also happy to facilitate transfers. If you happen to find a firearm or a frame and receiver on another company’s website, we’d be happy to help you out with your NICS transfer to receive your merchandise according to ATF regulations. Please email us or call ahead to let us know we’ll be receiving merchandise to your attention so we can ensure someone is available to sign for the package. We’ll also need to provide our FFL certificate to the company sending the merchandise before they can send it.
We sign a contract that benefits both parties. Your success is our success!
Terms, conditions, dates, and the coordination of the auction are outlined in this process. Things such as commissions, fees, and when to expect your final check will be discussed at this point.
We work hard to ensure this process is easy to understand so you know what to expect.
Photos are taken and accurate descriptions are created.
We work with you to create descriptions base on your information about the asset, demonstrate its functionality, and include anything else that the bidder may need to know about. Before the auction goes live, you have the opportunity to review the listings and make the necessary changes, if any.
Your auction is posted in front of thousands of bidders.
Watching the bids on your assets grow virtually overnight is exciting! At this point we will answer all the questions bidders may have, host inspections, and ensure that marketing has been implemented to ensure your assets get in front of the ideal audience.
Bidders are notified and the items are picked up.
We’ll handle collecting the money, paying the sales tax, and coordinating loadout dates and times. As a value-add for the buyers, we are willing to ship your items to the winning bidders. This not only makes buying larger or bulky items more appealing, this may also entice buyers to bid on more assets!
About two weeks after the auction ends, you get paid!
A copy of the settlement will also be provided to you. This will outline what assets sold and for what price. A detailed report of the fees and commissions paid will be included.
Consignment and On-Site Auctions typically run on a sliding scale. The commission rate is based on the price of each ITEM, not the price of your items in total.
For example: You sell an item for $100 and an item for $2,000. Our commission for the first item would be 25%, or $25. Our commission for the second item would be 15%, or $300.
Commission for firearms is set at a flat 20%, no matter the final value of the bid.
The commission you pay goes towards staffing, photography, marketing, advertising, mileage, technology upkeep, and server fees for posting our auctions. The only “extra” fees we charge are for reserves, fees for halting lots at the seller’s request, and fees for shill bidding.
You bring over a car that has a market value of between $7,000-8,000.00 and you want to put a $7,000.00 reserve on it. Our commission fee at $7,000.00 is 10%, so we’d add the commission fee plus the $700.00 reserve fee you pay before you leave the warehouse. That would set the reserve price at $8400.00 to ensure you get your $7,000.00 when the auction ends.
You bring over a car that has a market value of between $7,000-8,000.00. We don’t set a reserve price.
The auction reaches $7,200.00. The buyer pays tax, title, license, buyer’s premium, and documentation fee, in addition to the hammer price – around $8,500. Since we’re motor vehicle dealers within the state of Minnesota, we take care of all the paperwork and ensure it’s transferred at the DMV. You would receive a check for $6,480.00 after the commission ($720.00) is paid.
While you may not get the $7,000 you were hoping for, the car goes to its new owner, you don’t have to deal with the public when selling on Marketplace/Craigslist, and you don’t need to worry about whether or not the paperwork was transferred.
While the scenarios shown here are fictional, this is a general example of how reserve vs. non-reserve auctions work.