Buying Equipment with WCA
Buying equipment at a WCA auction is a simple and straight-forward process.
Step 1: Register for Auction
The first step to buying at a WCA auction is registration. You can register for a WCA auction in person (at the event) or online. When you register for an auction on site, you receive a bidder number that allows you to bid on items in the auction. When you register for an auction online, you receive a unique bidder number from Proxibid.
What Do You Need to Register?
U.S. Buyers: Require a valid U.S. driver’s license or passport and a $500 refundable deposit. The deposit can be paid via cash, credit card, and cashier’s check.
International Buyers: Require a valid passport and a $5000 refundable deposit. This can be paid via cash, credit card, cashier’s check, and bank wire.
Online Buyers: U.S. online buyers require a $1,000 refundable security deposit. International online buyers require a $5,000 refundable security deposit.
Step 2: Preview Auction Items
When you register for an auction, you receive the auction inventory catalog. This contains all of the auctions items and provides a description of each item as well. Relevant information (such as make model, hours in service, accessories, etc.) is provided.
The auction catalog can help you plan your day. Lots are auctioned in sequential lot number order. In general, lots are sold at approximately 1 lot per minute.
Additionally, if you are attending the auction in person, you can walk the yard and preview any items you are interested in. (In fact, you can usually preview equipment several days in advance of an auction.) You can test and inspect the equipment, compare items, and ask questions as you like.
You can even bring along a mechanic or other professional to inspect equipment for you. An onsite WCA equipment specialist can also help you understand any service reports or manuals.
Step 3: Bid on Selected Items
WCA offers several different methods of bidding on equipment. Usually buyers attend an auction and bid traditionally. However, if you are unable to attend, you can either attend the auction online (in real time, using Proxibid) or place an absentee bid.
Once the auction begins, the bidding process is simple and straightforward.
- Check the auction schedule / catalog to find out when and where items will be sold.
- The auctioneer announces the name and lot number of each item before opening the bidding. He begins with an initial “ask price”. If no one meets the ask price, he reduces the price until someone makes an initial bid.
- If you are interested in placing a bid, raise your hand or auction catalog. The ringmen standing at the front of the auction relay that bid to the auctioneer.
- The auctioneer raises the ask price to see if anyone else is interested in going higher.
- When no more bids are offered, the auctioneer announces that an item has been sold.
What if You Win?
If yours is the winning bid, all you have to do is complete the payment for the item and take possession of it.
If you are attending a live auction, simply go to the registration counter (be sure to bring your bidder number). A WCA equipment specialist will provide you with an invoice listing your purchase and any applicable taxes.
If you are bidding online or via absentee bid, your invoice will be faxed or emailed to you the next day.
If you are unable to attend a live auction and do not want to bid in real-time, online, you may place an absentee bid for equipment in advance. Use the absentee bidding form and enter the requested information. This bid will be processed up to the maximum amount stated.
Step 4: Pay for Purchased Items
Completing the purchase process is simple.
Day of Auction
In general, a 25% deposit is required for all purchases before you leave the auction site. Deposits are accepted via cash, most major credit cards, cashier’s checks, money orders, and checks (with a pre-approved bank letter of guarantee that states the guarantee is irrevocable and includes your bank number on bank letterhead).
In general, final payment is due within 3 days of purchasing an item. You submit the full purchase price, plus any applicable taxes, and a transaction fee.
Final payment may be made in the following ways:
- Cashier’s Check
- Bank Wire Transfer to WCA Bank Account
- Money Order
- Credit Cards up to $5000 (5% Administrative Fee applies)
- Direct deposit to a WCA Bank Account. Please note your bidder number on deposit receipt.
All invoices unpaid on the 4th business day after the auction, are subject to 18% interest, deposit forfeiture, and a restocking fee up to 25% of your total purchases charged to your credit card.
Once the full payment is received, WCA notifies both buyers and sellers that the transaction is complete. Buyers are able to take possession of the item at that time.
Step 5: Take Possession of Equipment
Titles and Registration
After you have completed payment for your items, the WCA team will help finalize any outstanding documents. WCA will coordinate and register your vehicle for you. No need to worry about standing in line at the DMV; we take care of all your paperwork. We have complete DMV services onsite on the auction day – as well as detailed DMV services available every day after the auction. Titles for all equipment sold at a WCA auction are in good standing.
In general, equipment purchased at auction must be removed from the auction site by Wednesday following the auction.
WCA provides a loading ramp to assist in loading your equipment. The WCA team can offer assistance as required.
WCA has alliance relationships with many fully insured transportation providers who can ship equipment locally, nationally, and internationally. A WCA equipment specialist can assist you in getting a transportation quotation from one of these providers.
WCA can also provide dismantling and containerizing coordination if necessary.