An auction offers an opportunity for goods to be offered to the public for sale on a set auction day. When one is not certain of what an asset is worth, the market determines the highest price for the goods at a given time under the current market conditions.
It’s the quickest way to offer goods for sale for under binding conditions for maximum value for the fastest method of settlement without having to sell the goods themselves.
We offer an ascending price auction: This type of auction is arguably the most common form of auction in use today. Participants bid openly against one another, with each subsequent bid required to be higher than the previous bid. An auctioneer may announce prices, bidders may call out their bids themselves or have a proxy call out a bid on their behalf.
In some cases a maximum bid might be left with the auctioneer, who may bid on behalf of the bidder according to the bidder's instructions. The auction ends when no participant is willing to bid further, at which point the highest bidder pays their bid, ie. highest selling price offered
Yes, a seller may set a minimum sale price in advance (the 'reserve' price) and the final bid does not reach that price the item remains unsold. Sometimes the auctioneer sets a minimum amount by which the next bid must exceed the current highest bid.
The English auction is commonly used for selling goods, most prominently, vehicles, boats and watercraft, antiques and artwork, but also secondhand goods, real estate and assets from a deceased estate.
An asset like a vehicle could be worth one value at one moment in time and another value at another moment. Are you overpaying? Always a worry when buying something new or used.
At our auctions you are bidding (offering) a small amount more than the previous bidder. Something you perceive to have a value or an asking price of say $10,000 may only have a value or $8,000 under current market conditions. You win the bid at $8,100 instead of paying $10,000 on the open market.
The seller gets fair market value at the current market conditions and the buyer gets as an asset, vehicle, at fair market value under the same conditions, all orchestrated by a qualified auctioneer – “referee”
How do I Offer my Vehicle for Auction ?
Email or give Cayman Auctioneers a call. We will discuss what you want to sell, advise on current market conditions for the asset you want sold. The Auctioneer, Adam Lawson, has 28 years of experience in the automobile industry with 18 years of that in the Cayman Islands.
Adam has seen many vehicles sold for way less than market value and also assisted many where a vehicle has not sold as its not what the market can bear. Rest assured, you will receive bids at auction in line with the current market demand/s.
Cayman Auctioneers will arrange for a vehicle report to be done to ascertain fair value. We also arrange a full clean and detail for your vehicle so it looks it’s best on auction day.
We charge a fee arranging from $250 – 500. It is all or in part refundable after the auction.
We require a deposit as we will commit to advertise and create public awareness of your vehicle on auction. A writeup, photos and listing. A mechanical vehicle inspection. The cleaning, prep and lotting of the vehicle and offering it for auction.
If the vehicle does not sell at auction, fees are refunded less any costs you select.
Not at all, your fee covers that. Adam is a Notary Public and will certify the logbook for transfer after the auction. We will deal with and confirm the transfer off you name. You do not need to engage the buyer.
Once the transfer of ownership has been done, we will transfer the proceeds of the sale, less seller’s commissions to your bank account by way of wire transfer. We only release the vehicle to the buyer once we have been paid and the transfer has been done.
This is usually done within 3 days of the auction if the auction is held on a Saturday.
Note: We settle the registered owner (shown on the logbook / title, lien holder if applicable or executor of an estate)
Once the transfer of ownership has been done, we will transfer the proceeds of the sale, less seller’s commissions to your bank account by way of wire transfer. We only release the vehicle to the buyer once we have been paid and the transfer has been done.
This is usually done within 3 days of the auction if the auction is held on a Saturday.
Note: We settle the registered owner (shown on the logbook / title, lien holder if applicable or executor of an estate)
How do I Register to Bid on Auction Day?
Arrive at least an hour before the auction start time. You will need to bring:
You will receive a receipt for your cash deposit and a bidder’s card which you will use to bid on the auction. You will need your bidders’ card to get your deposit refunded on the same day if you are NOT a successful highest bidder on any Lots offered for auction that day.
Where possible, vehicles will have a basic 15 point inspection done prior to auction. See list of what is inspected. This is done by an independent inspector.
This is done as the vehicles cannot be driven prior to auction. The inspection report is pasted on the window of the vehicle on offer. This is a courtesy offering by the auction house. Any information about the merchantability of the vehicle will be announced before the Lot is offered for auction.
Please note that all vehicles on auction are sold “as is where is” No warranty expressed or implied. Cayman Auctioneers are in no way responsible for the final condition of the vehicle. All sales are final.
An invoice will be issued for your vehicle purchase less your buyers registration fee.
Payment will be wire transfer or bank cash deposit to the Auction Company.
On receipt of payment, the vehicle will be transferred to your name / business. This will be done by the Cayman Auctioneers for you.
To do so, you will need valid insurance for the vehicle purchase. If no insurance is available a simple transfer will done...
