Common Questions for Personal Property Auctions

Common Questions for Personal Property Auctions How do people register for the Auction? Registration is simple with using our custom built bidding platform. A new bidder can register for an auction in typically 5 to 10 minutes from start to finish. Once registered, their login credentials will gain them access to all Parrott Auctions. Who clerks the Auction? Clerk Costs are zero due to all bids being automatically clerked by our custom built bidding platform. What if an interested party is uncomfortable registering online? We have a simple one page form that interested parties can fill out and leave their maximum bid on a specific lot number. This allows users, both young and old, the ability to participate in the online auction event even if they do not have access to reliable internet or simply choose not to register online (some simply prefer face-to-face communication/interaction). We do charge the buyer a small fee (due upon placement of bids regardless if they are the high bidder or not to cover the cost of labor associated with placcing their bids, calling them to inform them they won, along with manually processing their invoice. Will there be left Overs? Yes, there will be items that buyers deem unwanted / do not sell. Sometimes, other buyers, are willing to take the items for free. Other times, they are leftover. Please see Section about “Clean Sweep” How soon can our crew be onsite to start the auction process? During the slower auction months, we can usually be onsite within 7 - 10 business days. During peak auction season, that timeline can rarely be extended out to 14+/- business days When will the auction actually take place? On average our auctions run for 10 to 17 days and will be posted online within 2 days of last listng and photography day. Option 1: Preview Monday 4 - 6PM, Auction Ends Tuesday at 6PM, Pickup Thursday from 2 - 6PM Option 2: Preview Wednesday 4 - 6PM, Auction Ends Thursday at 6PM, Pickup Tuesday from 2 - 6PM We have conducted our last 50+/- online auctions using the above schedules with great success. What is a Soft Close Feature? If an item is bid on within the last 2 minutes of the auction, the lot will automatically get extended for an additional 2 minutes. Time will continue to be added until no additional bids have been placed. This is to prevent a common online bidding tactic called “sniping” where bids are placed within the final seconds of an online only auction which therefore does not allow the other interested parties a chance to increase their bids. What is a Max Bid Feature? Automatic Bidding: (Max Bid Feature): This online bidding option makes bidding convenient allowing you to enter the maximum bid amount that you are willing to bid on an item. We encourage the use of this feature as it automatically competitively increases your bid for you up to your max bid price. No more forgetting to increase your bids -or- trying to keep pace with our online auctions. Simply Place Once Bid And we’ll take care of the rest!

How do People Pay? Usually within 30 minutes of the final item being sold, each winning bidder is sent an invoice to the email address on file. Many buyers choose to pay via our online payment system using a debit or credit card, however, on day of loadout, they do have the option of paying with cash or check as well. How is Loadout Handled? The morning after the auction closes we send a loadout scheduler to all the winning bidders. This scheduler system will supply any remaining time slots (one thats someone else hasn’t chose yet) to the winning bidders. This is task can completed by text message and email both to allow for ultimate flexible to the buyer. If they do not chose a pickup time, the system will automatically keep sending reminders for pickup date and time and encourage them to pick atime slot. If they do not choose a time slot, they will be on a first come, first served basis and will be asked to wait until an auction crew member can assist them in the loadout process. Usually 90% of winning bidders, can be paid and loaded within 20 minutes by using this pickup scheduler as it prevents the “flood” of everyone coming all at the same time. Who pays for Shipping and Handling? Buyer pays actual shipping (bubble wrap, peanuts, insurance, signature, and other). Handling is also paid by the buyer at a flat rate of $8 per box. Will I have the ability to “Pull” Any Items Once the Auction is Advertised? Yes, however, there will be a standard charge of $25 per item (Charge only applies to “larger” / higher valued items which are estimated to sell at $50 or higher. Will I get a copy of what everything sold for? Yes, our sellers will have a computer generated seller settlement statement that shows waht each item brought, the commission on each item. Additional line items at include labor expense and advertising expense. Additional line items may be included including car detail, dumpster, etc. Please note: any line item other than labor and advertising will be approved by the seller prior to the expenditure. Typically, we send 2 copies of the seller settlement statement, 2 copies of the labor expense sheet and finally 2 copies of the advertising expense sheet along with the check. Free of charge, we can provide digitial copies of all the items listed above. How soon will the Net auction proceeds be paid? How will I be Paid? On average, the seller’s net proceeds are mailed within 10-15 business days of the scheduled pickup. Payment for the auction proceeds will be made from our Personal Property Escrow account with guranteed funds. If a check bounces / returned for non-sufficent funds, we go through the process to obtain repayment while your net proceeds are unaffected. 6