What To Do When Your Auction Ends

As a seller, when your lot closes, there are a few steps that you are responsible for taking.

First things first, you probably want to know how much your lot closed at. You can view all invoices at your Sales Dashboard.

To access, simply select “Sales” in the My WireBids drop down selection.

Here is a full chronological listing of all existing sales and invoices that you have made as a Seller.

The invoice dashboard will show you your customer’s full contact information, as well as their winning bids and full balance due. The invoice you see here has been automatically sent to your buyer.

WireBids recommends not waiting for your Buyer to contact you! Reach out to your Buyers as soon as possible to arrange Shipping and Payment.

Contact your Buyer via phone or email listed. If you do not hear from them right away, give them 24 hours before following up, or contact sales@wirebids.com if you have concerns or reservations about the sale.

If you are charging shipping fees, you can add or edit the fee and send an updated invoice to your buyer at any time.

Here, you can also mark the item as having shipped and include any notes or tracking numbers, which will be visible to the Buyer after selecting “Save Changes”.

If you charge any crating or palletizing fees, you can use the “Edit Packaging” option as a place to add any packaging charges, separate from shipping.

What if my buyer backs out of a lot?

No one likes to cancel a sale. But, the invoice dashboard at least makes it easy to organize your sales and allows for cancellations for both your and the buyer’s records. If you have a buyer that backs out of one of the lots they purchased, removing that lot is made easy by simply selecting “Edit Lots”, and “Removing”.

Contact WireBids to let us know! We can also reach out to a Backup Bidder on the lot to see if they are still interested in the item.

Having trouble collecting?

If you are having trouble collecting payment or contacting your buyer, reach out to WireBids and we can attempt to contact the buyer on your behalf to resolve the dispute. WireBids takes nonpayments seriously, and multiple nonpayments may result in the user’s account being flagged, and possibly place their account status under review.

I got paid! Now what?

Sellers can, and are encouraged, to log any payments directly into the system by selecting “Add Payment”. This avoids confusion with your buyers and establishes better relationships with a higher level of trust because it lets buyers know that their money is being taken care of. You can log partial or full payments, as well as notes on the payments for your records.

Any time a change is recorded in the invoice dashboard, an updated invoice is sent to the user and recorded in the left hand column with a timestamp, so you always know when the buyer received an update. If you do not hear back from your buyer, or they request a new invoice, you can resend an updated invoice through the “Actions” column drop down function. An updated invoice will be sent to the Buyer with the time sent recorded in the left-hand column.

Once you have received all payments, notify WireBids so that we can send you a completed invoice.

If we do not hear from you, you will be invoiced for the Buyer’s Premium on all lots listed.

Don’t miss out on an opportunity to keep tax money in your pocket!

Section 179 – Don’t miss out on an opportunity to keep tax money in your pocket

Did you know that buying used equipment for your business can save you a significant amount off your federal taxes this year? Section 179 of the U.S. tax code is a gift to small business owners who are looking to expand their business by purchasing equipment.

This year, Congress allows business owners to deduct up to $500,000 in qualifying equipment in the year of its purchase, even if you do it on December 31. Under normal circumstances, you’d have to depreciate a long-lived asset over a number of years (for example, a printing press might have a life of 11 years). This law encourages small businesses to expand at a more rapid pace by keeping tax dollars in your pocket.

What’s qualifying equipment? It’s a very broad class of assets both new and used, including:

  • Equipment purchased for business use (e.g, machines)
  • Tangible personal property used in business
  • Business vehicles with a gross vehicle weight rating in excess of 6,000 lbs.
  • Computers
  • Computer software (“off the shelf”)
  • Office furniture
  • Office equipment
  • Property attached to the building that isn’t a structural component (commonly known as “fixtures”, like a printing press, air compressor, etc.)
  • Assets with its use split between personal and business use (your deduction will be reduced by the percentage of use time devoted to personal use)

Don’t hesitate—act now to take advantage of this great benefit to small businesses!

3 Resources to Learn about the Printing Industry

Print Media Center

Print Media Center fosters communication within the industry. Their website is full of up-to the minute information on innovation and technology mixed with colorful content from thought leaders. They host a weekly #PrintChat on twitter, where industry leaders share their smarts about printing in an informal, fast paced discussion. Check out their global directory of all things printing.

Printing Impressions

Printing Impressions bills itself as “America’s Most Influential and Widely Read resource for the Printing Industry.” The organization highlights case studies, technological advancements trends throughout the graphic arts industry. Check out Julie Greenbaum’s “The Week that Was” where she highlights industry news and acquisitions.

Printing Industries of America

Printing Industries of America is the largest graphic arts trade association in the United States. The organization is dedicated to the advancement of the printing industry through research and education. WireBids is a member of the Ohio and Northern Kentucky chapter.  We’ve learned a lot as an organization through chapter meetings and roundtables. Click here to find a chapter in your area.

Bonus: YOU!

We are constantly learning from WireBids buyers and sellers. Our users are always alerting us of news in the equipment industry and sharing their successes with us. Contact us at (888) 229-5733 to learn how you can hold your own auction. Whether you have an entire shop or a few pieces, we will showcase your equipment to more than 10,000 users. We offer competitive rates and multi-channel advertising opportunities to get you the best price for your machinery. 

The Pros and Cons of Reserve Prices

WireBids allows sellers to place reserves on higher value items to ensure the seller gets a fair price for their equipment. Each reserve must be approved by WireBids prior to the auction launch.

These reserve prices give sellers the peace of mind that their equipment won’t sell for less than they are comfortable with- but could these reserves be reducing the final selling price of their lots?

We have previously discussed the downward trend of reserve prices upon relisting in subsequent auctions but we hadn’t delved into whether or not reserve prices result in the best possible price for the seller.

Although it is impossible to tell what the same lot would have sold for in the same auction without a reserve, we can analyze other reserve metrics.

From May 5th 2016 through January 26th 2017 there were 357 reserve items placed in 13 multiple location auctions. Only 37% of these items met their reserves. Of these met reserves, only 55% of them matched or exceeded the reserve by $100. 45% of these reserves climbed more than $100 over the reserve price.

chart

This suggests that more often than not, users across the board slow their bidding once the reserve price has been met. On average, each WireBids auction lot has about 8.12 users vying to purchase. The number of interested users bidding on items with reserves drops to 4.14 bidders per lot. This data would indicate that nearly half of WireBids users won’t bid  on reserve items- and when they do, they are unlikely to bid much more than the reserve price.

 

 

 

 

3 Tips for Shipping Printing Equipment

Obtain accurate dimensions for equipment.

These measurements can sometimes be found in the product manual. If the manual is absent you can try a google search to find it. Some manuals even offer tips for moving the equipment safely. Make sure the equipment can clear your new location.

Thoroughly secure equipment

Wrap and secure blades, cover vulnerable areas and ensure fluids are contained. An experience rigger can offer advice on how to band and secure equipment for transport.

Know what is insured

Know what is covered under your transporter’s insurance. The industry-standard liability coverage offered by most LTL is $.10 cents per pound. Photograph equipment upon delivery to make sure everything has arrived safely.