The Facts

Happy New Year from Equipmentfacts!  We extend our best wishes to all of our bidders and auctioneers for a prosperous 2011.  It will be a tough act to follow up 2010, because the bar was set so high!  It was truly a landmark year, and we are very grateful for the continuing growth in our business, especially during difficult economic times.

Year-End Review

Over the course of 2010, Equipmentfacts held 916 auctions, resulting in a 50% increase since 2009, a trend that we have experienced each year since 2004.  Along with an increase in auctions, we’ve also gained an astounding number of new auctioneers, for whom we are very excited to build long-lasting relationships with.  Our auctions this year were superb, of which many were unprecedented record-breakers.

Auction Statistics

• Up to 85% of auction purchases were generated by online buyers.
• An average of 45-65% of online sales were by buyers located outside of the United States.
• Virtual auctions (auctions held exclusively online, not arranged in a particular location) have become an increasingly popular and successful alternative to on-site auctions.

Our Equipmentfacts family grew by multiple new hires this past year.  We’ve been very pleased with the addition of multiple positions in web design, social media, and auction clerking.

The growth of our company warranted a larger workspace, and in early September we made our official move from Hillsborough to Flemington.  Our building underwent a major interior renovation process, and was transformed into the modern, sophisticated office we greet each day.

Our new headquarters wasn’t the only Equipmentfacts entity to be renovated.  Our IT department worked very hard to redesign our website, which went live in May.  The new design provided us with the update we needed, resulting in a streamlined and user-friendly representation of our company.

Global Auction Solutions, the Equipmentfacts backbone company, also gained a new family member in 2010.  Factsbid was established in October, and serves as the timed auction counterpart to Equipmentfacts.

We ended the year in the true holiday spirit by donating to the United Way of Hunterdon County’s “Holiday Hands,” a seasonal charity program that provides Christmas presents to underprivileged children in the county.  Together, we purchased and donated presents, both practical and fun, to over 50 young children in need.

Now that we’re in January, we have a lot of great plans and events to look forward to, including our 10^th anniversary, but 2010 will always be remembered in Equipmentfacts history as an extraordinary year.  We thank you for all of your support as the years go by.

Enjoy our pictures from the November 16th William J. Mason Estate Farm Equipment Auction by Zettlemoyer Auction Company, held in Flemington, NJ.

Click here to see the rest

Be safe, and don’t eat too much candy!

The day finally came for us to move into our new office! We had absolutely gorgeous weather waiting for us in Three Bridges, NJ.  The first thing I noticed on my drive in was our brand new Equipmentfacts sign, created by Loumarc Signs, standing proudly along Rt. 202 South.  The blue sign matches our shutters perfectly.

Click here to see how it went!

After a long summer of anticipation, we finally moved out of our Hillsborough location and into our new Equipmentfacts headquarters in Three Bridges, NJ.  Check out these before and afters!

View from the front

View from the back

Pictures of our move-in to follow!

August came and went without visiting the new office.  Although we haven’t made any trips over, we’ve been keeping busy scheduling our move and planning for major changes to come.

Waiting a full month between visits is a lot like waiting all day for Thanksgiving dinner; the longer you wait, the more satisfying it turns out to be.  In that respect, this trip definitely satisfied both my curiosity and my expectations of progress.

With that, please enjoy the third installment of the Equipmentfacts headquarters renovations.

It’s unbelievable, really, how this building is coming together. It used to take a lot of imagination to envision an office emerge out of open space, but now that each wall, door, and window has been accounted for, the office has taken shape.

This view from the foyer shows the front door on the left, followed by the entrance to the main office. The walls have been primed, and carpeting has been selected.

Click the link for pictures galore

If you’re a regular bidder with Equipmentfacts, you have most likely noticed that we’ve changed our bidder approval process.  Effective June 4, 2010, our bidder approval process follows new regulations designed to protect the buyer and seller from potential complications.

As of June 4, there are three ways a bidder can be approved:

1.  Provide a Letter of Payment Guarantee from your financial institution. This letter serves as proof that you have a bank account and are able to pay for the lots you intend to bid on.  All letters must be faxed to 1-908-842-0427.  The letter must state as follows:

“Mr. (customer name) of (company name) is a customer in good standing at our bank.  We will guarantee the payment of their purchases at the (auctioneer) located in (city/state) on (auction date) up to (specify amount) dollars from (account number).  We hereby agree that no stop payment will be issued in conjunction with this letter.”

2. Provide a cash deposit of $10,000 prior to being approved to bid. Your cash deposit will be wired into an Equipmentfacts escrow account, where it will remain while you bid at any auction.  At the end of the auction, you have the option of leaving the $10,000 in our escrow account for use at future auctions, or you can have the sum wired back to your bank account.  The deposit can be used to satisfy any outstanding balances.

3.  Directly contact the auctioneer for approval. If you have a reliable history of bidding with a certain auctioneer, you may bypass the requirements of submitting a Letter of Guarantee and cash deposit by being approved by the auctioneer.  To do this, register for the sale via Equipmentfacts, then call the auctioneer.

Should you have any questions regarding the changes to the approval process, feel free to contact Equipmentfacts customer service or view our Help Page.

Three weeks had passed since our last visit to the new office, and again the opportunity presented itself to visit the building.  Clara, Sally, and I were anxious to see how the renovation had progressed, while Salima was excited to get her first glimpse of our new workplace.

Again we took the scenic route through the towns of Hillsborough and Branchburg.  As we got within eyeshot of the property in Flemington, our Equipmentfacts sign greeted us.

Pulling into the driveway, Clara, Sally, and I went into shock; all of the overgrown trees and weed-choked bushes that had cluttered the perimeter of the building had been ripped out, leaving behind cleared, open spaces for landscaping.

If the exterior had been any indication of the overall changes, we couldn’t wait to see how the interior had improved.
Click here for more pictures

We were pleasantly surprised the other day when Larry Garafola, Equipmentfacts CEO, offered to take us to see the new office.  Needless to say, Clara, Ryan and I jumped at the prospect of exploring the future home of Equipmentfacts.  We’ve been pouring over the floor plan for about a month now, debating over who gets the biggest office, but haven’t yet visited the site in person to claim our stakes.

The weather was perfect for a quick field trip: 78 degrees and sunny.  We took the scenic route down Dukes Parkway West, which passes through the estate of the famous American heiress, Doris Duke.  The road winds through the lush forest of the heiress’ preserved property, making for a very beautiful ride.

Located off Route 202 South, our building is flanked by large shrubs, trees, and dumpsters filled to the brim with construction waste.  The building is currently undergoing a major renovation, and construction has just recently commenced.  Larry has big plans to completely transform this property.

Click here for more pictures

Joining an online auction is easy, but when it comes to bidding, you might find it difficult to secure the winning bid.  Auctions are conducted at an intentionally fast pace, meaning that the slightest hesitation can cost a bidder his or her desired lot.  Luckily, there are a few online bidding strategies available to prevent you from losing your favorite lot.

Pre-Auction Preparation:

1.  Log in early.  By logging in at least 30 minutes before the auction is scheduled to start, you’re ensuring that you’ll be present for the first bid.  This also allows you to listen to the very important opening announcements.  These announcements provide the terms and conditions of the auction, in addition to any other auction particulars.  Arriving to the online auction early also gives you a buffer zone of time, in which you can adjust your speakers for correct sound, adapt to the speed and tone of the auctioneer, or grab a last-minute snack for bidding energy.

2.  Print the sale catalog.  Familiarize yourself with the contents of the auction before it begins.  Due to the rapid pace of the auction, you won’t have enough time to analyze the details of a lot and still bid.  Equipmentfacts posts the details as a reminder, but we encourage you to do your homework!  Having a copy of our sale catalog on hand will help you bid wisely and efficiently.

3.  Ask questions.  Our Equipmentfacts auction clerk is on site and ready to answer any questions you may have via chat box.  Any conversation that you chat is private; only you and the clerk can see it.  It is also helpful to indicate to the clerk know ahead of time if you’re interested in a particular lot.  Communication with the clerk will provide a better experience.

4.  Use our resources.  First-time bidders are encouraged to take a look at our help page and watch our virtual tour before entering an auction.  These tools are designed to help you understand the online bidding process.

Auction Day Tips:

1.  Bid early.  By bidding early, you indicate to the auctioneer that you are interested in the lot.

2.  Bid fast.  The average lot sells within 45 to 60 seconds, so don’t hesitate to submit a bid.

3.  Don’t procrastinate.  Waiting until the last second to bid is not a wise bidding strategy.  Even with our advanced audio system, there is less than one-third of a second delay, in which auctioneers can potentially sell the lot quicker than your last-minute bid can be registered.  Stay on the safe side and place bids early.

Winning Bidder Information:

1.  Expect the auctioneer’s invoice. Now that you’ve won your desired item, Equipmentfacts will provide the auctioneer with your information, who will then promptly invoice you for your purchase.  Equipmentfacts does not invoice you or your company.

2.  Arrange for pickup.  Make the proper arrangements to have your item promptly picked up and delivered to your location.  Pickup specifics are typically mentioned in the opening announcements.