How and When are Consignors Paid

When you consign with IRAY Auction, you will receive a Seller's Settlement which includes a list of the items you consigned to the auction, their disposition from the sale, the winning bid price and quantity sold, any fees associated with the sale of the item and a net balance. Since IRAY assumes the financial responsibility of collecting the payments, checks to our Consignors are mailed within 10-14 business days of the auction (Saturday and Sunday do not count). Although the banking industry claims the electronic methods today gives us quicker clearing of checks, they all still have the ability to "Hold the funds" for 10 business days, that's why the delay.

Generally, the net balance is the [Sale Price] - [Commission] - [Repair, Maintenance, Fuel Fees] - [Lien or Loans paid off(if any)] - [Loan Fees(if any)] = Your Balance. Rarely, some additional fees may come up for special services like hauling or loading, but you will be informed about any such fee.