Frequently Asked Questions

 

We want to give you the answers to some common questions. These questions have in depth answers in order to provide you with as much information and assistance as possible. If you have a question of your own, please give us a call at (877) 968-7230 or fill out the contact form at the bottom of the page.

 

1).

What should I do if I have something I want to sell?

 

We at I.R.A.Y. Companies make it easy to do business with us. We will work with you to get the most for your equipment with the least amount of hassle. The first thing you have to do is contact us by phone ((877) 968-7230 or (320) 968-7230), e-mail (iray@iraymn.com), or fax ((320) 968-8075) and let us know your situation! Col Ray or one of our salesmen will be happy to communicate with you to start the process.

 

You have two great options with I.R.A.Y. for selling equipment: Auctions or the I.R.A.Y. Equipment Sales.  Our on-site auctions run quarterly each year in March, June, September, and December, and the I.R.A.Y. Equipment Sales runs all year round.  Selling on the auction offers competitive bidding, however if you're not willing to risk taking your equipment or unit to auction there is the I.R.A.Y. Equipment Sales, where we talk with you about a base price, take it to our customer base, and you can leave the selling to us.

 

The usual process of selling with I.R.A.Y. is as follows:

 

Agreement - We establish a fair agreement with you to sell your equipment.  We will explain all the sales costs and expenses involved.

Evaluation - We evaluate the equipment you want to sell, its sale value, and the date and/or method you want to use to sell it.  From the evaluation we suggest any repairs, detailing, or painting that may be needed.

Hauling - We make arrangements for transport to I.R.A.Y.'s yard.  This can be in plenty of time before the auction if needed, or anytime the seller is ready if they want to utilize the Buy It Now.  There is also the option for us to sell your item as "off-site", but make sure to tell the salesmen your situation and to think about the best option for selling.

Description - Give a complete description of the equipment or unit for our marketing and advertising.  For our auction advertising, this description will be used for Flyer and print ads so Buyers can see your equipment ahead of the auction.

Inspection - At the I.R.A.Y. yard we perform a more thorough inspection, check it into our inventory system, and put it on our website.

Paperwork - All paperwork for any titles that need transferred or liens against the equipment must be to us the week before the auction. Without this paperwork, we cannot sell the item! For the Buy It Now, this paperwork should be to us when the equipment or item is delivered to our yard.

Showcase - We showcase your equipment in our yard for Buyers to inspect the week of the auction.  For the Buy It Now, we rearrange our sales lot weekly to keep our inventory looking fresh and to keep the attention of our customers, as well as take and post photos to advertise in the 5 state area and videos of the equipment or unit on YouTube for far away Buyers. 

Action - On auction day we run your equipment over the ramp so Buyers can see it in action which brings higher bids from Buyers.  If you're selling on the Buy It Now, we deal with the interested Buyers for the entire process, from A to Z, so we urge our Buyers to come check out the equipment or unit in person before purchasing so they can see it run.

Point of Sale - We are responsible for collecting the funds from your buyer and getting a check to you within 15 business days after the auction.  Payout for the Buy It Now will be completed within 10-14 business days.

2).

How do I buy if I attend a live auction?

 

To participate "LIVE" in the actual auction you have to go to the auction itself. This can be considered the best option because you have the opportunity to inspect the equipment and/or see it running across the viewing ramp, and because live floor bids override internet bids if two buyers bid simultaneously or if the auctioneer says "SOLD!" before the internet bid comes in.

 

In all auctions you must: 1. REGISTER 2. BID 3. PAY 4. TAKE YOUR ITEM(s).

 

1.) REGISTER - You can participate in the bidding for items being sold by registering at our Registration Counter and receiving a Bidder Book cataloging the items being auctioned. You must show a valid government ID (Driver's License) to register and bid. Once you have registered, you will receive a book that has your Bidder Number on it. Keep this book!

2.) BID - You bid on items during the auction by raising your Bidder Book and gaining the attention of the several "Ring Men" that look for Buyers' signals. If you are the highest bidder, its yours!

3.) PAY - After you have bid on all your items, go to the Invoices Kiosk and show them your Bidder Book with your Bidder Number to recieve your invoice.  After inspecting your invoice for correctness, visit the Payment Counter by the Registration Counter.  They will confirm your total of what you bought and confirm any fees or taxes that must be paid with the items' sale price, or help to correct any errors on your invoice. Fees include title transfers, buyers premiums, or load fees, if applicable, that are noted in the Bidder Book. State taxes and fees must also be paid, if applicable. Onsite buyers have a 2% buyers premium  and online buyers have a 5% buyers premium for equipment auctions, but real estate is always a 10% buyers premium, whether you're onsite or online. Next, a valid form of payment must be made. Cash, Checks (With Bank Letter for amounts over $1,000.00), Credit Cards (Visa & Mastercard are accepted), and Wire Transfers are valid forms of payment. See question 4 for more detailed information on payment.

4.) TAKE YOUR ITEM - If you have paid for the items and met the payment requirements then you can take your item with you after the auction is over.  You must remove your items within 10 days after the auction during normal business hours. We are very flexible by arranging "after hours" pickup; if necessary, contact us to arrange this.

3).

I want to bid online; what is the process I should follow?

 

There are a number of things you should know if you want to participate in any of our online auctions. To participate you must have the right Browser and Java configuration and you must contact our office to be approved before you can bid.

 

For bidding online, the buying process is also: 1. REGISTER 2. BID 3. PAY 4. TAKE YOUR ITEM(s).

 

1.) REGISTRATION & APPROVAL - You must register and "BE APPROVED BEFORE THE DAY OF THE AUCTION!" to bid online. The process starts by clicking the "Register" button on the Current Auctions page.  (Clicking on the "Register" button below will bring you to the Current Auctions page.) Fill out all the information on the form and "Submit" the form. It's important that you accept and understand the "Terms of the Auction". You will receive an e-mail confirming your registration after you submit the form. YOU ARE NOT APPROVED YET! You must meet the Payment Requirements for the auction and receive an e-mail confirming you are able to participate. Without the approval, YOU CANNOT BID! PLEASE CALL OR EMAIL OUR OFFICE IN ORDER TO BE APPROVED!

 

Payment Requirements - For your bid to be valid you must fax or e-mail I.R.A.Y. Auction an irrevocable bank letter of guarantee by 5:00pm the Wednesday before the auction. Fax to Attn: Becky at 320-968-8075. This letter should state: Our bank, (name of bank) irrevocably will guarantee any checks written to IRAY Auction for the purchase of items at the [Auction Date] auction by (you or your company name) from account number [fill in number] up to a total of $_________. Sincerely (Bank officer's name and title). If you're located out of the United States you must send $5,000.00 USD. Refundable if bid is not awarded. Call us with questions: (877) 968-7230. Your bidder number and password will remain valid only if you send an updated letter of credit or contact us to make financial arrangements for each auction in which you wish to participate.

 

2.) BID - If you want to bid "LIVE" on the day of the auction, you click on the current auction and login to the web site using your email and password. You will see the current item being bid on and its current bid price. A button on top will tell you what price you must bid. Click on that button if you would like to bid. You will see if you are currently the highest or if someone else has bid higher. If you are the highest, you bought it! For "Proxy Bid Only", you submit your minimum and maximum bids for each item before the cutoff deadline. These bids will be submitted and the highest bid buys the item. Because of Internet delays or other factors affecting the speed of your Internet connection, bidding is sometimes slower than the live auction bidding. THE FLOOR WILL OVERRIDE THE INTERNET IF THE BIDS COME IN AT THE SAME TIME OR THE AUCTIONEER SAYS "SOLD" BEFORE YOUR BID COMES IN! If this worries you, the "Proxy Bid Only" option might be a more suitable option for you.

 

Bidding Options - Online auctions through our web site can be "LIVE" or "Proxy Bid Only". With the "LIVE" auction you are bidding with the Buyers who attend the auction in person as well as other Internet Bidders. During this, you bid on the items during the auction. With the "Proxy Bid Only" you submit a minimum and maximum bid for each individual item up to a certain "cutoff" time.  Online bidders have a 5% buyer's premium. For real estate, the buyers premium is always 10% whether onsite or online.

3.) PAY - You will be contacted by IRAY to submit payment and arrange the removal of the item. Payment for items must be made immediately after the auction according to the Payment Requirements.

4.) TAKE YOUR ITEM - You will be contacted by IRAY to arrange shipping or pickup details. You must remove the items within 10 days of the auction, unless other arrangements can be made. For real estate, you will meet with the attourney provided for closing processes.

4).

How do you handle payments?

 

There are a number of acceptable forms of payment for purchases from I.R.A.Y Auction and for the Buy It Now.  Please read the Terms & Conditions.  I.R.A.Y. accepts the following: Cash - US Currency, Money Orders or Cashier's Checks, Checks under $1,000.00 without Guarantee Bank Letter, Checks WITH Guarantee Bank Letter, Wire Transfers, and Visa and Mastercard credit cards.

 

- If you paid by check that is over $1,000.00, you must have a Guarantee Letter from your bank for that checking account in order for you to take the items you bought at the auction with you that day. The letter must be signed by a bank officer and state the following:

Our bank, (name of bank) irrevocably will guarantee any checks written to I.R.A.Y. Auction for purchase of items at the (Auction Date) auction by (you or your company name) from account number (fill in number) up to the total amount of $_________. Sincerely (Bank officer's name and title)

 

- A $30.00 service fee will be added to all returned checks. Buyer agrees not to stop payment on any check paid to I.R.A.Y. Auction. Internet Bidders: Checks must be received within three (3) days, or subject to a fee of $10.00 per day.

- A $30.00 bank wire fee will be added to all invoices paid with a bank wire.  

- Any payment that cannot be guaranteed must clear our bank before the items purchased can be removed from the auction yard. This can take anywhere from 3-10 business days. We must have confirmation from our bank before item are released.

- Purchaser will pay any and all applicable taxes and fees, unless exempted by law. Buyer agrees to indemnify I.R.A.Y. Auction against any claim if sales tax is not collected on Buyer.

 

Payment Requirements for Online Bidders: For your bid to be valid you must fax or e-mail I.R.A.Y. Auction an irrevocable bank letter of guarantee by 5:00pm the Wednesday before the auction. Fax to Attn: MaLinda at 320-968-8075. This letter should state: Our bank, (name of bank) irrevocably will guarantee any checks written to IRAY Auction for the purchase of items at the [Auction Date] auction by (you or your company name) from account number [fill in number] up to a total of $_________. Sincerely (Bank officer's name and title). If you're located out of the United States you must send $5,000.00 USD. Refundable if bid is not awarded. Call us with questions: 1-877-968-7230. Your bidder number and password will remain valid only if you send an updated letter of credit or contact us to make financial arrangements for each auction in which you wish to participate.

Why should I sell at I.R.A.Y. ?

Auction: 
  • We are full time Professional Auctioneers; that's all we do so we do it well.

  • We offer a variety of services that will get you a higher return on your equipment.

  • We will store your equipment on site at no extra cost.

  • We offer "LIVE" Internet bidding for local, national, and international Buyers from around the world.

  • Our award winning marketing program uses print advertising in national and regional magazines as well as direct mail to over 15,000 potential Buyers, multiple internet web sites, an e-mail program, and a faxing program to active Buyers.

I.R.A.Y. Equipment Sales:
  • We are professional salesmen and/or certified appraisers, so we thoroughly understand the values of equipment.

  • We can sell the equipment or unit at any time; we don't have to wait for an auction!

  • We take away the worries of getting a bad check because we guarantee funds.

  • We take the implied warranties and liabilities away from the sellers.

  • We have the option for you to use the 1031 Like-Type Exchange. This allows you to save tax money and roll over the depreciation value from one piece of equipment to another. 

  • We take away the fear of the unknown from our buyers and the sellers because we deal with all aspects of the sale.

 

5).

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I.R.A.Y. Companies

11935 Hwy 95 NE, Foley, MN 56329

Phone: (877) 968-7230
Fax: (320) 968-8075

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