BIDITUP is the nation’s largest and most established industrial auctioneering service.
BIDITUP AUCTIONS WORLDWIDE is a division of INDUSTRIAL ASSETS CORPORATION, the world’s largest privately held asset management, disposition, turn over and repurposing firm. From one machine, to an entire plant, Industrial Assets Corporation is the go-to source for all used machinery, new machinery and industrial needs.
Under the IAC umbrella, we build deals. We offer single machine purchases, complete plant purchases, plant remediation, turnkey sales, continued operations management, distressed financing and value maximization. Ask us today, how we can help you with all your industrial needs and planning.
BIDITUP’S prime focus is the conversion of assets via the "Public Auction" forum; in today’s world, that can mean a combination of ONLINE, ONSITE & WEBCAST, or VIRTUAL AUCTIONS. While trying to do what is logistically appropriate for our sellers and industrial asset buyers, and keeping abreast of technological advances in today’s world, we conduct over 500 international auction sales per year.
We are direct buyers of complete businesses, personal property, product line and/or certain assets including Real Estate. Guaranteed participation and various commission structures are also offered, and tailored, to fulfill individual criteria. Upon your request INDUSTRIAL ASSETS representatives will personally visit your facility, free of charge, for a confidential consultation to discuss what solution can be made to fit your needs.
Once an asset recovery program has been implemented, our goal is to create a selling or remediation plan that maximizes value, while realizing and logistically planning for any time constraints, financial encumbrances, or other enterprise concerns that may be applicable.
ON-SITE CLIENT SERVICES
Once BIDITUP is engaged for our auction services, we will assign a project supervisor or auction manager, whose sole responsibility is to supervise the transformation of the facility from its normal condition into the proper auction/remediation environment. They will be your liaison in assuring proper auction/liquidating methods are implemented. In conjunction with our staff, the superintendent will perform and supervise all necessary subjects including, but not limited to the following:
BIDITUP can provide all necessary labor, in addition to supplies, paperwork, office equipment, etc.
REMOVAL OF ASSETS
The removal of assets can be supervised by our on-site superintendent and performed in a workman like manner. All third-party contractors are required to post adequate liability insurance, co-naming all entities involved.
Why have an auction?
Several reasons. Auctions can accomplish specific goals. Whether you have a few selected items to dispose of, an entire plant to maximize value from, or even a group of plants to offer, auctions sell more assets on an annual basis than equipment dealers.
Auctions can happen in a very short time frame. The auction process forces buyers to step up and buy with finality.
How many types of auctions are there?
Three, with the most common being the GUARANTEED AUCTION. With a guaranteed auction, we review your assets and determine their value. We come to an agreement to purchase the assets available and can fund immediately, usually with a deposit paid on the day of contract execution and the balance being wired 48 hours before the auction. This scenario can provide a monetary comfort and takes the burden of the disposition of your shoulders.
The second most common auction is the COMMISSION AUCTION. This used to be the only way auctions were conducted, but commission auctions do burden the owner of the assets with more risk. Many are reluctant to choose this route and generally like the comfort of a GUARANTEED AUCTION. In this scenario the owner and the auctioneer agree on an expense budget to cover advertising, labor and other auction related items. The auctioneer then adds a buyer's premium to each item that is sold. The owner receives the proceeds of the auction minus the expenses and the auctioneer will retain the buyer's premium.
Another type of auction that is gaining popularity is the GUARANTEE & SPLIT. This is a shared risk format. The auctioneer guarantees a fair amount to be paid prior to the auction. Any overage from the auction is split between the owner and the auctioneer. This is very popular where the assets include one or more very valuable items that have very limited use. The guarantee covers the value of the conventional items and offers a wild card/ incentive to the auction house to find a buyer for the limited use items.
We are happy to discuss your particular needs and find a solution that works for you; under the INDUSTRIAL ASSETS CORPORATION umbrella, we have all the tools to build the deal that suits you.