Quote:
Originally Posted by J2SpeedandCustom
Yes sir! The last one we sold at Barrett's 2006 it took right at 4 wks for them to get it to us. They collect the 10% from the buyer on top of the sales prices, and take 10% from the sellers cut as well.
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Buyers pay right away, auction makes a little more $ on 4 weeks of float. They want to make sure the buyer's funds clear, but IMO if I am selling at their auction, the buyer's funds shouldn't be my problem. That is a risk that the auction company assumes in return for their fee revenue.
Of course day of sale seller pay is customary in the wholesale auto auction business where I work.