Auction Case Studies
Restaurants
Institutional
Real Estate
Estate & Probate
RESTAURANTS
Chain Restaurant, Boardman, OH- Underperforming Stores
A popular and very successful casual dining chain had an underperforming location
and made the decision to close it permanently. Bid-Assets approached corporate
with the idea of re-marketing the remaining assets in the building through an online auction. As this building was under a land lease, and certain items needed to stay with the building, we were careful to inventory and tag only the items that were acceptable to both parties. The Bid-Assets staff was onsite the entire duration to ensure that only the items that were agreed to be sold, left the building. The auction generated over 3x the amount expected by the seller! After gaining the confidence of the seller, we were commissioned to sell the assets of another closed location 1000 miles from the first. In an area where we had never performed an auction before, Bid-Assets had an even more successful auction than the first. The efficient inventory process and marketing campaign made for a better than expected net profit from the equipment sold.
Chain Restaurant, Cleveland, OH- Demolition
A popular casual dining chain needed to re-build a store, as the mall where the store was located was being torn down. The regional chain owners reached out to us to sell anything of value in the building. All dining, bar, and kitchen fixtures, memorabilia, maintenance equipment, and more were auctioned off through a highly competitive public auction. This created capital to be used in other departments of the groups restaurants. The Bid-Assets staff was on site to supervise removal of all assets. From contracting the auction to locking the doors after the auction
was completed took only 18 days.
Chain Restaurant, Louisville, KY- Warehoused Equipment
A regional chain restaurant had closed several stores and had warehoused the equipment. They commissioned Bid-Assets to come in and inventory all remaining items in the warehouse that had been there for over 3 years. In a matter of 20 days, we had inventoried, tagged all items, hosted a preview at the location, sold all items at online auction, and facilitated a 3 day pickup to leave this
warehouse completely empty. Buyers participated from all over the United States. We also contracted equipment movers and delivery services to help with the logistics of getting the equipment where it needed to go. This group was able to stop paying over $1500 per month to stop warehousing equipment that they would never use or need again!
INSTITUTIONAL
Cornell University, Ithaca, NY- Building Demolition
Cornell University reached out to us when they were planning to tear down the Noyes Community Center, a 3 story building with a dining commons, commercial kitchen equipment, recreation center, and a convenience store. Although much of the equipment was older it still had value. Because the building was being torn down, we were able to find value in other areas such as building supplies, doors, drop ceiling, generators, compressors, restroom dividers, lighting fixtures, etc. From contract to finish took just over 30 days to include inventory, marketing, preview, auction day, and post auction pickup. A higher than expected net profit allowed for the University to utilize these funds in other areas of the campus. Since then Bid-Assets has done several other surplus auctions for the University in other departments.
Keene State College, Keene, NH- Building Demolition
Keene State College reached out to us when they planned to tear down the Zorn Dining Commons. It was there first auction experience, and the client entrusted us to perform the auction. After contracting, it took just 2 days to inventory the entire building. The equipment was marketed regionally throughout the Northeast. After a preview period, we conducted the auction. Over 100 bidders participated, and record pricing was achieved on the equipment. After 3 days of removal, the building was completely bare, as we extracted value from any salable item. No staff from Keene State College had to move a thing. This was all done by the successful bidders! Since then we have conducted several more auctions for Keene State College.
Austintown School System, Austintown, OH- Building Demolition
Over the years we have conducted several online auctions for different school systems. When Austintown made a decision to close 3 of their schools to create a main campus for all students, they reached out to us to sell the surplus equipment and fixtures in the building. This was a large undertaking, but Bid-Assets was up to the task. In cooperation with Basinger Auction Service, we inventoried and photographed every salable item in 3 school buildings including kitchen equipment, desks, chairs, office equipment, cafeteria tables, doors/windows, gymnasium and playground equipment. Successful buyers came arrived to remove their items from 4 different states. This auction far exceeded their (and our) expectations. We succeeded in completing the entire process from marketing to removal in the very short time frame that was given to us. Since then, this and other school boards have taken notice and hired our firm to conduct auctions for their school systems.
REAL ESTATE
Warren, OH- Restructuring / Quick Sale
A regional engineering and manufacturing firm had a surplus location that was no longer needed for their operations. It was located in a declining area, and they were concerned that it may sit on the market a long time before it was sold. This firm contracted us to sell the building at public auction. Within 30 days, the property was marketed and sold as-is. A cash buyer closed instantly and our client was infused with cash to utilize in other areas of their business.
Warren, OH- Commercial Land Sale / Pre-Auction Sale
One of the last remaining green strips on Elm Road in Warren had been family owned for nearly 100 years. When it came time to sell the owners tried to market it through a conventional real estate listing with several Realtors with no success. A fellow Realtor suggested that an auction may attract the right buyers. It did! We contracted the auction and erected large signs on the property promoting the auction. After minimal marketing, a buyer came forth with a “pre-auction” offer that was better than any that they had while the property was previously listed. They agreed to accept the offer the day before the auction. We canceled the auction and both our client and the buyer were satisfied. This is a testament to the power of the auction method. Many buyers fear competitive bidding and will make a strong offer that is acceptable to the buyer before it ever reaches auction day.
Northeast, OH- Estate Settlement / Inherited Real Property
One of the most common situations where we auction residential real estate is when a loved one passes, and the family has no need for the property. To eliminate holding costs of listing a property with no certainty that it will sell, many executors/executrix are turning to the auction method. One example is a home in Girard, OH that we were commissioned to sell by an attorney. This property was in a desirable neighborhood and the only home on the street for sale at the time. Within 30 days we had the property marketed and sold to a new owner. There was no stigma to the property as it hadn’t sat on the market for months without being sold. Real estate auctions should be the first choice for certain properties.
ESTATE AUCTIONS
Brookfield, OH Estate / Out of town Executor
We were commissioned to sell personal property for a family, who’s mother had passed away. The client was from out of town and could not be on site. Because of our reputation for integrity, the keys were sent to us, and we began the process of inventorying the many items in the house. We arranged for a dumpster to be brought on site and cleaned out the trash. Several hundred dollars were found under couches, in pockets, and in drawers. These were set aside for our client. By preview day, everything was neatly displayed for potential buyers. The following day all 500 items were sold at fantastic prices via online auction. The next two days were for buyer pickup, where they removed all of the items from the house. Afterwords we vacuumed and swept to leave a perfectly clean house for the new owners. Our client didn’t have to lift a finger! No money was due up front and all expenses were deducted from the proceeds of the sale as per contract.