Auctioneers say they use the BP as a marketing tool to make their auctions more attractive to sellers by shifting a portion of the seller's commission to the buyer. But the truth is auctioneers make more money when they use the BP. Here's an example.....Action company XYZ used to charge the sellers 20% commission. When they switched to a BP auction they lower the seller's commission to 12% and add a 10% buyers premium giving them 22% total commission VS the 20% they used to charge.
About 15-20 years ago all the local auctioneers got together and agreed to start charging a buyers premium. A couple of auctioneers went even farther and started charging for bid cards under the premise it was to cover renting the building for the auction. Two auctioneers went so far as to charge admission. As far as I know they only did that once. None of the added buyers fees stuck.
BP are common at collector type auctions. The BP has been creeping upward at those sales. At first it was 10%. Then it got bumped to 12%, 13%, 15% and now one well known auction firm is charging 18%! That's in addition to the 15% they're charging the sellers.
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Today's Featured Article - Using Your Tractor: Creating a Seed Bed - by Chris Pratt. When I bought my first old tractor, I had only one idea in mind. It wasn't the preservation of old iron since at that time, I was unaware that people even did this. It wasn't to show off my restoration skills (though I had tried my hand at a couple of old motorcycles in my teens and if I recall correctly, those old motorcycles were sold in boxes about one quarter finished). It wasn't to relive memories of Grampa, Dad or myself out on the back 40 nursing the Farmall pulling too many b
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