> Fees > Additional Consignment Fees > Reserve Fees > Title Transfer

> Ownership Verification > Sale Transfer & Payment > Payment

Fees

• Seller – 3% of sale price.
• Buyer – 3% of purchase price.

Additional Consignment Fees:

Items / Listing Fees
1 . $150.00
2 . $85.00 / Pc
3 . $75.00 / Pc
4 . $60.00 / Pc
5 . $50.00 / Pc
Maximum listing fee: $500.00

back to top

Reserve Fee

For each auction listing with a Reserve Price, the seller agrees to pay a reserve fee based on the following:

• 0.5% of the Reserve Price for each auction listing with a maximum amount of $250.00

The Reserve fee is non-refundable and is based on the reserve price entered at the time of Equipment Listing, and will be collected at time of listing.

back to top

Title Transfer Processing Fee

A fee of $25 will be assessed on each titled unit of equipment where ownership of the equipment is required to be registered, including but not limited to on-road vehicle or trailer DMV title processing. In the event of title errors or a lost title, the seller is responsible for all expenses related to providing the buyer a title that can be registered in their state. Woodruff Enterprises will deduct this fee from the proceeds arising from the sale of your equipment.

back to top

Ownership Verification and Lien Search Fee

A fee of $25 may be assessed on each unit sold, for lien searches to verify clear title and ownership of each unit consigned. This fee will also cover any associated cost of processing any outstanding lien balances. This fee will be deducted from the proceeds arising from the sale of your equipment

back to top

Sale, Transfer & Payment

Woodruff Enterprises Inc. walks you through every step of the selling cycle including Post-auction transfer of title and payment.

1. We collect payment - After the auction, the buyer places funds into an escrow account managed by us for this transaction. We will notify you once 100% of the funds required have been deposited and certified.

2. You release the equipment - Once the funds from the buyer are deposited and certified, you can release the equipment for shipment. Once the buyer “accepts” delivery of the equipment, Woodruff Enterprises will authorize the release of funds to you, the seller, less any commissions and applicable fees, within two business days.

3. Titles - Titles for all equipment up for auction are held by Woodruff Enterprises. Once you, the buyer have accepted your purchase, the title will automatically be sent to you via UPS, FedEx or a similar service.

back to top  

Payment

The buyer must submit the full purchase price within three (3) business days, plus any applicable taxes and transaction fee. After you purchase an item, a representative of Woodruff Enterprises Inc. will give you instructions on submitting your payment into the escrow bank account assigned to your transaction. Payments can be made by wire or electronic transfer, certified bank check, (U.S. customers only) or cash. Wire or electronic transfers are the recommended and fastest payment method. Transfers expedite the waiting period to receive funds typically associated with checks. An escrow bank account is used for two reasons:

1. To assure you that you don't pay the seller for equipment before receiving it and finalizing the transaction; and

2. To assure sellers that they will receive full payment upon your receipt and acceptance of the equipment. Once full payment from the buyer has posted into the escrow bank account assigned to the transaction and funds have been certified, Woodruff Enterprises Inc. will notify the buyer and seller alike that the money has been deposited. At this point the buyer will be provided with the location of the equipment and the seller must release the equipment for shipment. After the item has been “accepted” by the buyer, Woodruff Enterprises will authorize the secure bank account to release the funds to the seller minus all applicable fees.

Title Transfer and Vehicle Registration Titles for all equipment up for auction are held by Woodruff Enterprises Inc. Once you, the buyer have accepted your purchase, the title will automatically be sent to you.

back to top