Seller Frequently Asked Questions

Here are answers to some of the most commonly asked questions about selling property on Prime Iron Auctions. For more detailed information about our seller services, please visit our corporate site at www.primestarauctions.com or contact our Sales Department at 1-888-842-9853

Introduction

Who is Prime Iron?

Prime Iron is owned by Prime Star Auctions L.L.C., a Minnesota Limited Liability Corporation. The owners of Prime Star Auctions have had more than 2000 auctions, appraisals, real estate sales, consulting assignments and funding projects completed nationwide since 1980!

Who sells on Prime Iron Auctions?

Dealers, Manufacturers, Distributors, Wholesalers, Dealer Consignments From Other Parties.

What types of equipment do you offer?

We sell Agriculture, Construction and Transportation Equipment, Consignments and other inventory of our equipment sellers.

How can I become a seller on Prime Iron Auctions?

1. Register – Registering as a seller on Prime Iron Auctions is free and easy. Simply click here to complete the new member registration application. Depending on the information you submit, you will receive a response confirming your membership within 24 to 72 business hours.

2. Submit Assets – Use the Submit Assets tool to provide information regarding your assets for sale. Once we have received this information and you have signed a sales agreement, a Web Consultant will recommend the proper lot size and merchandising for your assets.

3. Contact a Web Consultant- If you would like to receive more information about our processes, contact us. 507-380-9100

4. Monitor Transactions – View transactions, change your profile, set up saved search agents, add auctions to your watchlist, and more in the My Account section.

5. Ship Assets – Once the item is sold auction has closed, the seller will prepare and ship the assets to the buyer using our shipping and logistics service.

What other services do you offer?

Value added, Full Service – Fully outsourced solution to sell that minimizes the client’s time and expenses including:

Inspection Reports, Photography, Shipping Services, Equipment Prep Services, Financing, Expanded Business Websites, Consignment Sales, Liquidation Of Real Estate, Sale Of A Business, Local Representatives, Exposure To Leading Buyer’s Marketplaces. Confidential Sales Sales Reserves

Registration

How do I register?

Registering as a seller on Prime Iron Auctions is free and easy. Simply click here to complete the new member registration application. Depending on the information you submit, you will receive a response confirming your membership within 24 to 72 business hours.

Why do I need to register?

Buyers and Sellers must register with us because we need to collect information for legitimacy verification.

How do I change my user ID?

You cannot change your user ID. If you must change your user ID, you will have to re-register with a new user ID.

What do I do if I forget my user ID and/or password?

Click here if you have forgotten your user ID and/or password. You may also call the Customer Service department at (888) 842-9653 to retrieve your user ID or password. CALL 1-888-842-9853-NATION WIDE or support@primeiron.com

Submitting Inventory

How do I submit items for sale?

You must be registered before you can submit items for sale on Prime Iron Auctions. You can post items by clicking on the ‘Submit Assets’ button located on the Submission Page. You will be prompted to provide detailed information about the assets you would like to sell. After you have submitted this information, a Web Consultant will contact you to develop an Asset Sales Plan. You will be required to complete and return a signed Asset Sales Agreement (ASA) document. Once we have a signed ASA document, you will not need to fill out another one for future transactions. The only document which we will need for subsequent auctions is a Listing document which is a form describing the quantity and description of your goods.

What is the minimum quantity or amount for a sale?

Although there is no minimum quantity for assets, we target a value of $500 or more per lot. The Asset Sales Plan created by your Web Consultant will help to validate the best lot sizes to meet this objective.

To make sure items get competitive bids and sell quickly, sellers should:

Ø Have an attractive lot size so buyers are getting value and make a bid. Minimum value of the lot should be $500

Ø Provide a detailed and accurate product description and manifest, including accurate quantity and condition codes

Ø Attach clear pictures of the actual items.

Ø Look at their history of auctions and stop listing product that has received high no bids or been slow to move

Ø Default to standard auctions as they have the highest success of getting competitive bids

Is there a minimum price or reserve I can set on my auctions?

We try to operate on a “marketplace pricing” model. Every auction starts at a minimum of $100, with no reserve, and is sold to the highest bidder. This leads to more competitive bidding by our hundreds of thousands of registered buyers. Virtually 99% of what is posted on Prime Iron Auctions is sold quickly and efficiently. We can if neccessary have a reserve price, however there will be fees charged even if the item does not sell due to not meeting the reserve.

What information do you require to post my auction?

1. Asset description and details regarding quantity, weight, location and condition of goods

2. Packaging And Shipping Information.

What is an Asset Sales Plan?

An Asset Sales Plan is a plan that is developed by our Sales and Marketing team with you. This plan will include initial price for items, lot size, auction duration, and marketing tools to promote the auction. Once you submit your Item information, you will be contacted by your Web Consultant to review the plan.

What is an Asset Sales Agreement (ASA)?

An Asset Sales Agreement is a document outlining our responsibilities and obligations as well as that of the seller.

What services does Prime Iron Auctions provide to sellers?

We monitor all aspects of the auction and transaction process from beginning to end, including due diligence, asset promotion, payment collection, warehousing, inventory verification and labeling, shipping and logistics.

Payment

How and when will I get paid?

We will remit payment to you, net of any commission and fees due, after we have received and processed the buyer’s payment.

How do I check the status of the buyer’s payment?

You can monitor the status of all your transactions online by logging into My Account.

How secure is your payment system?

All payment information will be stored and processed using our secure server. All the data is transferred in an encrypted format, and it can only be decrypted by the processing bank or by us.

What happens if the winning bidder doesn’t pay?

If the winning bidder fails to pay, we will contact the second highest bidder to determine whether or not he/she is still interested in purchasing your equipment. If the second highest bidder is not interested in purchasing the equipment, we will contact you to discuss other options, including re-listing your equipment.

What measures do you take to ensure that buyers pay for auctions?

We limit the number of outstanding transactions for new buyers to two at one time. Once a new buyer wins two auctions, they cannot place new bids until payment is made. This restriction continues until a buyer has completed their first transaction.

Shipping

Who is responsible for shipping and shipping costs?

The buyer is or we can arrange and manage shipping using our shipping partners. The buyer is responsible for all shipping costs including duties and taxes for international shipments. All auctions are insured to 100% of the value of the auction.

Who is responsible for booking the shipment of my equipment?

Once the buyer’s payment has been collected, we will book the shipment of your equipment and notify you as to when to prepare the goods for pick-up. Pick-up usually occurs 2 business days after the buyer’s payment has been collected.

What happens if a dispute is filed against my equipment?

A buyer can file a dispute if he/she believes that the equipment received does not conform to the information provided by the seller at the time of the bid. To start the dispute process, the buyer must complete a dispute form, we will investigate the matter, and we will decide upon a resolution that must be followed by both the buyer and the seller. To download a PDF version of our dispute form, please click here. Buyers must conduct an inspection of the goods within a reasonable time following receipt, preferably within 2 business days.

Disputes must be submitted within 2 business days of receipt of the equipment, and we will complete dispute resolution within 15 days of receipt. All parties must abide by the dispute resolution provided by Prime Iron Auctions.

18014 499th Ave

Lake Crystal MN 56055

Phone: 507-546-3448

support@primeiron.com