PMI Proxy Bidding

Instructions On Bidding By Proxy

  1. Print a letter to Plant & Machinery, Inc. (PMI) on your company letterhead, explaining that you want PMI to bid on your behalf at the ___________________ auction.
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  3. Describe the item(s) that you want to bid on. Make sure you describe them clearly enough so that we do not confuse them with any other item at the sale.
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  5. For each of the above items, list the maximum dollar amount that the proxy bidder should stop bidding at if the bidding goes that high. (Although the proxy bidder will bid for you as if you were there, he or she must have a place to drop out if the bidding from the floor continues.)
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  7. Total up your bid(s) and take 25% of that amount. Send a cashier's check (or company check with letter from bank guaranteeing your check) for that 25%, payable to Plant & Machinery, Inc. and send it in with your letter.
  8. Alternatively, you can send your deposit via wire transfer. Wiring instructions are available on our website calendar page for the particular sale your are bidding at.

     

  9. We will not deposit the check until we know that you have successfully purchased the item(s).
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  11. If successful:
  12. a) We will deposit the check and call you with your balance due, along with providing you wiring instructions in order to facilitate immediate payment.

    b) We will also have several rigging companies call you from the sale site to quote you independently on what it will take to get the machine back to your location.

     

  13. If you are unsuccessful, we will mail the check back to you when we get back to our Houston office from the auction site.
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Important Notes:

  1. Make your bid amount logical. A bid of $33,333 makes no sense, since the bid increments on so large an item would never be less than $250 (and more likely $500 or $1000). Therefore, bid $33,250 or $33,500 based on the example used.
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  3. We cannot accept your bid with any qualifying statements such as "If the machine is in good running condition." We never make any such claims, always selling "as is, with all faults". If you want such an inspection to be made, you should either attend the sale in person, or, have a friend that is going to the auction, inspect and bid for you instead of having PMI do it.
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  5. Most auctions include a buyer's premium that is added to the total of the invoice. Take this into account when formulating your bid. We recommend that the bid amount that you submit to us be without buyer's premium, since that is the amount to be used by your proxy at the sale. This will avoid confusion.
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  7. Do not delay. Bids received at the last minute may not get communicated in time. Get the bid in two or more days before the sale.
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  9. Your proxy bid should be addressed to our Houston office at:

    2901 W. Sam Houston Pkwy North, Suite A130
    Houston, TX, 77043
    Phone: (713) 691-4401

    We recommend some sort of overnight or express mail delivery to insure timeliness as well as traceability.

Thank-you and good luck with your bids!



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