11.2 Internet Auctions

Internet auctions are the preferred method for public sale of property because:

• Having a wide-reaching, international audience promotes competition and generally higher
  prices.
• Fast, specific sales criteria can be programmed into the sale such as starting price,
  reserve price, or selling time.
• Auction sites have niche markets allowing Surplus to better focus sales.

An internet auction includes these steps:

1. The custodian entity enters the transaction request in Asset Works, selecting IS as the method.
2. The entity manager approves transaction.
3. Surplus virtually receives the request and posts a listing on the appropriate auction site.
4. Surplus answers customer questions, conducts the sale, contacts the winning bidder, and collects payment.
5. After submitting payment, winning buyers are issued a bill of sale. They must then contact the custodian entity to arrange a pick-up appointment. They will present the bill of sale at the appointed pick-up time as proof of payment prior to removing the property. 
   1. Buyers have five business days to pay and five days to remove the property.
6. The custodian entity completes the physical transfer and returns a copy of the signed bill of sale to the Surplus Division. 
7. The custodian entity removes the asset from its property inventory records.