Certified Machinery and Equipment Appraisals and Auctioneers

We continue our series of posts discussing the situations in which a certified machinery or equipment appraisal can protect different types of parties from liability. In this post, we’ll discuss auctioneers.

In a challenging economy like the one we’re in now, some businesses are forced to close; others auction off items to free up cash. Auctions are a quickly growing business, and it’s therefore vital to ensure that auctioneers are USPAP compliant. EquipNet auctioneers are USPAP compliant and offer a wide array of auction solutions.

Often, auctioneers will use their prior experience to estimate of the value of a piece of machinery or equipment up for auction, but these estimates aren’t USPAP compliant. Lenders and courts require USPAP-compliant appraisals from auctioneers, and if auctioneers are simply making estimates, their liability increases. As a result of the requirement for USPAP compliancy, many auctioneers are losing business because they aren’t securing certified appraisals.

An auctioneer can limit liability and increase profits by obtaining a certified machinery and equipment appraisal. With a certified appraisal in hand, an auctioneer’s estimate becomes defensible, irrefutable, and substantiated.

If you are already sold on the importance of obtaining certified appraisals, and would like to know how EquipNet can help, take a look at The Asset Accuracy Resource Center to learn more about our appraisal and valuation services.

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Tags: appraisals asset management auction services,