Warehouse Liquidation
Pallet Racking & Drive In Racking
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( SOLD OUT! )
( Note: This project is subject to presale )
HURRY & MAKE OFFERS! EVERYTHING MUST GO!
Interlake & Palletier: 1,664 Uprights, 11,720 Beams,
19,120 Cross Supports, 9,432 Drive In Rack Spaces.
Warehouse Location: Ohio (Call To Set Up Appointment)( SOLD OUT! )
( Note: This project is subject to presale ) Hurry Call Today: 616-719-5917
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( Learn When & Where The Newest Auction & Liquidations Are Held! )
Our Liquidations & Auctions Have Everything From Used Store Fixtures, Used Warehouse Equipment,
Used Restaurant Equipment, & Merchandise to Motorcycle Bike, Parts, & Much More!
CLICK BELOW TO LEARN MORE
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Types of Products We Sell
Warehouse Equipment-
Types of Shelving Liquid Asset Partners sells: Pallet Racking, Pallet Racking Beams, Pallet Racking Uprights, Pallet Racking Grid Decks, Tear Drop Style Pallet Racking, Storage Shelving, Stock Room Shelving, Cantilever , and Brands: Lozier, Mecalux, Penco, Interlake Shelving.
Liquid Asset Partners Liquidates the following Warehouse Vehicles: Order Pickers / Cherry Pickers - Work Assist Vehicle, Pallet Jacks, Fork Trucks, Man Lifts, Battery Changers, Scissor Lifts, Floor Sweepers, Reach Trucks , Brands: Toyota, Crown, Raymond, Honda, Genie, Hyster, MTC, Caterpillar, and Clark.
We Liquidate Many Types of Conveyor and E-Commerce Systems: Gravity Flex Conveyor, Cuba Scan, Flow Rack Module, Accuglide, Gap Optimizers, Transnorm Mega Merge,Scanner Belts, SICK Scanner Systems, Slat Sorter (Unisort), Mezzanine, Expandable Conveyor, Accuzone, Auto Tapers, Case Erectors, Selling: FKI, Nesta Flex, Best Flex, Gravity Flex, and Matthews.
In Our Warehouse Equipment Liquidations You Will Find: Floor Scales, Compactors, Balers, Shipping Totes, Dump Bins, Pallets, Ladders, Scaffolding , Shipping Containers / Tractor Trailers, Generators, Employee Lockers, Scrap Copper, U-Boats, Flat Push Carts, Floor Buffers, Floor Cleaners , Dollies , Hand Tools, Shrink Wrap Machines, Onan, Honda, Louisville, Philadelphia, Maren, PTR, McLain, Orange Krusher, Lantech, and Orion.
Used Store Fixtures
Here's A List Of Gondola Shelving Liquid Asset Partners Buys & Sells: Island Gondola Shelving, Wall Gondola Shelving, Gondola Endcaps, Lozier, Streater, Madix, Store Flex, and General.
Types of Retail Clothing Racks We Offer: Rounders, ¾ Rounders,T-Stands, 2-Way Clothing Racks, 4-Way Clothing Racks, 8-Way Clothing Racks, H-Racks, T-Stands, and Z-Racks.
Display Fixtures We Will Find At Our Auctions, Are As Followed: Display Tables, H-Frame Displays, Tier Tables, Grid Racks, Hosiery Gondola, Shoe Gondola, Greeting Card Displays, Sunglass Towers, Glass Cubes, Mannequins, Counter Top Jewelry Spinners., and Glass Showcases.
Restaurant Equipment / Supermarket Equipment
Bakery & Deli Equipment Available For Sale At Our Auction Is As Followed: Commercial Mixers, Automatic Slicers & Manual Slicers, Bread Slicers, Commercial Ovens, Commercial Microwaves , Fountain Drink Dispensers , Gas Fryers, Electric Fryers, Doughnut Fryers, Commercial Dishwashers, Hand Sinks, 1-Bay Sinks, 2-Bay Sinks, 3-Bay Sinks, Stainless Steel Tables, Prep Tables, Ice Makers, Scales, Labelers, Pasta Makers, Meat Saws, C02 Tanks, Cappuccino Makers, Pretzel Warmers, Food Warmers, Proofers, Hot Dog Corral & Hot Dog Bun Warmers, ICEE Machines, Used Smoothie Machines, Coffee Makers, Countertop Ovens, Café Booths, Café Chairs, Café Tables, Metro Shelving, Popcorn Makers, Baking Racks, Rotating Ovens, Meat Grinders, Food Sealers, Food Wrappers, Pizza Ovens, Commercial Hoods, Hobart, Bunn, Gemini, Bakers Aid, Henny Penny, Toledo, Winston, Lincoln, Bizerba, Panasonic, Randall, Cornelius, Cadco UNOZ, Wyott, Manitowac, and Roundup.
Shown is a List Of Commercial Refrigeration We Buy & Sell:Walk-In Coolers, Walk-In Freezers, Deli Cases, Curved Deli Cases, Ice Cream Freezers, Reach In Cooler Doors, Reach In Freezer Doors, Island Coolers,Open Face Coolers, Open Face Freezers, Dairy Coolers, Open Face Meat Coolers, Pastry Cases,Frozen Food Island Chests, Stainless Steel One Door Coolers, Stainless Steel Two Door Coolers, Stainless Steel Three Door Coolers, , Stainless Steel Four Door Coolers, Stainless Steel One Door Freezers, Stainless Steel Two Door Freezers, Stainless Steel Three Door Freezers, Stainless Steel Four Door Freezers, Glass Door Coolers, Glass Door Freezers, Beer Coolers, Frozen Food End Caps, Tyler, Hussman, Zero Zone, Hill, Randall, and Traulsen.
Our Supermarket Equipment Liquidations Offer The Following: Shopping Carts, Checkout Counters, Safes, Cooling Racks, Glazing Tables, Hand Baskets, Gum Ball Machines, and Roof Top Condensers, Compressors.
Industrial Machinery & Industrial Tools
Our Industrial Machinery & Industrial Tools You Will Find: CNC Machines, CNC Vertical Milling Machine, Drill Presses, Horizontal Band Saws, Digital Counting Scales, Belt Grinders, Disc Grinders, Surface Grinders, Bench Grinders, Magnetic Base Drills, Air Compressors, Arc Welders, Mig Welders, Tig Welders, Stick Welders, Vertical Milling Machines, Radial Arm Drill, Drill Tables, Optical Comparator, Vertical Band Saw, Bar Feeder, Engine Lathe, Vertical Machining Center, Turning Center, Tool Benches, Work Benches, Work Stations, Dual Spindle Polishers / Dual Spindle Sanders, Wheel Polishing Machines, Gas Tanks, Oil Bag Ovens,, Industrial Paint Booths, Sand Blast Cabinets, Sheers, Cold Saws, Industrial Belt Sanders, Pan & Box Brakes, Industrial Fans, Pneumatic Bike Lifts, Chemical Cabinets, Dust Collection Systems, Dyno Systems, Industrial Sewing Machines, Office Trailers / Modular Offices, Gas Heaters, Part Washers, Air Compressors, Circulation Fans, Electric Hoists, Eye Wash Safety Stations, Cranes, Manual Mills, Brands: Colmet, Kitamura, Yunnan, Eisen, Haas, Gates, Burmingham, Jet, Leadwell, Gatmat, Scotchman, Wilton, Fadal, Takisawa, LNS, Milltronics, Deltronic, Magnum, Bridgeport, Fanuc, and Acra Sheer.
Motorcycles & Motorcycle Parts
Motorcycles & Motorcycle Parts That We Buy & Sell Is Shown Below: V-Twin Engines, Motorcycle Gas Tanks, Motorcycle Fenders, Motorcycles Frames, Motorcycle Wheels, Motorcycle Rims, Motorcycle Handle Bars, Motorcycle Shocks, Motorcycle Helmets, Motorcycle Apparel, American Ironhorse Custom Choppers, Everything Including Big Dog Motorcycles, American Ironhorse Motorcycles, Made 2 Race, S&S, and much more.
Office Furniture & Equipment
We liquidate the following office equipment and furniture: Office Desks, Office Chairs, Cubicles, Conference Tables, Filling Cabinets, Bookshelves, Copy Machines, Phone Systems, Computers, IT Equipment, Printers, Faxes, Scanners, and misc. computer accessories.
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Company Information
Liquid Asset Partners specializes in Liquidations, Auctions &
Negotiated Sales. Since 1975, our management team works with Banks,
Retailers, Bankruptcy Courts, Trustees, Manufacturers, and Lenders. We
make cash purchases or run commission based disposition sales in Retail,
Industrial, Wholesale, Motorsports & Equipment.
Liquidation Definitions
Liquidation- Is to pay off (a debt, a claim, or an obligation); settle.
b. To settle the affairs of (a business firm, for example) by
determining the liabilities and applying the assets to their discharge.
c. To convert (assets) into cash.
d. To settle a debt, a claim, or an obligation.
e. To settle the affairs of a business or an estate by disposing of its assets and liabilities.
Asking Price- The lowest price for which any investor or dealer has
declared that he/she will sell a given security or commodity. For
over-the-counter stocks, the asking price is the best quoted price at
which a Market Maker is willing to sell a stock. For mutual funds, the
asking price is the net asset value plus any sales charges. also called
asked price or offering price or ask.
Assets- Accounting the entries on a balance sheet showing all
properties, both tangible and intangible, and claims against others that
may be applied to cover the liabilities of a person or business. Assets
can include cash, stock, inventories, property rights, and goodwill.
b. The entire property owned by a person, especially a bankrupt, which can be used to settle debts.
Asset Approach- Business valuation method based on the net assets value of a going concern.
Asset Availability- State of an asset in which it is available and ready to be put to its designed or intended use.
Asset Management- Prudent administration of investable (liquid) assets, aimed at achieving an optimum risk-reward ratio.
Asset Recovery- Selling off or disposing off obsolete, scrap,
surplus, or waste goods or material in a manner that maximizes the
return while minimizing the costs and liabilities.
Asset Turnover- Net sales divided by total assets. This is a measure of how well assets are being used to produce revenue.
Asset Value- The net market value of a company's assets divided
by the number of outstanding shares of that company's stock. Investors
often use the asset value of a company when determining if the company's
shares are overvalued or undervalued. For example, if the asset value
per share is higher than the market price for a share then the stock
could be considered undervalued.
Bill of Lading (B/L)- Document issued by a carrier, or its agent,
to the shipper as a contract of carriage of goods. It is also a receipt
for cargo accepted for transportation, and must be presented for taking
delivery at the destination. Among other items of information, a B/L
contains (1) consignor's and consignee's name, (2) names of the ports of
departure and destination, (3) name of the vessel, (4) dates of
departure and arrival, (5) itemized list of goods being transported with
number of packages and kind of packaging, (6) marks and numbers on the
packages, (7) weight and/or volume of the cargo, (8) freight rate and
amount. It serves as a proof of ownership (title) of the cargo, and may
be issued either in a negotiable or non-negotiable form. In negotiable
form, it is commonly used in letter of credit transactions, and may be
bought, sold, or traded; or used as security for borrowing money. A B/L
is required in all claims for compensation for any damage, delay, or
loss; and for the resolution of disputes regarding ownership of the
cargo.
Bill of Sale- Document (such as an invoice) by which ownership (title) of goods or property is transferred.
Buyer's Premium or (BP)- An advertised percentage of the high bid
or flat fee added to the high bid to determine the total contract price
to be paid by the buyer.
Cash-In-Hand- Cash in actual possession; also called cash-in-hand or cash-on-hand.
Certified Check- Check guaranteed by its issuing bank that (1) it
carries genuine signature, and (2) it will be paid when presented for
payment. The issuing bank takes out the check's amount from the check
writer's (drawer's) account and holds it in reserve to ensure the
check's payment. A certified check is a cash equivalent, and normally
its payment cannot be prevented by a stop payment order.
Clearance Sale- Retail sale in which closeout goods are offered at heavily discounted prices.
Closeout- Disposing of discontinued, obsolete, or slow-moving stock, usually through a clearance sale.
Closeout Liquidator- Firm that buys all or most of a closeout stock of another firm and sells it other vendors.
Commission- The fee charged to the seller by the auctioneer for
providing services, usually a percentage of the gross selling price of
the property established by contract (the listing agreement) prior to
the auction.
Conditions of Sale- the legal terms that govern the conduct of an
auction; including: acceptable methods of payment, terms, buyer's
premiums, possession, reserves and any other limiting factors of an
auction. Usually included in published advertisements or announced by
the auctioneer prior to the start of the auction.
Consolidation- Accounting: (1) Combining assets, equity,
liabilities and operating accounts of a parent firm and its subsidiaries
into one financial statement. See also consolidated financial
statement. (2) Combining two or more firms through purchase, merger, or
ownership transfer to form a new firm.
Consultant- Experienced professional who provides expert knowledge (often packaged under a catchy name) for a fee.
Discount- Deduction from the face amount of an invoice, made in advance of its payment. See also rebate.
Due Diligence- The process of gathering information about the condition and legal status of assets being sold.
Equity- Is the difference in value between a person's debts and the value of the property on which they are secured.
Fire Sale- Liquidation of a firm's assets at prices far below
their fair market value (FMV) to achieve a quick sale, either to avoid a
financial disaster or to satisfy the debts of an insolvent or bankrupt
firm. Banks and other lenders usually value a firm assets at their fire
sale value to judge their worth as collateral.
Fixed Asset- Land, buildings, equipment, machinery, vehicles,
leasehold improvements, and other such items. Fixed assets are not
consumed or sold during the normal course of a business but their owner
uses them to carry on its operations. In accounting, 'fixed' does not
necessarily mean 'immovable;' any asset expected to last, or be in use
for, more than one year is considered a fixed asset.
Forced Liquidation- Auctioning of a debtor's assets by its creditors, upon obtaining court orders to the effect. Opposite of orderly sale.
Inactive Inventory- Stock of items not sold or used within a certain period.
Insurance Liquidator- Person or firm that buys damaged items from insurance companies for auction sale.
Intangible Asset- Reputation, name recognition, and intellectual
property such as knowledge and know how. Intangible assets are the
long-term resources of an entity, but have no physical existence.
Intellectual Property- is the product of the intellect that has
commercial value, including copyrighted property such as literary or
artistic works, and ideational property, such as patents, appellations
of origin, business methods, and industrial processes.
Inventory- Itemized catalog or list of tangible goods or property, or the intangible attributes or qualities.
Inventory Value- Determination of the cost of unsold inventory at
the end of an accounting period. Inventory is valued usually at cost or
at the market value, whichever is lower.
Invoice- Non-negotiable commercial instrument issued by a seller
to a buyer. Also called a bill of sale or contract of sale, it
identifies the both trading parties and lists, describes, and quantifies
the items sold, shows the date of shipment and mode of transport,
prices and discounts (if any), and delivery and payment terms. In
certain cases (especially when it is signed by the seller or seller's
agent), it serves as a demand for payment and becomes a document of
title when paid in full.
Knowledge Asset- Intellectual capital asset such as a copyright or patent that does or can generate income.
Letter of Guarantee- Document used mainly in the Far East (China,
Japan, Korea, Singapore, Taiwan, among others) whereby an importer
obligates itself to accept and pay a bill of exchange on its presentment
at a certain bank. The objective of this letter is to secure that
bank's acceptance of an exporter's draft, for payment through its
correspondent bank (where the draft will be presented).
Liquidate- To convert into cash by sale.
Liquidated- Determined, and apportioned or settled, by agreement.
Liquidation value- Price an asset will fetch at an auction
(forced sale). Banks and other lenders value the asset offered as a
collateral at its forced sale price and not on the price the asset will
command when sold in the normal course of trading.
Liquid Assets- assets in the form of cash (or easily convertible into cash).
Logistics- Planning, execution, and control of the procurement,
movement, and stationing of personnel, material, and other resources to
achieve the objectives of a campaign, plan, project, or strategy. It may
be defined as the 'management of inventory in motion and at rest.'
Negotiable- Capable of being accomplished through bargaining.
Negotiated Procedure- Method of obtaining bids under which only chosen
suppliers are invited to negotiate a contract. This procedure is used
usually in special cases such as in situations of extreme-urgency or
where other procedures fail to yield any result.
Negotiation- General: Bargaining (give and take) process between
two or more parties (each with its own aims, needs, and viewpoints)
seeking to discover a common ground and reach an agreement to settle a
matter of mutual concern or resolve a conflict.
b. Banking: Accepting or trading a negotiable instrument.
c. Contracting: Use of any method to award a contract other than sealed bidding.
d. Trading: Process by which a negotiable instrument is
transferred from one party (transferor) to another (transferee) by
endorsement or delivery. The transferee takes the instrument in good
faith, for value, and without notice of any defect in the title of the
transferor, and obtains an indefeasible title.
Net Return- Is the Net income from an investment after deducting
all expenses from the gross income generated by the investment.
Depending on the analysis required, the deductions may or may not
include income tax and/or capital gains tax.
Operating Asset- Asset acquired for or used in the income
generating operations of the business (such as cash, inventory, prepaid
expenses) and various fixed, long-term assets (such as plant and
equipment).
Other Assets- Balance sheet classification that covers minor assets such as prepaid expenses and scrap value of obsolete equipment.
Project- Planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations.
Real Asset- Actual, tangible asset (such as valuable antique or art,
buildings, coins, commodity, machinery and equipment, stamp collection)
as opposed to financial assets (such as bonds, debentures, shares).
Refurbishing- Servicing and/or renovation of older or damaged equipment to bring it to a workable or better looking condition.
Salvage- Recovering or saving abandoned, condemned, damaged,
deteriorated, discarded, incomplete, obsoleted, or worn property for
recycling, refabrication, restoration, reuse, or scrapping.
b. Property that has value in excess of its value as a scrap, but is no longer useful for its intended or original purpose.
Salvage Property-
Asset that is no longer useful for its intended or original purpose but
has some value in addition to its scrap value because parts or sections
of it may still be recovered and reused.
Scrap- Waste that either has no economic value or only the value of its basic material content recoverable through recycling.
Self Liquidating Asset- Asset that generates adequate income to
return the total amount of its cost, such as a transporter's truck and a
bank's mortgage loan portfolio.
Soft Asset- Tangible (such as human resources) or intangible (such a
brand, knowledge, skills) asset that (unlike the hard assets such as
cash, equipment, land) is not normally included in a firm's financial
statements.
Surplus- Goods that are in excess of the requirement and cannot be returned to the vendor for credit, but are useful for some purpose.
Tangible Asset- Cash, equipment, machinery, plant, property
anything that has long-term physical existence or is acquired for use in
the operations of the business and not for sale to customers. In the
balance sheet of the business, such assets are listed under the heading
'Plant and equipment' or 'Plant, property, and equipment.' Tangible
assets, unlike intangible assets, can be destroyed by fire, hurricane,
or other disasters or accidents. However, they can be used as collateral
to raise loans, and can be more readily sold to raise cash in
emergencies.
Terms and Conditions- Are the printed rules of the auction and
certain aspects of the Purchase & Sale Agreement that are read
and/or distributed to potential bidders prior to an auction sale.
Wholesale- Of, relating to, or engaged in the sale of goods in
large quantities for resale: a wholesale produce market; wholesale
goods; wholesale prices.
b. Made or accomplished extensively and indiscriminately; blanket: wholesale destruction, or in large bulk or quantity.
Auction Definitions
Auctions- Is a public sale in which property or items of merchandise are sold to the highest bidder.
Absentee Bid- Is a procedure which allows a bidder to
participate in the bidding process without being physically present.
Generally, a bidder submits an offer on an item prior to the auction.
Absentee bids are usually handled under an established set of guidelines
by the auctioneer or his representative. The particular rules and
procedures of absentee bids are unique to each auction company.
Absentee Bidder- A person (or entity) who does not attend the
sale but submits, in advance, a written or oral bid that is the top
price he or she will pay for a given property.
Absolute Auction- all items in the auction will be sold to
the highest bidder, regardless of the bid. There is no reserve or
minimum on the item for bid.
All For One Money- multiple items are being offered for sale
and what you bid is one price for all of the items. Bids for individual
items are not accepted.
Apprentice Auctioneer- auctioneer who is in training, operating under the supervision of a licensed or experienced auctioneer.
"As Is"- Selling the property without warranties as to the
condition and/or the fitness of the property for a particular use.
Buyers are solely responsible for examining and judging the property for
their own protection. Otherwise known as "As Is, Where Is" and "In its
Present Condition.”
Auction Block- The podium or raised platform where the auctioneer stands
while conducting the auction. "Placing (an item) on the auction block"
means to sell something at auction.
Auctioneer- The person whom the seller engages to direct,
conduct, or be responsible for a sale by auction. This person may or may
not actually call or cry the auction.
Auctioneer Subcontractor- An auctioneer hired by the principal auctioneer. Also known as a Contract Auctioneer.
Auction House- is firms that conducts auctions.
Auction Market- A system in which buyers enter competitive
bids and sellers enter competitive offers simultaneously, as opposed to
the over-the-counter market, where trades are negotiated. Examples are
the NYSE and the AMEX. also called double auction market.
Auction With Reserve- An auction in which the seller or his
agent reserves the right to accept or decline any and all bids. A
minimum acceptable price may or may not be disclosed and the seller
reserves the right to accept or decline any bid within a specified time.
Auction Value- Is the price which a particular property brings in open competitive bidding at public auction.
Ballroom Auction- An auction of one or more properties conducted in a meeting room facility.
Bank Letter of Credit- Is a letter from a bank certifying
that a named person is worthy of a given level of credit. Often
requested from prospective bidders or buyers who are not paying with
currency at auctions.
Bid- A prospective buyer's indication or offer of a price he
or she will pay to purchase property at auction. Bids are usually in
standardized increments established by the auctioneer.
Bid Acknowledgment- A form executed by the high bidder
confirming and acknowledging the bidder's identify; the bid price and
the description of the property; Also known as Memorandum.
Bid Caller- The person who actually "calls," "cries or
"auctions" the property at an auction, recognizing bidders and
acknowledging the highest bidder. Commonly known as
the auctioneer.
Bid Evaluation- After the submission deadline, the process of
opening, examining, and evaluating bids to determine the bidders'
responsibility, responsiveness, and other factors associated with
selection of a bid for contract award.
Bidder Number- The number issued to each person who registers at an auction.
Bid Rigging- The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value.
Bid Spotter, Groundsmen, or Ringsmen- Individuals of a live
auction team whose primary responsibility is to accurately interpret and
effectively communicate buyer participation to their auctioneer. They
should also be qualified to assist prospective bidders with the
necessary information to make a better informed buying decision.
Bidder's Choice (Buyers Choice)- Is the method of sale
whereby the successful high bidder wins the right to choose a property
or properties from a grouping of similar or like-kind properties. After
the high bidder's selection, the property is deleted from the group, and
the second round of bidding commences, with the high bidder in round
two choosing a property, which is then deleted from the group and so on,
until all properties are sold.
Bookkeeper or Clerk- Is the person who is responsible for the accounting and paperwork at an auction sale.
b. The person employed by the principal auctioneer or auction firm to record what is sold and to whom and for what price.
Business-to-Business Auction- Auction where items businesses
would buy (such as excess or old inventory or unwanted capital
equipment) are offered for bidding.
Business-to-Consumer Auction- Type of auction in which
several sellers offer their items for bidding, and compete for the price
which a buyer will accept. The buyer usually has the option to accept
any bid or reject all.
Bid-based construction or supply contracts are examples of reverse auction.
Caravan Auctions- A series of on site auctions advertised through a common promotional campaign.
Caveat Emptor- Is a Latin term meaning "let the buyer
beware." A legal maxim stating that the buyer takes the risk regarding
quality or condition of the property purchased, unless protected by
warranty.
Certified Auctioneers Institute (CAI)- The professional
designation awarded to practicing auctioneers who meet the experiential,
educational and ethical standards set by the Auction Marketing
Institute, Inc.
Forward Auction- Auction in which one seller offers item(s)
for bidding and several buyers compete to offer the price the seller
will accept. The seller usually has the option to accept any bid or
reject all. Types of forward auction are (1) English auction: Bidding
starts at the minimum price acceptable to the seller and increases with
every new bid by a fixed increment. Every bidder knows what price is
being bid and the highest price bid acceptable to the seller wins. (2)
Dutch auction: Bidding starts at a price so high no buyer will accept,
and which is lowered until the best acceptable price is reached. Used
typically for perishable items like flowers and vegetables. (3) Japanese
auction: Bidding starts at a low price which goes up in regular
increments. Every buyer present must bid at every stage during the
auction. (4) Yankee auction: Multiple units of an item are put up for
bidding and each bidder can specify the number or quantity he or she
wants to bid for.
Hammer Price Price- established by the last bidder and acknowledged by the auctioneer before dropping the hammer or gavel.
Lot- Defined quantity of a thing used as a unit of inventory,
output, sale, sampling, or transportation. Items in a lot are of a
single class, composition, model, size, type, or version, are produced
under essentially the same conditions, and are intended to have uniform
quality and characteristics within specified limits. A lot is ordered,
sold, released, or delivered in its entirety. An exact lot is called a
round lot, any quantity more or less than a lot is called an odd lot.
Memorandum- Sometimes also referred to as a "Bidder
Acknowledgment," or "Broker Acknowledgment," the memorandum is signed by
those parties either on the auction floor or in the contract room.
Minimum Bid Auction- An auction in which the auctioneer will
accept bids at or above a disclosed price. The minimum price is always
stated in the brochure and advertisements and is announced at the
auctions.
National Auctioneers Association (NAA)- An association of
individual auctioneers united to promote the mutual interests of its
members; formulate and maintain ethical standards for the auction
profession; promote the enactment of just and reasonable laws,
ordinances and regulations affecting auction selling; make the public
more aware of the advantages of auction selling; and generally improve
the business conditions affecting the auction profession.
Opening Bid- The first bid offered by a bidder at an auction.
On-site Auction- An auction conducted on the premises of the property being sold.
Preview- Specified date and time property is available for prospective buyer viewing and audits.
Reserve Price- Is the minimum price that a seller is willing to accept for a property to be sold at auction.
Reverse Auction- Type of auction in which several sellers
offer their items for bidding, and compete for the price which a buyer
will accept. The buyer usually has the option to accept any bid or
reject all. Bid-based construction or supply contracts are examples of
reverse auction.
Sealed Bid- A method of sale utilized where confidential bids
are submitted to be opened at a predetermined place and time. Not a
true auction in that it does not allow for reaction from the competitive
market place.
Sold- when the auctioneer says the word "sold"
or the gavel falls after the bidding has ceased, the item is sold as
the auctioneer directs to the clerk. The bidding cannot e reopened after
the word "sold" is said.
Withdrawal- Is the failure to reach the reserve price or insufficient bidding.
Appraisal Definitions
Appraisal Definitions
Appraisal – is an unbiased and independent opinion of value.
Appraisal Cost- In quality control, cost incurred in
inspection and test activities aimed at ensuring consistent quality and
conformance to established benchmarks.
Appraisal Date- Day as of which an appraiser's estimate of value applies. Also called valuation date.
Appraisal fee- Charges payable to a qualified appraiser for
estimating the market value of a property, as a fixed fee or one based
on a percentage of the estimated value.
Appraisal Procedure- Sequence of steps prescribed in an appraisal approach to arrive at an estimate of value. Also called valuation procedure.
Appraisal Report- Written estimate (not determination) of the value of a property, based on the findings of an appraiser.
Appraisal Right- In an acquisition or merger, the right of a
dissenting stock holder to require the purchase of his or her shares at
their fair market value as determined by an independent party. This
provision prevents the firm's sale at less than its true worth.
Appraisal Value- Appraiser's opinion (not determination) of
the current worth of a property based on factors such as area, location,
improvements, and amenities. Generally, this value is arrived at by
using one of three methods: (1) Cost approach, (2) Income approach, or
(3) Market comparison approach.
Appraisement- Determination of
the amount or extent of the liability of a party (who is not
disputing the fact of being liable) by an independent and impartial
third party, and not by the courts.
Appraiser- Is a person qualified by education, training, and
experience to provide appraisals. also called evaluator.
Appreciated Asset- That has a higher market value than its book value or
taxable value and which, upon its sale, will generate a capital gain.
Approaches to Value - the three recognized approaches used in appraisal analysis.
Assessed Value- The dollar value of an asset assigned by a public tax assessor for the purposes of taxation.
Asset Valuation- Determination of the value of capital assets or fixed assets, they value
at which they should be shown in their owner's balance sheet.
Business Inventories- Monthly economic report that shows the
dollar amount in inventory held by retailers, manufacturers, and
wholesalers during a given period of time.
Business Valuation- The process of examining various economic
factors of a business using predetermined formulas to assess the value
of the business or an owner’s interest in a company. Business valuation
may be conducted to provide an accurate snapshot of the company’s
financial standing to present to current or potential investors.
Book Value- A company's common stock equity as it appears on a
balance sheet, equal to total assets minus liabilities, preferred stock,
and intangible assets such as goodwill. This is how much the company
would have left over in assets if it went out of business immediately.
Since companies are usually expected to grow and generate more profits
in the future, market capitalization is higher than book value for most
companies. Since book value is a more accurate measure of valuation for
companies which aren't growing quickly, book value is of more interest
to value investors than growth investors.
b. The value of an asset as it appears on a balance sheet, equal to cost minus accumulated depreciation.
Assessment- Procedure used by government assessors to determine the
value of a property, or the income of a person or entity, in order to
charge taxes or to levy on the orders of a court.
Asset Depreciation Range System (ADR)- A system utilized by the Internal Revenue Service to determine the economic life of specific classes of depreciable assets.
Concepts of Value - appraisal assignments often require more than
one value. The appraiser, before beginning the process will investigate
the assignment thoroughly in order to arrive at the concept that best
suits the situation and purpose of the appraisal assignment. Some of the
most common values are as follows: Fair Market Value, Forced
Liquidation Value, and Residual Value.
Cost Approach - Calculation of value beginning with a determination
of the replacement cost of a new asset of the same or similar utility,
followed by deductions for all forms of depreciation to the subject
asset including; physical (age, condition), technological obsolescence
and economic obsolescence
Disposition- Manner in which a case or matter is determined or settled,
or a property is transferred to another's care or possession such as by a
sale deed or will.
b. Manner in which an item or material is disposed of such as by
disposal, relinquishment, sale, or transfer.
Face Value- Apparent worth or the nominal value shown on the principal
('face' or 'head') side of a bill of exchange, currency, security
(stock/share, bond), or other type of financial instrument. The par
value of a loan stock (bond, preferred stock/preference share) is the
value at which it will be redeemed.
Fair Market Value - the estimated amount, expressed in terms of
money, which may reasonably be expected for a property in an exchange
between willing buyer and a willing seller, with equity to both, neither
under any compulsion to buy or sell, and both fully aware of all
relevant facts, as of a specific date.
Forced Liquidation Value - the estimated gross amount, expressed
in terms of money, that could typically be realized from a properly
advertised and conducted public auction, with the seller being compelled
to sell with a sense of immediacy on an as-is, where-is basis, as of a
specific date.
Gross Book Value- Original (historical) price paid for an asset, without any depreciation deduction.
Imputed Value- Computed or estimated value where actual value is not known.
Income Approach- capitalization of current net income or
projected net cash flow and discounts those at a calculated rate to
estimate current value. This is the least employed approach to value in
single asset appraisals of equipment.
Insurance Cost New - is the replacement or reproduction cost new
as defined in the insurance policy less the cost new of the items
specifically excluded in the policy, as of a specific date.
Insurable Value Depreciated - is the insurance replacement or
reproduction cost new less accrued depreciation considered for insurance
purposes, as defined in the insurance policy or other agreements, as of
a specific date.
Market Value- General: Highest estimated price that a buyer would
pay and a seller would accept for an item in an open and competitive
market.
Market-Based Price- Is arrived at by the process of bargaining among many buyer and many sellers in a competitive market.
Orderly Liquidation Value - the estimated gross amount, expressed
in terms of money, which could typically be realized from a liquidation
sale, given a reasonable period of time to find a purchaser(s) with the
seller being compelled to sell on an as-is/where-is basis, as of a
specific date.
Record Appraisal- Determination of the retentive values and
disposal time of records based on their administrative, audit, fiscal,
historical, legal, operational, or research value to the organizations
where they were created and/or received.
Retail Price Index (RPI)- Official measure of the general level
of inflation as reflected in the retail price of a basket of goods and
services such as energy, food, gasoline (petrol), housing, household
goods, traveling fare, etc. RPI is commonly computed on monthly basis,
but an annual rate is also published which serves as a yardstick for
adjusting inflation-indexed salaries and wages, tax allowances, and
pensions.
Reverse Appraisal- Evaluation of a management's behavior and
effectiveness by the employees, used typically in participatory
management practices and employee empowerment programs.
Residual Value - the projected value expected by a lesser at the
termination of a "fair market value" lease. This value usually falls
somewhere between the fair market value and its orderly liquidation
value and is based upon the lessor's calculated expectations of the
willingness of the lessee to buy the equipment at its fair market value.
IN the event the lessee elects to return the equipment, the lesser is
likely to dispose of the equipment at its orderly liquidation value.
Sales Comparison or Market Approach - involves the collection of
market sales data pertaining to the subject assets being appraised in
order to determine the desirability of the assets through recent sales
or offerings of similar assets currently on the market in order to
derive the most probable selling price for the assets being appraised.
In high tech technology, values change rapidly and little market data
may exist for certain assets.
Salvage Value - is the estimated amount, expressed in terms of
money that may be expected for the whole property or a component of the
whole property that is retired from service for possible use elsewhere,
as of a specific date.
Scrap Value - is the estimated amount, expressed in terms of
money that could be realized for the property if it were sold for its
material content, not for a productive use, as of a specific date.
Total Value- Sum of all expenditure liable to be incurred (such
as installation, consumables, breakdown, maintenance, and final
disposal) plus the purchase price of an acquisition.
True Value- Amount that a buyer is willing to pay for an item. It changes from time to time and from place to place.
Valuation- is the act of determining the value or price of anything; evaluation; appraisal.
b. determined or estimated value or price on the market.
c. estimation of the worth, merit, etc. of anything.
Valuation Method- Means employed by an adjuster to determine the
occurrence of a loss and affixing a monetary value to it before
processing a claim. The adjuster must establish that (1) the insured
actually suffered a monetary loss, (2) the loss was covered in the
insurance policy, (3) the monetary value of the loss or damage, and (4)
estimated cost of repair or replacement.
Wholesale Price- The cost of a good sold by a wholesaler. The
wholesaler will usually charge a price somewhat higher than he or she
paid to the producer, and the retailer who purchases the goods from the
wholesaler will increase the price again when they sell the good in
their store.
Bankruptcy Definitions
Bankruptcy- A proceeding in a federal court in which an insolvent
debtor's assets are liquidated and the debtor is relieved of further
liability. Chapter 7 of the Bankruptcy Reform Act deals with
liquidation, while Chapter 11 deals with reorganization.
Bankruptcy Code - Title 11 of the United States Code governs bankruptcy proceedings.
Bankruptcy Court- The bankruptcy judges in regular active service in each district; a unit of the district court.
Bankruptcy estate - The estate is all of the legal and equitable
interests of the debtor as of the commencement of the case. From the
estate, an individual debtor can claim certain property exempt the
balance of the estate is liquidated in a Chapter 7 to pay the
administrative costs of the proceeding and the claims of creditors
according to their priority.
Bankruptcy Judge- Is a judicial officer of the United States
district court who is the court official with decision-making power over
federal bankruptcy cases.
Bankruptcy Trustee- A private individual or corporation appointed
in all chapter 7, chapter 12, and chapter 13 cases to represent the
interests of the bankruptcy estate and the debtor’s creditors.
Business Bankruptcy- A bankruptcy case in which the debtor is a
business or an individual involved in business and the debts are for
business purposes.
Chapter 7 Bankruptcy- The most common form of bankruptcy, a
Chapter 7 case is a liquidation proceeding, available to individuals,
married couples, partnerships and corporations.
Chapter 7 Trustee- Is the person appointed in a chapter 7 case to
represent the interests of the bankruptcy estate and the unsecured
creditors. (The trustee’s responsibilities include reviewing the
debtor’s petition and schedules, liquidating the property of the estate,
and making distributions to creditors. The trustee may also bring
actions against creditors or the debtor to recover property of the
bankruptcy estate.)
Chapter 11 Bankruptcy- Is a reorganization proceeding in which
the debtor may continue in business or in possession of its property as a
fiduciary. A confirmed 11 plan provides for the manner in which the
claims of creditors will be paid in whole or in part by the debtor.
Chapter 12 Bankruptcy- A simplified reorganization plan for family farmers whose debts fall within certain limits.
Confirmed: A plan of reorganization in Chapter 11, 12 or 13 approved by
the court and binding on the parties is said to be confirmed.
Chapter 13 Bankruptcy- A repayment plan for individuals with
debts falling below statutory levels which provides for repayment of
some or all of the debts out of future income over 3 to 5 years.
Chapter 13 Trustee- A person appointed to administer a chapter 13
case. (A chapter 13 trustee’s responsibilities are similar to those of a
chapter 7 trustee; however, a chapter 13 trustee has the additional
responsibilities of overseeing the debtor’s plan, receiving payments
from debtors, and disbursing plan payments to creditors.)
Consumer Debt - Debts incurred by an individual for personal,
family or household purposes. Taxes are not consumer debts; neither are
business loans.
Creditor - The person or organization to whom the debtor owes money or has some other form of legal obligation.
Debtor - The debtor is the entity ( person, partnership or
corporation) who is liable for debts, and who is the subject of a
bankruptcy case.
Debtor in Possession - In a Chapter 11 case, the debtor usually
remains in possession of its assets and assumes the duties of a trustee.
The debtor in possession is a fiduciary or the creditors of the
estate, and owes them the highest duty of care and loyalty.
Equity- The value of a debtor’s interest in property that remains
after liens and other creditors’ interests are considered. (Example: If
a house valued at $60,000 is subject to a $30,000 mortgage, there is
$30,000 of equity.)
Trustee- The representative of the bankruptcy estate who
exercises statutory powers, principally for the benefit of the unsecured
creditors, under the general supervision of the court and the direct
supervision of the United States trustee or Bankruptcy Administrator.
Industry Definitions
Industry- Horizontal segmentation of production firms on the
basis of their primary generic product (such as merchandise, store
fixtures, restaurant supplies, or warehouse equipment), sub-primary
generic product (such as electronics, gondola shelving, commercial
refrigeration, or pallet racking), or sub-sub primary generic product
(such as laptops, Lozier shelves, Tyler 2-door stainless steel freezer,
or Interlake pallet rack beams ) ... and so on. Firms in the same
industry are on the same side of the market, produce goods which are
close substitutes, and compete for the same customers.
Chain Stores- Group of retail outlets owned by one firm and
spread nationwide or worldwide, such as Meijers, K-Mart, Target, . Chain
stores usually have (1) similar architecture, (2) store design and
layout, and (3) choice of products.
Collectibles- Rare, valuable items such as antiques, art, books, coins, acquired for their value as an investment.
Discount Store- A department store which offers its items at a
lower price than many other retail stores. Discount stores are often
able to drop their prices due to efficient distribution methods. Many of
the largest discount stores are also chain stores, and include Meijers,
Target, and K-Mart. Furthermore, many of these discount stores could
also be categorized as big-box stores, as they grow to include more and
more products, sometimes even including a large grocery section.
Distribution- Commerce: Movement of goods and services from the
source through the distribution channel, right up to the final customer,
consumer, or user and the movement of payment in the opposite
direction, right up to the original producer or supplier.
Distribution Center- Facility that is usually smaller than a firm's main
warehouse and is used for receipt, temporary storage, and
redistribution of goods according to the customer orders as they are
received.
Distribution System- Entire set-up consisting of procedures,
methods, equipment, and facilities, designed and interconnected to
facilitate and monitor the flow of goods or services from the source to
the end user.
Facility- General: Permanent, semi-permanent, or temporary
commercial or industrial property such as a building, plant, or
structure, built, established, or installed for the performance of one
or more specific activities or functions.
Fixtures- Awnings, bookcases, lighting, plumbing, etc., that are
attached to a real property in a manner that (in view of law) it becomes
a part of that property. Fixtures are sold and transferred with the
real property, even if they are not mentioned in the deed. However, if
the life of the article (such as a water pump or heater) is assumed to
be less than the life of the building, it is classified as equipment and
not a fixture.
Freight- Charges paid for carriage or transportation of goods
(cargo) by air, land, or sea. Goods may be transported (shipped) on
freight-prepaid or freight-collect basis: (1) If the freight is paid by
the consignor (as under C&F and CIF terms) the goods remain the
consignor's property until their delivery is taken by the consignee upon
their arrival at the destination, and payment of the consignor's
invoice. (2) If freight is paid by the consignee (as under FOB terms)
the goods become the consignee's property when handed over to the
carrier against a bill of lading.
Generator- Equipment that converts mechanical energy into electrical energy.
H-beam Hot-rolled steel beam with H-shaped cross section, used mainly in piling and retaining structures.
Gondola Shelving- Type of merchandise display stand used in retailing. A gondola is a bank of freestanding shelves that are open on all sides.
Household Goods- Personal property other than real estate,
belonging to an individual or his or her immediate family and including
(but not limited to) appliances, books, clothing, furnishings, and
furniture.
HVAC- Short for heating, ventilation, and air conditioning. The
system is used to provide heating and cooling services to buildings.
HVAC systems have become the required industry standard for construction
of new buildings. Before the creation of this system, the three
elements were usually split between three or more devices.
I-beam- Hot-rolled steel beam with I-shaped cross section, and tapered flanges narrower than wide flanged beams (such as H-beam).
Impulse Goods- Retail items known for their unplanned
purchases and, therefore, kept near the checkout counters, such as
candy, chocolate, magazines, novelties, snacks.
Industrial Goods- Machinery, manufacturing plants, materials, and
other goods or component parts for use or consumption by other
industries or firms.
Industrial Property- Intangible property such as inventions,
industrial designs, trademarks, which is afforded protection under
national and international intellectual property laws.
Island Displays- In-store display in which a product (or group of
products) is positioned in the middle of the store or at the end of an
isle away from competing products.
Machine Tool- Heavy or non-portable power driven industrial
device used for abrading, cutting, drilling, forming, grinding,
nibbling, or shaping of a piece of metal or other material. Machine
tools (such as lathes) are 'machines that make machines.'
Machining- Process such as abrading, cutting, drilling, forming,
grinding, and/or shaping of a piece of metal or other material performed
by machine tools such as lathes, power saws, and presses.
Maintenance- General: Activities required to conserve as nearly,
and as long, as possible the original condition of an asset or resource
while compensating for normal wear and tear.
Manufacturing- Includes all steps necessary to convert raw
materials, components, or parts into finished goods that meet a
customer's expectations or specifications. Manufacturing commonly
employs a man-machine setup with division of labor in a large scale
production.
Mass Merchandise- Goods lots of people consume practically
everyday, such as candy, diapers, milk, snacks, soft drinks, and toilet
paper. Mass merchandise is widely distributed, and purchased usually in
bulk.
Mass Merchandiser- Huge retail store offering a very wide range
of product categories such as accessories, appliances, clothing,
furniture, office equipment and stationery, and shoes.
Materials Handling- Short distance movement of goods or materials
within a storage area, involving loading, unloading, palletizing,
de-palletizing, etc.
Merchandise- Household, personal use, or commercial goods, wares, commodities, bought and sold in wholesale and retail.
Merchandisers- Retail stores which sell finished, pre-packaged
goods. They are categorized into four types on the basis of price, range
of product lines, and service level: (1) Department stores, (2)
Discount stores, (3) Mass merchandisers, and (4) Specialty stores.
Merchandising- Activities aimed at quick retail sale of goods
using bundling, display techniques, free samples, on-the-spot
demonstration, pricing, shelf talkers, special offers, and other
point-of-sale methods.
Mil- Factory, specially where hot work is performed.
Pallet- Piece of equipment that facilitates mechanical handling
of stacked (palletized) goods for fork-lift trucks. Made usually of
rough (undressed) wood and commonly 4 x 4 feet (1.2 x 1 meter in Europe)
in dimensions, it can carry a typical load of one metric ton (1,000
kilograms or about 2,200 pounds), and serves as a base for assembling,
handling, sorting, storing, and transporting goods as a unit load. Job
specific pallets come in different designs, dimensionns, and materials;
such as a two-way entry pallet, four-way entry pallet, box pallet, post
pallet, steel pallet, etc. Also called a skid.
Palletization- Method of storing and transporting goods stacked
on a pallet, and shipped as a unit load. It permits standardized ways of
handling loads with common mechanical equipment such as fork-lift
trucks.
Point of Sales- Point at which a sale is made, the ownership (and
usually the possession) is transferred from the seller to the buyer,
and indirect taxes (such as VAT) become payable. Commonly, a retail
outlet.
Point of Sales Displays-Shelf-talkers, hanging signs (mobiles), window displays, etc., aimed at influencing a purchase at a retail outlet.
Reefer Cargo- Shipment requiring controlled-temperature environment.
Reefer Container- Refrigerated shipping container for transporting perishables, having its own stand-alone (self-powered) cooling system.
Retailer- A business which sells goods to the consumer, as
opposed to a wholesaler or supplier which normally sell their goods to
another business. Retailers include large businesses such as Target, and
also smaller, non-chain locations run independently such as a
family-run bookstore.
Retailing- Commercial transaction in which a buyer intends to consume the good or service through personal, family, or household use.
Storage- Non-transitory, semi-permanent or long-term,
containment, holding, leaving, or placement of goods or materials,
usually with the intention of retrieving them at a later time. It does
not include the interim accumulation of a limited amount during
processing, maintenance, or repair.
b. Management of storehouses or warehouses, handling operations,
and safe custody and protection of inventory items
Store Fixtures- Showcases, shelving, clothing racks, displays racks,
etc., that are used by retailers in store fronts to display goods and
merchandise with the intent of maximize exposure to the customer while
aiding in the overall flow of traffic and design of the store’s layout.
Supermarket- A large store that sells a variety of food and household items to customers.
Supplies- General purpose consumable items which commonly have a
shorter life span in use than equipment and machines, and which are
stocked for recurring use.
Supplies Goods- Production support goods that do not normally
become part of a manufactured good, such as cleaning chemicals, drill
bits, lubricants.
Supply Chain- Entire network of entities, directly or indirectly
interlinked and interdependent in serving the same consumer or customer.
It comprises of vendors that supply raw material, producers who convert
the material into products, warehouses that store, distribution centers
that deliver to the retailers, and retailers who bring the product to
the ultimate user. Supply chains underlie value-chains because, without
them, no producer has the ability to give customers what they want, when
and where they want, at the price they want.
Warehouse- Facility designed for temporary storage.
Warehouse Retailing- Mass retailing of merchandise such as
groceries, hardware, home furnishing, over-the-counter drugs,
toiletries, etc., through a super store that offers very low prices and
little or no customer service.
Wholesale Inventories- Amount of unsold inventory still in the
possession of the wholesaler. If wholesale inventories start to become
elevated, that typically means that retailers are purchasing less
because demand for the products has decreased. Analysts look to
wholesale inventory figures to see how the consumer market is
performing.
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