Preferential Treatment

What is a 10% buyer's premium? I see this written on all the ads, however, most of them state that the auction will not have a buyer's premium. The last ad I saw said there was a 10% buyers premium and had "management's call" in parenthesis. If anyone can help, I would really appreciate it.

10% buyers premium is what the buyer (you) pays to the auctioneer.

If you bid $100.00 you pay $110. And if they collect sales tax you pay that on the $110.

not sure what "management's call" is. Could be if they don't like the bid they can refuse it.

Hope that helps

I think the auctioneer puts a buyer's premium in the ad to cover themselves, but leaves it up to the facility management to decide whether to charge a premium or not.

That's how I read it, but you could always call the facility or auction company for clarification. Contact numbers should be listed in those same ads.

If you bid $100.00 you pay $110. And if they collect sales tax you pay that on the $110.

Whoa, that doesn't seem right. Paying tax should ONLY be on the items you bought, not additionally on the "service" provided by the auctioneer.  If I ever DO buy at a premium spot, I will argue this point with them to the death if they try it.

Whoa, that doesn't seem right. Paying tax should ONLY be on the items you bought, not additionally on the "service" provided by the auctioneer.  If I ever DO buy at a premium spot, I will argue this point with them to the death if they try it.

I know it does not seem right but Florida Sales tax is a real mess. If you take your car to be looked at and they don't add anything to it your Labor bill is not taxed, but if they add a screw then the entire bill is taxed, Part plus Labor.  I am not an auctioneer so not sure how the tax laws work for them... But they put a little tag on the unit so that would be the item then the whole encounter is taxed.

I'd move.

I have bought in FL and the 10% is added before sales tax is calculated.  Lots of complaining, but you have to pay.

I'd move.

LOL 

But we really like it here... 

When we started our Steel construction company I went and took the class the State offers for free. I understood everything... 6 months later found out I was doing something wrong... (not by the state).
If we built something in our shop and delivered it to the job site the Shop labor (employees time) was sales taxed...  But if we built it in the field non of it was sales taxed.(except the raw material). We built everything in the field.... LOL

FL sales tax is screwy but at least they don't pay income tax.  So best bet is when you live on the state line.  You work in FL and then shop in say GA for lower sales tax.  I do that with gas since SC is normally 5-12 cents cheaper per gallon.

I'm still thankful I've yet to pay a 10% buyers premium.  I just stay clear of those auctions, what few are around here.

FL sales tax is screwy but at least they don't pay STATE income tax.  So best bet is when you live on the state line.  You work in FL and then shop in say GA for lower sales tax.  I do that with gas since SC is normally 5-12 cents cheaper per gallon.

I'm still thankful I've yet to pay a 10% buyers premium.  I just stay clear of those auctions, what few are around here.

We do pay uncle Sam....LOL We live in the middle so we just have to pay the prices and the tax.