Skip to content

Are You an Auctioneer? Are You a CMEA? You Should Be!

May 5, 2011

We’ve talked in the past about auctions and the different types of value certified appraisers assign to machinery or equipment up for auction. As businesses close or auction off items to free up cash, auctioneers are in high demand. And the traditional way of conducting auctions is not the only way they’re done anymore. Auctions can now be conducted online to widen the pool of bidders to include people from all over the country. It’s a quickly growing business. 

Often, experienced 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 certified appraisers. So if you’re an auctioneer, limit your liability and increase your profits by becoming a certified machinery and equipment appraiser (CMEA).

The NEBB Institute endorses and strives to observe the highest standards of professional ethics to preserve the public trust inherent in the professional appraisal practice. The Institute provides initial and monthly comprehensive education, ongoing support, and a dynamic international network, and certifies professionals in the art of machinery/equipment appraisal and brokerage.

By: NEBB Institute

Advertisement

Comments are closed.

%d bloggers like this: