Consigning your semi truck to auction is a commitment. Before you sign, make sure you understand the terms. Here are the questions every seller should ask — of any auction company they're considering.
About Fees and Commission
- What is the commission rate? What percentage of the sale price does the auction company keep?
- Are there additional fees? Listing fees, entry fees, catalog fees, online listing fees?
- Are fees deducted from the sale price or paid separately? This affects your net proceeds.
- Is there a buyer's premium? If so, how much? This affects how much buyers bid.
About the Reserve and Sale Risk
- Is the auction reserved or unreserved? In an unreserved auction, your truck sells to the highest bidder regardless of price. In a reserved auction, it sells only if bidding meets your reserve.
- Can I set a reserve price? If so, how?
- What happens if the truck doesn't sell? Do you still owe fees? Do you need to pick up the truck or pay for return transport?
About Payment and Timeline
- How long after the sale do I receive payment? Days? Weeks?
- How is payment issued? Wire transfer, check, or another method?
- When is the next auction date? How long will you wait before your truck is sold?
About Transport
- Who handles transport to the auction site? Do you deliver the truck, or does the auction company arrange it?
- Is transport included or an additional cost?
- If the truck doesn't sell, who pays for return transport?
About the Truck's Presentation
- How is the truck listed? Online, in a catalog, or both?
- Can I provide photos and a description? Who writes the listing?
- Is the truck inspected before the auction? By whom?
About Alternatives
- Does the auction company also offer a direct purchase option? Some auction companies buy trucks directly in addition to auctioning them.
- Can I get an estimate of what the truck might sell for? Some auction companies provide pre-sale estimates.
Why These Questions Matter
The answers to these questions help you understand the real cost and timeline of selling at auction — and compare it against alternatives like a direct sale. A direct purchase offer gives you a guaranteed number upfront, with no auction fees and no risk of the truck not selling.
Before you consign your truck to auction, it may be worth knowing what a direct commercial truck buyer is willing to pay.
For more, see What Does It Cost to Sell a Semi Truck at Auction? and How Long Does It Take to Sell a Semi Truck at Auction?.
Related Tools & Resources
Before You Send Your Truck to Auction
See what a direct commercial truck buyer would offer. There's no obligation to accept our offer, and knowing another option can help you decide which selling method makes sense for your truck.
Want to know what your truck could be worth?
Get a real purchase evaluation based on your truck's VIN, mileage, specifications and condition.