Assent Auctions: How It Works
*Since the beginning of the Covid-19 travel restrictions, not all aircraft physically come to the auction for a preview period as described in the video. But all consigned aircraft are available at their base locations for visual inspections and logbook reviews.*
For each of Assent’s quarterly private aircraft consignment auctions, consignors fill out an application to sell their turbine, turboprop, rotor-wing and/or piston aircraft at auction. Upon approval, you will receive an Aircraft Consignment Package with auction contracts and other important information.
Assent professionally advertises and strategically markets each consigned aircraft to generate interest and attract qualified bidders.
Bidders apply to register with a bank letter of guarantee and payment information. Assent requires all bidders prove buying power and authority to buy in a vetting process prior to auction. If approved as a qualified bidder, you will then receive a Buyer’s Agreement to review and execute.
As a consignor, you agree to fly your aircraft and logbooks to the auction location, no less than three (3) days prior to auction for a buyer preview period to provide buyers with ample opportunity to conduct visual inspections and logbook research to educate themselves on the aircraft they want to purchase.
The consignor has the right to sell the aircraft three ways:
As-Is-Where-Is, WITHOUT a Pre-Purchase Inspection or Conformity Check Completed Prior to the Auction.
Pre-Purchase Inspection / Conformity Check Completed within Thirty (30) Days Prior to the Auction Date.
Pre-Purchase Inspection / Conformity Check To-Be-Completed After the Auction Date with a Pre-Determined Amount of Escrow Hold-Back Determined by the Seller.
The aircraft is sold to the highest bidder should the bidding reach or exceed the reserve unless sold “absolute” without a reserve. The buyer is then legally recognized as the owner of the aircraft.
Closing documentation is pre-approved by both bidder and seller as part of the registration package and will be sent electronically to the seller and winning bidder for execution. Funds transfer immediately at closing, or upon the next business day following a Saturday Auction.
Further information can be found on the auction FAQ page.