Welcome to the Slattery Asset Advisory
2nd Quarter Report for 2016.

Welcome to the Slattery Asset Advisory report for the 2nd Quarter of 2016. The Quarterly Report is read and valued by many of Slattery’s clients to keep ahead of the market for key industry trends, insights, and movements in asset values.

In this report we reflect on asset trends over the second quarter and the outlook for asset values for the rest of 2016.

The second quarter of 2016 has seen a rise in work flow for both the Slattery Asset Advisory and Slattery Auctions teams. The Western Australian and Queensland markets continue to be the main states for activity, however we have seen an increase in NSW and Victoria, which have been reasonably subdued to date.

The Slattery’s WA team, which has now grown to four full time staff and three part time staff in the first 10 months, continues to power along. We are looking to supplement our existing valuations expertise in WA with another full time Perth based valuer. The Slattery team is also looking for additional business development managers in Brisbane and Melbourne. Any referrals for these positions would be most welcome.

As always, we have included some key highlights and lowlights to reflect some areas that may encourage further investigation for our clients.

Slattery Asset Advisory

Key Point Summary
  • May was the busiest month of the year for Slattery Asset Advisory with a large increase in valuations requested for pre-finance purposes indicating healthy lending activity.
  • Work arising from the downturn in the mining sector in Northern Western Australia and Queensland continues.
  • Slattery Asset Advisory has been spending more time advising on strategic remarketing plans.
  • Slattery Asset Advisory was featured in CBA Equip magazine published recently.
A strategy of a structured sell down of surplus assets with low utilisation rates has helped shore up a strained balance sheet.

The rise in companies entering external administration in WA and Qld has been noticeable with an increase in engagements for the Slattery Asset Advisory team in these states. Much of our role has been in an advisory capacity prior to any form of appointment with a particular focus on asset valuations.

Unsurprisingly, the bulk of this work is in the mining economies and companies previously servicing this sector. Interestingly, many of the companies we have been working on have operations in both WA and Qld requiring mobilisation of teams in both states.

In some cases, it appears that seemingly good companies with steady operations are being undermined by the drop in property values forcing a revaluation of the security position by their secured creditors. In these cases, a strategy of a structured sell down of surplus assets with low utilisation rates has helped shore up a strained balance sheet.

The Industries where we have seen a significant increase in volume advisory work includes; agricultural assets, marine, aviation & food processing lines. The increase in work in the aircraft valuations, from a pre-finance perspective, is a positive sign of growth within the industry.

We have also undertaken a number of valuations of both pleasure and commercial vessels in the past quarter ranging from a number of commercial fishing vessels through to luxury cruisers.

Quarterly Sales Round Up

Mining & Earthmoving

Key Point Summary
  • Small and mid-size assets used in civil construction have continued to sell very well through all of our auctions nationally.
  • A number of large operators appear to have placed large fleets of trucks on care and maintenance.
  • Slattery has seen significant interest coming from international buyers for mid-size equipment and has transacted with buyers from the middle-east and Asia over the last quarter.

There are no significant changes to report in the mining and earthmoving equipment sector from previous quarterly reports. Sales results for ultra class assets used in mining are still depressed. The positive news is that it is still possible to execute sales on these assets and the market has not been flooded with equipment. The smaller to medium sized equipment continues to sell very well.

New earthmoving and plant sales

New Caterpillar sales are a good indicator of the health of the earthmoving and mining plant sector. Last quarter we saw that sales had declined 23% in Asia Pacific. This quarter, Caterpillar have reported a continued decline of 13% in sales year on year. However, a deeper investigation showed that sales in the construction industry have actually increased 12% in the Asia Pacific region. This increase in sales was the result of dealer inventory changes. All other industry segments reported significant sale decreases, including the resources segment which fell 24%.

 

Large mining assets

Whilst the Slattery Asset Advisory team has been busy advising a number of clients on values and potential remarketing strategies for large mining assets, our asset managers have seen few transactions of large mining equipment over the past quarter. This suggests that operators are preferring to hold on to their assets keeping them in care and maintenance rather than crystalise large losses. Similarly, lenders with security over larger mining assets are very reluctant to liquidate larger mining assets due to the relatively little return that would be generated and high costs of executing a liquidation program.

D10 Dozer
Operators are preferring to hold on to their assets keeping them in care and maintenance rather than crystalise large losses.

Heavier earthmoving assets

The heavier earthmoving assets (that is smaller than ultra-class mining assets i.e. 30 tonne excavators, D10, D11 dozers and above) are continuing to sell however sales results continue to be down on 6 months ago. Bucking the generally depressed results was a sale in our Brisbane office of a 52 tonne, 2010 Hyundai excavator with 853hrs that sold for $166,000 representing approximately 80% of the retail value.

The enthusiasm for smaller equipment has not yet crept into this larger market. This is largely due to the fact these units are considered too big and too costly to perform a rural application and really only suit the mining and heavy construction Industries. The greatest demand for this equipment is in NSW where there is a solid pipeline of major infrastructure projects.

Small to mid-size used earthmoving equipment

As with the previous quarter the news is all good in the used small to mid-sized plant and equipment sector. The Slattery team has been achieving great results for small to medium sized equipment, particularly where there is a solid history of maintenance and servicing on the equipment being offered.

2007 John Deere 315 SJ 4X4 Backhoe Loader (2)The strongest market in the country is NSW with NSW based buyers travelling interstate to purchase to meet their needs. The supply of equipment based in NSW also continues to be lower than normal, which is pushing up prices. Recent sales of a 2014 JCB 3CX Backhoe and 2008 Cat 226B2 Skid Steer achieved over 80% of the retail value having been purchased by end users. Both of these assets will go straight to work in the booming construction sector in NSW.

Victoria has noted that the larger excavators, dump trucks and dozers (that is larger civil equipment) have proved challenging to generate interest over the past quarter. Local interest is very quiet due to the lack of major infrastructure occurring in the state with most of the buyer interest coming from interstate as well as internationally. The smaller excavators (<15 tonne) and rollers continue to be popular for use on smaller building and landscaping sites and have been achieving good results.  We recently sold a small Kubota excavator for 90% of retail value. These excavators are popular due to their versatility across different markets.

Our Qld office has had both good levels of supply and demand with buyers coming both locally and from NSW. D8 and D9 dozers are still selling well in Qld on the back of a thriving Agricultural Industry. We expect Qld to continue to have heightened levels of activity for the remainder of the year.

Our WA site recently offered some specialist exploration equipment used for underground surveying. The unique nature of the asset called for a very tailored marketing campaign and the equipment was successfully sold by EOI to a buyer in the United States.

AssetsHoursPrice Achieved% of RetailState
Mining & Earthmoving
2010 Hyundai 52 Tonne Excavator853$166,00080%QLD
2008 Manitou MT 1840 Telehandler3,106$55,00090%QLD
2008 Caterpillar 226B2 High Flow Skid Steer Loader2,440$100,00083%NSW
2014 JCB 3CX Eco Site Master Backhoe Loader477$81,00081%NSW
2002 Caterpillar 302.5 Excavator3,237$11,00075%VIC
2011 Kubota KX41-3 1.5T Excavator3,000$17,00090%VIC

Cranes

Key Point Summary
  • There are five main crane types that are prevalent in Australia.
  • To ensure safety and regulatory compliance, all cranes are required by law to undertake a 10 yearly certification.
  • The largest single factor affecting the value of cranes is the remaining time left on its 10-year certification.
  • Slattery saw a huge response to a recent marketing campaign for a 200T crane that was offered in Queensland. The exceptional result was above expectations.

As per previous reports, we are featuring a one off insight into a particular specialised category of equipment. Over the past 12 months, Slattery Asset Advisory and Slattery Auctions and Valuations has been advising and selling a large number of mobile cranes.

The basics you need to know

There are five main crane types that are prevalent in Australia, which can be categorised into: Tower Crane (Luffing, Flat Top, Hammerhead and Saddle), Mobile Crane, All Terrain Crane, Crawler, and Pick and Carry (i.e. Franna Crane). Each crane has a certain application, variables and its own characteristics for use and application.

1. Tower Cranes

Tower Cranes are generally limited to use in civil construction of residential and commercial buildings and can be easily identified in all CBD’s around Australia. The application of these cranes is dependent on the height of the building, confines of the allotment, and have to take in consideration flight paths. When a reference is made to the health of the economy being the Cranes on the horizon, it is generally in reference to tower cranes.

2. Mobile Cranes

Mobile cranes are the most popular and common type of crane. In general, they consist of a telescopic boom mounted on a mobile platform. This can be on a truck, or as most commonly evidenced, a lower platform.  The greater the lifting capacity of mobile cranes the greater requirement there is for counter weights in order to operate.  This generally increases the cost to operate the unit as multiple support vehicles are required to set up and relocate the complete unit.

3. All Terrain Cranes

Grove CraneAll Terrain cranes are equipped to travel on normal roads, in addition to being able to travel off road with a higher wheel base and most common on construction and mining sites. These cranes generally have a telescopic boom and hydraulic outriggers to stabilise the platform before a lift.

4. Crawler Crane

Crawler cranes are generally identified as having a tracked base similar to an excavator, and are disassembled for transport and assembled on site.

5. Pick and Carry Crane

Pick and Carry Cranes are easily identified as being mobile, and generally able to lift loads no greater than 25 tonnes. A lift with a load greater than this is usually performed by a mobile crane or all terrain Crane. The smaller capacity pick and carry cranes have declined in popularity in recent years.

Regulatory environment

To ensure safety and regulatory compliance, all cranes are required by law to undertake a 10 yearly certification. This involves a detailed inspection of the unit to ensure no cracks are present, and all timed components are replaced. In addition to this, owners and operates can opt into a CraneSafe assessment program. This program is voluntary, however as crane owners and users have a duty of care obligation under individual State OH&S (Plant) Regulations to ensure that their cranes are in a safe condition for operation, many crane operators have taken up this initiative.

It is important to note that not all cranes or lifting equipment are recertified for another 10 year period. The load rating can also be varied post inspection with a new load rating (lower) attributed to the particular crane.

Factors affecting values

The largest single factor affecting the value of cranes is the remaining time left on its 10-year certification. The closer the due date for re-certification, the sharper the decline in value of the crane. Another factor affecting value is the Australian Dollar. With a weak Australian dollar, new prices of imported machines are higher. We have seen an influx of offshore cranes enter the Australian market when the AUD have been close to or above parity.  These imported units need to be certified to Australian standards prior to operating in the local market.

Crane
The largest single factor affecting the value of cranes is the remaining time left on its 10-year certification.

Recent sales activity

The Slattery Asset Advisory team has ben advising on a large number of cranes fleets over the previous 18 months. There has been a spike in advice on mobile crane fleets in particular as many operators who previously serviced the mining sector have experienced a significant reduction in their workloads.

Over the previous quarter, we have seen a number of cranes being offered for sale into the market, and in particular Queensland. A recent sale by the Slattery Auctions team in Queensland of a large 200 tonne 2013 Liebherr LTM 1200-5.1 crane had a huge response to our marketing campaign, which saw the Slattery team revise their valuation upwards ahead of the sale. The sale ultimately achieving close to retail value of the crane.

Demand for mobile cranes is largely being driven from the south eastern states which are continuing to experience strong activity in the construction sector. Late model European manufactured cranes tend to be the most popular mobile cranes, however Chinese and Japanese built cranes have produced relatively good results at recent auctions as well. Chinese-made cranes are not as popular on the second-hand market as they have a lower entry level cost than European-built units and perceived quality issues.

 

Road transport

Key Point Summary
  • New heavy duty truck sales have been mixed in the second quarter of 2016.
  • Some dealers have reported low stock levels which has driven competition & prices for well maintained units
  • Fleet sell downs have occurred due to distressed factors or a need to realise underutilized assets.
  • Used heavy duty truck sales have seen significant fluctuations in values
  • NSW has seen an increase in demand for lower rated prime movers and good quality tipper trucks
  • We continue to have a strong demand and achieve solid prices for medium duty trucks, especially Japanese medium rigid trucks.

New truck sales

The new truck sales figures in Australia saw a slight pick-up in March to round out the first quarter however it appears new truck sales slumped again in the second quarter of 2016.

Year to date sales figures have Kenworth, as usual, as the market leader in the heavy duty sector with around 23% of market share and Volvo not far behind on approximately 15%. The interesting aspect to note is the break-up by state, which has SA up 11%, Victoria up 5%, and NSW fairly steady with only a 1% increase. Poorer performers were Qld, down by 4% and WA, which is down dramatically by 30%.

In the medium duty sector new sales are up 5% year to date. Isuzu continues to dominate the sector and increased its market share to 42% year to date stamping its mark as the most popular make in the country. Hino is again close behind at 29%. Notably, South Australia saw an increase in sales of 27% whilst NSW had a solid increase of 12% and QLD 10% increase in sales.

The light duty sector (3.5 tonne – 8 tonne) was up 11% year to date with Isuzu again commanding a strong market share of around 40%. Followed by Fuso on 21% and Hino on 20%.

Kenworth C509
Year to date sales figures have Kenworth, as usual, as the market leader in the heavy duty sector with around 23% of market share.

Used truck sales – Heavy duty

The past quarter has seen some unusual activity across our premises with lower volumes and significant fluctuations in values. Our NSW and VIC premises in particular have seen unusually low volumes whilst Qld and WA have both offered a good volume of heavy duty trucks.

The price volatility we witnessed can be put down to a number of factors including the uncertainty at the beginning of the quarter arising out of the road safety remuneration tribunal, as noted in our previous quarterly report. There was also the placement of a large package of late model quality trucks on the market in Qld by a private vendor, which we believe spooked some buyers into concerns around market demand.

Our Newcastle premises offered a 2015 Western Star 6900FX (140 tonne rated) in our April truck and machinery and it did not receive any interest above $100,000 with buyers holding off to watch the result of the Qld auction and reassess the market. Confidence returned quickly however with Slattery’s Newcastle team stepping up their efforts to achieve a sale in May of $170,000, which we believed to be the true value of the truck. In these circumstances it is important our team back their expertise and advise against a quick sale and pursue the true value of an asset on behalf of our clients.

Market feedback we have received in NSW has been an increase in demand for lower rated prime movers (90 tonne GCM and below) and good quality tipper trucks. Lighter specification prime movers are generally still selling well around the country.

2015 Western Star 6900FX
90 tonne GCM

Those assets that can be used to service the agri sector have also been performing very well due to better conditions in regional NSW. Both WA and Qld have also reported stronger buying activity from agri operators who are upgrading their fleet. Agri operators traditionally lean towards only buying the North American makes with big bunks and spring suspension

WA and Qld has seen the high volumes of heavy specification prime movers on the market continue, tilting the supply/demand equation to result in a more challenging sales environment for heavier prime movers. Smart buyers from the east coast are attuned to the sales conditions and have continued to make up the bulk of purchases. It is always important to remember however that many of the tri-axle prime movers used in WA are not able to legally operate in any other states other than WA, NT and Qld limiting the market for these assets.

An interesting development over the past quarter has been the rapid depletion of stock held by dealers on the east coast. Whereas truck dealers started the year with a surplus of stock resulting in them holding off purchases at auction, many dealers have had a drop in trade-in stock, which has left them short of stock. This has increased competition among dealers with one dealer paying 88% of the retail price for a late-model Mid-size UD Table Top. We expect this will result in stronger prices for road transport assets over the coming months in the eastern states.

Medium and lighter duty trucks

2008 Nissan UD PKC37A TT with 7.4m Tray & 2012 Mitsubishi Fuso Fighter T...The popularity of medium-duty trucks has not changed with demand and strong prices continuing over the past quarter. Similar to the trends in new truck sales, the Japanese manufactured trucks dominate the secondary market.

 

Trailers

Trailers have continued with mixed results depending on the purpose of the trailer itself. Our NSW team has reported very strong results for curtain siders out of our Newcastle premises achieving results of approximately 90% of the retail value. There has also be steady demand for good quality, late model step deck and flat top trailers across the east coast with each of our premises in Vic, NSW and Qld reporting good sales results.

In our previous report we commented on the state of side tippers with the WA Slattery team achieving the best results in the country for the year to date. We have continued to see a steady volume of side tippers hit the market in the past quarter however prices have held up well compared to the results being achieved pre-April. Our May auction in Perth saw results for tippers and dollys at above retail value. These positive results have not however carried over to Qld with our Brisbane premises reporting subdued sales conditions for side tippers.

The demand for platform trailers (that is trailers used predominantly in heavy haulage i.e. large earthmoving equipment) has continued to decline having a significant impact on values around the country. With very little heavy yellow gear moving around the need for the platform trailers has all but diminished. Our Brisbane office has reported that some major operators have sold some of their specialised trailers well below market value. Some older operational 7 x 8 platforms changed hands in the previous 2 quarters for between $120,000 and $180,000.  Traditionally sales of platforms were rare and always achieved in excess of $400,000.

AssetsKilometresPrice Achieved% of RetailState
Road Transport
2014 Kenworth C509 Prime Mover379,421$196,00080%QLD
2012 Mack Superliner280,765$125,000100%QLD
2012 Haulmark Drop Deck Trailer-$68,000100%QLD
2008 Nissan UD PKC37A Table Top263,998$52,50088%NSW
2009 Isuzu NQR450 MED Table Top169,084$33,25083%NSW
2011 Panton Hill Single Axle Tag Curtainsider-$19,00095%NSW
2004 Hino FM EWP94,630$97,50095%VIC
2011 Kenworth T609 Day Cab838,332$125,00084%VIC
2010 Mitsubishi FN64 Tilt276,000$107,00080%VIC
2015 Western Star Prime Mover223,377$162,37590%WA
2013 Jamieson Boomer End Tipper28,901$54,12590%WA
2014 Mick Murray Welding Side Tipper Trailer46,723$62,785105%WA

Agriculture & Forestry

Agriculture

Plant and equipment used in the agricultural sector has sold particularly well well over the previous quarter off the back of improved seasonal conditions within the rural sector around the country. Volumes of agri assets through auction however continue to be lower than previous years.

NSW has had a very strong cropping season with good rains, which should give producers a strong result at the end of the year. As always, when there is a positive outlook for crops rain, the farming sector looks to spend money on updating their assets.

Our Newcastle auction offered a 2007 Massey Ferguson 5445 tractor with a front end loader in the past quarter. This was a council asset that had spent its life as a beach tractor, which always results in a lot of rust. Expectations were not overly high for this tractor given the large scale rust. Despite this, an end user was still willing to pay a whopping 88% of retail value for this asset. He later stated that he got caught up in the auction dynamic and paid much more than he had planned.

While the majority of the agricultural industry is in a strong position, the poor state of the dairy sector has been made widely known by national media. Dairy Australia reported an extremely challenging season during April and May as price cuts were announced for farmers in export-focused regions. The impact of these price cuts will continue to unfold over the next few months.

 

2007 Massey Ferguson 5445 Tractor with FEL 1
Plant and equipment used in the agricultural sector has sold particularly well well over the previous quarter.

Forestry equipment

NSW saw three forestry assets offered in Q2 2016, with all assets making over 85% of their retail value. Assets varied from a mulcher, forwarder and tractor. All three assets were popular during the auction process with good competition displayed between end users and local dealers.  In the end all three assets were purchased by end users.

Whilst the prices achieved in this sector have been very volatile in recent times we have achieved some pleasing results via our strategic marketing and sale methodologies.

A dealer recently placed a 2011 Fecon FTX148-L Track Mulcher to sell through auction. The dealer had been advertising the unit for sale at a retail price of $100,000, however had generated little response. Another auction house had also recently sold a comparable mulcher for $58,000 however Slattery Auctions achieved a result of $100,000.

It was also refreshing to know that the key buyers that were bidding on the asset had all heard of the asset through our targeted marketing strategies but hadn’t heard of the same/similar mulchers that had been previously into the market.

2011 Fecon FTX148-L Track Mulcher
2014 Komptech Crambo 6200D Shredder

In May our WA site offered a 2014 Komptech Crambo 6200D Shredder by EOI. The machine’s primary use is for mulching trees, but it is also able to process materials as heavy as railway sleepers. At the end of a successful three week EOI campaign, we sold the asset back into the WA marketplace for 111% of retail value.

AssetsHoursPrice Achieved% of RetailState
Agriculture & Forestry
1995 Same 140 HP Tractor5,316$24,00090%QLD
1998 Daedong 75HP Tractor915$16,50080%QLD
2011 Fecon FTX148-L Track Mulcher5,734$100,000100%NSW
2004 Tonbo TF820-E Forwarder18,594$47,00085%NSW
2007 Massey Ferguson 5445 Tractor (ex-beach tractor with rust)5,808$39,50088%NSW
2014 Case Maxxum 120CVT Tractor291$81,00088%VIC
2012 John Deere 6230 Tractor1,015$52,00090%VIC
2014 Komptech Crambo 6200D Shredder194$497,950111%WA

Motor Vehicles

Key Point Summary
  • New car sales increased 3.5% year on year.
  • We have seen an increase in volumes of cars over the past 3 months.
  • Strong used-car sale results were achieved Australia wide, despite a weak WA car market.
  • The Toyota Hilux and Ford Ranger continue to compete with each other and receive outstanding results at auction.
  • Our Brisbane site now hold weekly car auctions due to an increase in stock.

New vehicle market

There does not appear to be any signs of struggle in the new car sector with the industry reporting the best first half result in new car sales since sales volumes have been recorded. The increase of 3.5% on the year prior dents the theory the elections dampen consumer purchasing decisions with April, May and June all setting new monthly records.

SUVs again appear to be the darling of the sector with market share for SUVs increasing again. Small SUVs experienced the greatest growth with a jump of 18% on June last year.

White Land Rover Discovery
SUVs again appear to be the darling of the sector with market share for SUVs increasing again.

Secondary vehicle market

The second quarter of 2016 saw strong sales around the country and in particular our Sydney vehicle auctions. Whilst the health of the car market in WA is not strong, our Perth auctions have continued to generate good results in the context of the health of the market. This is due to the focus of our Perth team to garner interest from our east coast buyer base.

There is often a spike in sales leading into the end of financial year as dealers look to claim back the GST component of their purchases to reduce their tax burden.

Our Sydney vehicle auctions has also seen an increase in premium vehicles, such as sports saloons, prestige sports cars and European four wheel drives. Average price on these vehicle are just above $50,000. A recent sale of a 2013 Range Rover Evoque Wagon recently achieving 88% of retail value.

We have also seen a sharp increase in Harley Davidson sales. Harleys always generate strong results at auction.

Due to an increased number of vehicles our QLD office is now undertaking weekly car auctions.  Our QLD office reported feedback from the market indicating that buyers are seeking economy over speed and power, with preferences towards small Turbo Diesel SUVs and resistance over traditional six cylinder sedans. In addition to SUV’s we have seen utes & wagons attract a lot of attention at auction.  The traditional choices of Toyota Hilux’s and Landcruiser’s are continuing to go from strength to strength particularly for tradies and other commercial applications.

The Ford Ranger continues to be a standout in the light commercial segmet. A recent sale of a 2014 Ford Ranger Wildtrack crew cab utility 6sp manual sold for $43,500 representing 89% of retail value. Rival Toyota is continuing to hold their value and be a customer favourite in the light commercial space, with Toyota Hilux’s being sold around Australia at up to 100% of retail value.

AssetsKilometresPrice Achieved% of RetailState
Motor Vehicles
2015 Toyota Landcruiser GXL Wagon7,952$71,00090%QLD
2012 Toyota Hilux SR Extra Cab48,216$32,000100%QLD
2014 Ford Ranger Wildtrack Crew Cab Utility43,980$43,50089%NSW
2013 Toyota Hilux SR577,000$41,00095%NSW
2013 Range Rover Evoque Pure Wagon81,870$42,25088%NSW
2011 VW GOLF GTD48,612$21,00084%VIC
2010 BMW X659,000$51,00082%VIC
2013 Jaguar E Type S Convertible9,012$102,25093%WA
2012 Harley Davidson Soft Tail Motorcycle5,509$18,55093%WA
Scott Willis

Staff Profile

Scott Willis

Auction Manager, WA

Scott is based in our Perth, Western Australia branch and is responsible for organising financially successful and well-attended auctions. He has over 10 years’ experience working in the auction industry, and is a passionate auctioneer. He’s also an experienced operations and account manager.

Scott has a proven track record in customer service, sales, staff management and logistics. He prides himself in maintaining strong relationships with all Slattery clients.

Scott answers a few important questions below:

What sets Slattery’s apart?

“Slattery is a true family business. The owners/directors are very hands on and always approachable, which ensures the business is acting in the client’s best interests.”

What are you aiming to achieve in the next year?

“Within the next year I hope to make Slattery Auctions one of the leading auction houses in WA. Vendors will seek Slattery’s out as a trusted advisor, and buyers will come to our auction because we lead the way with our service and offerings.”

What aspect do you love most about auctions?

“I believe auctioneering is the best way of achieving a result. Buyers enjoy the energy that is an auction, sellers rely on the expertise of the auctioneer to achieve the best result for them, and I personally enjoy the atmosphere of auction day!”