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General Information on the Procedures of the Knox Silent Auction:
All steers will have a floor price and there is a clip board for each
steer with the floor price for that steer.
When the sale starts at 1 pm Mr. Knox will close out each steer
individually in the first pen. Then after all the steers are closed out in
pen one, Mr. Knox will move to pen two and close out each steer and
continue throught pen five.
"Close out" means he asks for any more bids on a steer, if someone wants
to bid they come up to the clip board and write down their name and price
and this process continues till no one bids against another person, thus
the last bidder would get the steer.
After Mr. Knox leaves a pen and goes to another pen and someone wants to
buy a steer at the floor price from a pen that has already closed out,
they may do so. The buyer needs to sign his name and write down the floor
price on the clip board and take the paper work on that steer to the
office.
After the first pen is closed and other pens close the office is open for
business for buyers to go settle on their purchases. All purchases are
paid for the Day of the Sale and buyer obtains a Load Out paper in the
office along with their receipt of purchase.
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