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4. Firetec will receive payment in full for the apparatus. Our <br />commission would be subtracted, and the net profit sent via wire or <br />check to the city. No apparatus is to be released to any buyer until <br />payment in full has been received, It is the buyer's responsibility to <br />insure the vehicle prior to taking possession at the city's facility, and <br />the buyer is responsible for transportation back to their station. <br />5. The title for each vehicle shall be transferred directly from the city to <br />the buyer, Firetec will not be taking over ownership of the units at <br />any point. A copy of the title will be required prior to the sale of <br />each, so that the buyer may obtain insurance. <br />6. Firetec's normal commission is 10% of the final sales price of <br />apparatus, when we sell one-at-a-time for fire departments. We <br />propose a 5% rate for the City of Santa Ana, given there are <br />multiple units and only one brokerage firm will be utilized for the <br />liquidation of assets. There are no other fees. Firetec incurs the cost <br />for all promotion, as detaile a ove, and earns commission at the <br />time of sale of each piece. There are no hidden fees, taxes, or any <br />other costs associated with our service. We require access to a <br />person within the city, ideally the Fleet Department, who can <br />answer detailed questions about the apparatus, and arrange to <br />show the unit(s) to prospective buyers. We also ask for a contact <br />person, if different from above, who will determine the acceptance <br />of offers. If, in fact, the resale value of the apparatus is $1.5 million, <br />and it sells for that, the total fees due to Firetec would be $75,000, <br />While we understand that auctions charge a buyer fee, and it does <br />not seem like the city incurs a cost for this service, it is worth noting <br />that the resale price of apparatus is 30-60% of fair market value <br />when sold with this method. The city nets more when the units are <br />sold for fair market value through Firetec, even though the <br />commission is paid by the seller. Firetec does not charge buyer <br />fees, which is part of the reason we have so many buyers!