2017 Junior Livestock Auction Payment Process
May 15, 2017
In the past few years we have experience substantial growth in our Junior Livestock Auction. This growth has caused us to make a change after reviewing the average turnaround time from when buyer payments are received to when the payments are made to the exhibitors.
Historically, two-thirds of the sale payments are not received for up to 30 days following the sale and we have paid checks within 1 week. Thus, we have decided to withhold exhibitor payment for up to 30 days following the sale to allow buyer payments time to be collected. The committee sends out all unpaid invoices the day following the sale and follows weekly, sometimes daily for these payments. The terms of payments posted are 10 days, but many payments have been taking up to 30-60 days to collect from our buyers.
We understand this is a change to the current process but one necessary to continue to accommodate the 260+ sale exhibitors and $700,000 sale volumes we have experienced and expect will continue into the 2017 fair season. This decision was not made lightly as several fairs were consulted and resulted with the same process we are proposing currently in place. This is an industry standard for Junior Livestock Auctions and our size now warrants us to follow these procedures going forward.
Thank you for your understanding, we look forward to a fabulous 2017 Auction again this year.