VIEWS: 21 PAGES: 11 POSTED ON: 2/26/2012
ASC ABOUT US Our Founders * Picture of Michael Ainsworth Michael Ainsworth has successfully owned and operated Majestic Motors, a used automotive dealer with locations in and around Baltimore, for 15 years. ASC benefits from his 35 years experience in all aspects of the automotive industry including; extensive knowledge of automotive financing, vehicle reconditioning, wholesale and retail sales and purchases, and vehicle value assessments. Mike currently resides in Joppa, Maryland with his wife, Donna. Picture of Richard Ainsworth Rick Ainsworth owns and operates three assisted-living facilities in Southern Maryland. Rick is a seasoned expert in the areas of accounting, personnel management, human resources and finance. Rick is the brother of Mike Ainsworth and resides in Reisterstown, Maryland with his wife, Helen, and their daughter, Chris. Picture of A. Nelson Gilmer, Jr. Nelson Gilmer currently owns and operates the ASC facility in Aberdeen, Maryland. In addition to his numerous years in the warehousing and transportation industry, Nelson successfully owned and operated a national data processing company. His extensive experience in the auction business serves ASC well in our goal to support the critical missions of charitable organizations. Nelson resides in Bel Air, Maryland with his wife, Karen and their two daughters, Carrie and Crystal. All of the ASC owners strive to demonstrate the highest degree of integrity, empathy, understanding, and devotion in our work and daily lives. Our Location Picture of facility The Auction Services Company, LLC (ASC) is located along US Route 40 just south of Aberdeen in Harford County, Maryland. The facility is situated between exits 80 and 85 off Interstate 95 and is approximately 1.5 miles from the main entrance into Aberdeen Proving Ground (APG). (See Map) Aberdeen, Maryland is centrally located between Washington, DC, Baltimore and Annapolis, Maryland to the south, and Wilmington, Delaware, York, Philadelphia, and West Chester, Pennsylvania, and southern New Jersey to the north. ASC FACILITIES Our Facilities ASC maintains 7 buildings comprised of nearly 100,000 square feet of floor space situated on 11 acres of land. Our ample space provides generous parking and permits ASC to provide a wide assortment of services in support of our client base and the general public. You will find a complete diagnostic and repair facility certified as a Maryland vehicle inspection station, several auction buildings, and an enclosed lot for property donations and private consignment parking. These facilities are protected by sophisticated, electronic security systems permitting those with security clearances and access codes to view all activities remotely, over the internet. In addition, during the coming months, ASC will begin its own internal transformation through the addition of other products and services including; household items, antiques, and a unique consignment shop – in support of our charitable clients and the general public. It is anticipated that these new additions, along with the products and services already available, will greatly support individuals and families during the current economic climate. (Go to products & Services) Our Auction Facility Picture of Auction Facility – Inside View The ASC auction building has been designed to service both the Clients requirements and the Public as well. The facility is secured with sophisticated, electronic equipment and cameras that record all activity during on and off hours and permit both management and clients the opportunity to view live auctions, any time from any location. The facilities provide a comfortable setting to enjoy the auction experience. All auctions are conducted inside the facility and therefore auctions are held weekly, rain or shine. Our Repair Facility Picture of facility At the ASC repair facility, the general Public and ASC Charitable Clients receive professional mechanical repair work on automobiles, boats, camper trailers, motor homes, motorcycles, truck tractors and trailers, and a variety of other transportation units. Repair cost assessments are provided to all clients prior to work commencement. Our repair facility allows us to provide a value-added service to Donors, charities and the public during these difficult economic times. With repairs made to donated property, Donors receive greater tax deductions, charities receive more revenue per donated item and the public receives professional repair work at a discounted price. Since the facility will be an approved Maryland Inspection Station (also operated separate entity), ASC can support clients seeking required state license plates, and other mechanical repair work in the state of Maryland. ASC CLIENTS Our Clients ASC provides services to a wide and diverse group of clients. Following is a partial listing of our clients by category. If you do not fall into a category below, please contact our customer service representative and discuss your specific interest. A. Charitable Organizations B. Automotive, Yacht, Boat Dealers C. Business and Public Consignments D. Banks E. Leasing Companies F. Insurance Companies G. Real Estate – Estate Sales, Residential and Commercial H. Brokers – All Types I. Business Excess Inventory ASC OTHER SERVICES Other Services Pickup and Delivery Services Picture of ASC Equipment Count on ASC for all of your pick up and delivery service needs. We maintain all of our own equipment so that we don’t have to rely on outside companies to provide our services. Acting as an autonomous entity, ASC provides service to individuals with stranded vehicles. In order to secure and liquidate repossessed assets, we also provide our pickup and delivery services to banks, leasing companies, law enforcement agencies, and others. Financing ASC may provide or help Buyers secure financing for property purchases made at the ASC site. In today’s economic climate, this feature is a true benefit to both Donors and charitable organizations. Oftentimes, would be purchasers do not or cannot make purchases due to the lack of available funds or because credit is not available. ASC has funding sources available to clients requiring financing. Our available financing increases the quantity of purchasers for property donations and assists individuals and families in need to purchase necessities otherwise not available to them. ASC DONORS Do you know how much you can save in tax deductions when you make a charitable donation? Donors and Property Donations Donors Why Americans Donate? Each year the citizens of the United States prove themselves to be more charitable than any other country in the world. Whether the need is in a foreign land or within our own boarders, Americans have been consistent in their generosity and support of worthwhile causes. Through their gifts of cash, volunteering or property donations that can be liquidated, the American people are supporting charitable missions every day. ASC believes that this generosity is one of the hallmarks of the American citizen. Individuals donate for a variety of personal and professional reasons. However, regardless of their primary motivation, most derive personal satisfaction in knowing that they have done something worthwhile that truly benefited another person or charitable organization. Tax Deductions The government of the United States encourages its citizens to donate to worthy, charitable causes. The Internal Revenue Service (IRS) allows Donors of property to take advantage of tax deductions for their charitable giving. These deductions make charitable donations comparable in savings to the outright sale of property. DONATING IS GOOD FOR YOUR WALLET AND YOUR SOUL. How is the tax deduction calculated? Currently, Donors are permitted a tax deduction equal to THE SELLING PRICE of the donated property. The typical procedure for liquidating donated property amounts to picking up the property and selling it as quickly as possible in an “AS IS” condition. This liquidation approach results in LOWER SALE PROCEEDS and CORRESPONDING TAX DEDUCTIONS for Donors. Unlike our competitors, ASC’s repair shop is able to make significant improvements to the donated property which allows it to sell at a greater price. The Donor will then receive a tax deduction equal to the greater selling price. THERE IS NO COST TO THE DONOR FOR ANY IMPROVEMENTS MADE BY ASC TO THE DONATED PROPERTY. ASC will provide the Donor with a detailed listing of improvements made by ASC and the related cost which should be attached to the tax receipt (IRS form 1098-C) and both should be included on the Donors tax return when claiming deductions. To assist the Donor, ASC will mail one (1) copy of the repair listing to the IRS, and two (2) copies to the Donor as soon as the property is liquidated. Claiming tax deductions can be confusing. ASC removes some of the burden and provides help with filing the deduction, but we recommend contacting your tax specialist to ensure that you are in compliance with all rules and regulations. Why do Charitable Organizations and their Donors use ASC? ASC strives to achieve the maximum financial result for each property donated to benefit the Charitable Organization and the Donor. When ASC repairs or refurbishes donated property, the selling price increases resulting in greater tax deductions and charitable revenue. When we believe that improvements will result in a higher selling price, we invest OUR OWN CAPITAL to make it happen. ASC never asks the Donor or Charity to pay for improvements, which is why our services are so valuable. The typical liquidator’s “AS IS’ mentality for auctioning donated property results in significantly less revenue to charities and tax deductions for Donors. WHY? Simply because these organizations DO NOT INVEST in IMPROVEMENTS to the donated property. Charities and Donors who don’t use ASC could be loosing valuable revenue and tax deductions. In today’s economic climate, it is imperative for both Donors and Charities to choose their liquidator carefully. Partial Cash Payment – Bargain Sale Afraid to donate high-yield items because you think you will miss out on money from the sale? Consider a ‘Bargain Sale’ and earn cash while making a difference for a charitable organization. For those Donors debating a high-value charitable gift versus a sale, ASC utilizes Partial Cash Payments. This approach allows Donors to receive some cash as well as the maximum legal tax deduction permitted. The IRS refers to the partial cash payment as a ‘Bargain Sale’ which permits the Donor’s gift to be treated partly as a donation and partly as a sale. The Donor is permitted a tax deduction equal to the difference between the cash payment and the charity’s proceeds from the sale. The ‘Bargain Sale’ approach is generally limited to higher valued donations such as; automobiles, yachts, boats, motor homes, and recreational vehicles, etc., whose value is at least $5,000. ASC cares so much about the success of our charitable clients that we utilize our own capital as the ‘cash payment’ to encourage Donors to gift higher valued property. The ‘Bargain Sale’ produces higher revenue for charitable groups from a high-valued donation and allows both cash and a tax deduction for Donors. I want to donate, but deliver is such a hassle. We are grateful for your donations and want to make the process as easy as possible for our clients. ASC provides Donors with free pick up and transportation services to the ASC facilities. Additionally, we provide both Donors and Charities with free storage of their property donations in our secure lot. ASC CHARITIES ASC ‘always’ goes the extra mile to maximize the value obtained from liquidated property. ASC also ensures the charity and the donor of full compliance with all state and (IRS) Federal requirements and laws by providing all required paperwork including transfer of certificates of title, deeds of trust, tax receipts, etc. Charitable Organizations Charitable Organizations (501 C 3) provide a variety of critical services and assistance to a large population of people throughout the United States. These organizations have always counted on charitable contributions to continue their important work. In today’s economic climate; spiraling government deficits, diminished real estate values, high rates of unemployment, collapsing retirement accounts, the devaluation of the dollar, economic uncertainty places additional financial strain on charitable contributions. With so many Americans struggling to make ends meet, charitable income is lessening and their services dwindling. The potential consequence for charitable organizations is obvious – critical missions will be affected, and some may be forced to close or dramatically reduce the level of assistance they can provide. As thousands of charities compete for fewer available donations, each opportunity to generate charitable income must be maximized. ASC works diligently to assist charitable organizations in continuing their critical missions. By enabling Donors to give property rather than dollars, ASC is contributing to the continued success of notable charities despite the tightening of consumer wallets. Charities with Existing Property Donation Programs Some charities have had property donation programs in place for years, but our research demonstrates that the majority of these programs are not maximizing revenue. These ‘typical’ programs liquidate donated property by sale at auction in the ‘AS IS’ condition. Most often, the providers of this service do not invest in the donated property or make any effort to increase the sale proceeds for the charity. In these instances, property is picked up and sold as quickly as possible. ASC wants to REPLACE these programs with our unique value-added repair service and INCREASE your CHARITABLE REVENUE. Charities Without Property Donation Programs ASC will assist with charities in establishing a property donation program to help increase income. The ASC program is easy to implement and does not require additional personnel or investment. ASC primarily acts as an arm of the charity to manage the program on behalf of the organization. We only ask that the program be promoted through announcements in monthly newsletters and direct mail, public relations opportunities, and on the charity web site thus linking potential property Donors to the ASC site. Expanded Donor Opportunities ASC provides liquidation services for a variety of property including, but not limited to; automobiles, boats, jet skies, motor homes, campers and trailers, construction equipment, motorcycles, etc. Additionally, ASC liquidates real estate and other high-value items including collectibles. Developing relationships with banks, leasing companies and affluent individuals is one example of how ASC works for our charitable clients to generate higher valued donations. Providing liquidation services for a large variety of products is yet another way that ASC increases your potential for charitable income. Significant Property Improvements and The Bargain Sale ASC makes significant improvements to donated property whenever our assessment determines that it will increase revenue for the charity client. These improvements include property refurbishing, body and paint work, engine and transmission overhauls/repairs, etc. ASC provides the capital necessary to make these improvements and therefore DOES NOT REQUIRE THE CHARITY TO ADVANCE ANY FUNDS. To encourage high-value property donations, ASC makes cash advances to owners. This service is provided under the IRS provision known as the Bargain Sale, which permits Donors to receive some cash along with the maximum allowable tax deduction.Like property improvements, ASC does not require the charity to contribute to this service. Comparison of proceeds generated by type of sale Typical liquidation of property ASC property liquidation after repairs Auto at auction………………$ 500.00 Auto at retail…………. $ 1,500.00 Less: Towing ……… $ 100.00 Less: Towing … $ 100.00 Detailing……… 00.00 Detailing 55.00 Replace fuel pump 00.00 Fuel pump 160.00 Labor cost 00.00 Labor cost 60.00 Administration fee 15.00 Admin fee 15.00 Auction cost 100.00 Auction 100.00 Total expenses - $ 215.00 Total expenses - $ 490.00 Gross proceeds $ 285.00 Gross proceeds $ 1,010.00 Proceeds to Charity (split) $ 142.50 Proceeds to Charity (split) $505.00 Financing Our available financing increases the quantity of purchasers for property donations. To find out more about financing opportunities, click here. Insurance and Contract ASC provides client charities and their Board of Directors with exceptional comprehensive liability insurance. The contract establishes an ‘Agency Relationship’ between ASC and the Charity so that the IRS will permit tax deductions for Donors. The contract contains a provision permitting the Charity to terminate the contract without cause at any time. Advertising ASC provides advertising for the benefit of our charitable clients at no charge. We utilize a variety of print media such as; phone directories, newspapers, direct mail, public relations and the Internet. Over half of all donated property originates directly from our advertising. Database Access All ASC charity clients have 24/7 online access to the ASC database that contains all pertinent information on the charity and the donated property. Designated individuals will be given password-protected access in order to track the status of donations throughout the liquidation process. Some of the data included is listed below: client inventory property donor information liquidation stage (property in route, repair shop, retail lot, scheduled for auction (date) proceeds generated by unit sale amount scheduled for transfer to the charity transfer date Payments to Charities Charitable organizations can track the liquidation process of their donated property by accessing the information through our online database. ASC prepares and forwards all payments twice monthly. This method ensures that the charity will receive their sale proceeds (mail or electronic transfer) consistently and on a standard schedule. Charities will know in advance the amount being transferred during any given payment period. ASC DEALERS Are you an automotive dealer looking to liquidate your wholesale inventory? Do your vehicles need repair services or detailing for a high-yield return? Let ASC pick up your vehicles and help you earn more at auction! Automotive Dealers Wholesale Auctions ASC conducts weekly automotive wholesale auctions for Dealers. ASC charges lower auction fees and provides more services than competing liquidators. We provide vehicle pick up and delivery, repair services, and detailing. With lower cost to you and more services available, we believe that you will increase your profits with ASC. Retail Auctions ASC conducts weekly retail auctions for Dealers and the Public. In addition to the services described above, ASC can provide an assessment of recommended repairs and the related costs for servicing required for vehicles to pass Maryland State inspection. Since ASC has large buying crowds at their auctions our Dealers can expect greater sales opportunities. ASC PUBLIC Ready to avoid the hassle of property sales? Take advantage of public consignments with ASC! Public Consignments Public Auction Consignments ASC accepts property consignments from individuals and businesses who want to sell their property at public auction. The property may be sold without any conditions or may have sale stipulations. All sale stipulations are announced to bidders before the property is offered for sale. ASC earns its income by charging a small fee to both the Buyer and the Seller. Consigning property to ASC for sale at public auction may offer the Seller a better alternative than a private sale. Seller’s can avoid the time, hassle and cost associated with advertising and price haggling by using ASC. ASC maintains a database of all types of property for sale. If you are an individual or business looking to make a specific property purchase, fill out the form provided and ASC will promptly respond when we can fill your request. Sometimes it is more beneficial for the Seller to ‘donate their property to a charitable cause’ than it is for them to use consignment services. ASC will provide public clients with a clear understanding of possible tax advantages they would enjoy should the property be donated to charity instead of being sold outright.