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Teipel Sold On The Auction Business | Entrepreneurs | Midweek.com

Teipel Sold On The Auction Business

Linda Dela Cruz
Wednesday - November 19, 2008
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Joe Teipel

In the auction business, a good turnout of bidders can result in the sellers getting true market value for their assets even if they are old, used or collectibles. Joe Teipel, CEO of Auction Action, specializes in auctions.

He assesses whether an auction would be appropriate. If it is, he and his crew prepare the auction. They organize, tag, catalogue and advertise the auction. “The bidders are often looking for a bargain,” reveals Teipel.

He conducts the auction, collects money, helps buyers get their items and gives proceeds of the sale to the client.

There are many reasons a business may want to have an auction.

“Sometimes the business owner would prefer to travel the world and follow other interests instead of operating the business,” Teipel explains. Perhaps the company is doing a renovation and they want to get cash for all of the furniture from the door-knobs to the cabinets and the windows. For real estate, he can do pre-foreclosure auctions and foreclosure auctions.


 

“This is a one-shot sale, winner take all, no retake kind of event,” adds Teipel. “It’s not like a retail store where you keep trying tomorrow or the next day. If you don’t hit the bull’s-eye, hopefully you hit the target.”

There are also the charity benefit auctions for schools, churches, and nonprofit organizations. “It’s a reward to see people’s generosity,” notes Teipel. “I help them learn about the art and science to get the maximum return.”

Teipel, who attended Iolani and Mid-Pacific Institute, started Surf News Network in 1976, which provided surf reports for local media until he sold it in 2000 to Gary Kewley, who authors the MidWeek column Surf News.

Teipel’s deep voice emcees many events, including endurance races such as the Honolulu Marathon, Century Ride, Tinman and Rough Water Swim.

His auction career began in the 1980s when he was booked to do fashion auctions around town. The Western College of Auctioneering graduate especially acknowledges the support of his wife, Miho, who works in the company in many capacities, including auction administrator.


In one of his latest ventures, he was a co-founder of the Ocean Network channel 349 and a host of the television show Ocean Rush, which is an action-packed, high-adrenaline, extreme sports show.

“In the landscape of business, there is a thing called change.” explains Teipel. “You can’t stop it, and I don’t cause it. My goal is to create happiness and success for both buyer and seller.”

For more information, call 538-1961 or log onto joeteipel.com.

 

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