When dealing with heavy industrial equipment, auctions tend to be the fastest, most secure and economic way to both buy and sell. Attending one of these events can be indeed be quite an experience, since it can be fast, busy and sometimes confusing due to the pace at which numbers fly. It is certainly possible to make mistakes at an auction, so the best way to make it home with the intended item and nothing else is to be auction-savvy ahead of time.
Before the Sale
Before the auction begins, there is a lot of research that needs to be done. Since purchasing any type of heavy equipment means spending a significant amount of money, it is essential to know exactly what unit is needed, even down to the model number if there are significant differences in available models.
When learning about any equipment, look into its current value, general sales prices and how similar units are doing at the auction. It will then be evident when bidding has increased beyond the going price, or when bids are low and something is likely to sell for a reasonable discount. Financing should also be worked out ahead of time to avoid any post-sale delays in getting final paperwork done and paying for a unit.
As far as the auction company itself, buyers should research various companies to be sure of their reputation and be able to understand their policies. Knowing about the fine print relating warranties, guarantees, titles and other such important items is very important.
During the Sale
If the sale is on site, showing up early to allow plenty of time to thoroughly inspect any prospective unit is essential. Seeing firsthand what is up for bid will allow for obtaining an overall impression of the equipment. For online sales, be sure there are satisfactory photos and a detailed profile of the item being offered; if there are not, contact the auction company and ask for such information.
For anyone inexperienced at bidding, it may be a good idea to use the services of an agent or buyer's representative to handle this sales venue to inquire about bidding limits and any other necessary details that would hopefully result in a successful result. The benefit of working with an experienced bidder is not only learn the jargon and successful strategies of succeeding at such an event. Then it would allow a new buyer to watch, listen and learn about the process to be used at another similar setting.
After the Sale
If bidding is successful and a unit is won, it is time to head to the sale's office to make payment. The final details should go quickly and smoothly provided one is properly prepared with the proper financing. Take care of any final paperwork such as title transfers and other necessities first; then the vehicle should be inspected again. If anything is discovered that was not stated before or during the event as well as any questions or concerns, it should be brought to the attention of the auction company prior to transporting the equipment from the sale. Most reputable companies have policies on how to deal with discrepancies such as this, so reporting the issues as soon as possible is important.
Once everything has been finalized and any problems resolved, it is time to arrange for the unit to be transported from the site as soon as possible. Some auction companies charge a daily rate for equipment to sit before being transported. In addition, getting a unit on the road immediately reduces the chance of anything happening to it while idle.
Hopefully, by the time a winning item makes its way back to the buyer's home base, any bumps along the way will have been ironed out and the auction experience will have been a good one. Keeping informed to avoid any unnecessary surprises are important words of advice to ensure that this is exactly what happens!