It is widely known that buying industrial equipment at an auction can be very beneficial in a number of ways. It is a fast and convenient way to obtain equipment at a reasonable price, which accounts for their growing popularity. In order derive the most benefit from purchasing machinery at this type of sales venue, something about the process should be known. There are many deals to be found; however, it is also possible for an inexperienced bidder to do something wrong without knowing what was done.
An important detail to know is exactly what type, model, etc. of equipment is needed. It is important to know exactly what is needed with the equipment, such as a certain brand or model as well as specific duties and special options. Anything less would amount to 'window shopping' and that is probably not a wise purchasing method at an auction. It is also a good idea to know what the current wholesale and retail prices are for the desired model, all of which can be searched online. This allows for a limit to be set as to what amount of money can be sent.
Terms of Sale
An important area with which to be familiar is the auction company itself and specifically, the terms of sale. Knowing the expectations of bidders, sellers and the auction itself can save a lot of valuable time and confusion. Be sure to ask any questions up front if anything is unclear, as it is fairly easy to lose money rather than get a bargain when unprepared or inexperienced in this particular sales venue.
Understanding available options such as time and location for inspecting any of the equipment before the sale is essential so that the opportunity to get a close-up look is not lost. Most information such as this can be found in the auction flier or catalog for that day, so it is important to have access to one, either hard copy or via the internet, well before the bidding event. Additionally, confirming things such as length of the auction, financing, problem resolution, buyer protection and handling of title issues is important. Find out whether bidders are required to pay a buyer's premium, as this may affect the amount offered for the item.
One an auction begins, it is imperative to refer to any detailed list that has been compiled of which units are of particular interest as well as any inspection notes and be ready to bid. It is important to remember at this point the maximum amount individually set for any particular unit. It is all too easy to get carried away with the exclusion of the moment and overstep prior set spending limits. Be cautious, as once an offer is made it is final, whether it was done by accident or not.
Staying alert and closely following the bidding is the best way to stay within prior set limits. If that seems to be too confusing or too difficult, it is usually possible to hire an experienced bidder to attempt to win an item for a buyer. A more experienced bidder knows all possible bidding details and will have no difficulty in walking away once a spending limit is reached.
Equipment auctions can be both fun and prosperous if the above suggestions are followed. Being prepared for the day and allowing for plenty of time to observe and inspect any desired equipment will help ensure a successful bidding experience!