Have you ever thought to yourself, “why would I go to an auction?” Upcoming equipment auctions are a great place to search for equipment at a low price or if you are looking to sell your entire fleet. At auctions, you will find a variety of heavy equipment, attachments and support equipment.
You must know auction vocabulary
The idea of going to an auction can be a bit stressful, especially when it is your first one. Here are a few terms you should know!
Market Value - What is this piece of equipment selling for in the current market.
Terms and Conditions - Be sure to understand these before buying.
Buyer’s premium - this is a cost that the buyer is responsible for in addition to their final bid.
You have found the next upcoming equipment auctions you plan on going to. What’s next? First, you want to start by doing some research. This is important because not all surprises are good, this means you want to know how much the equipment is worth and if there are any damages.
You can even inspect the equipment before bidding, this will help you see the wear and tear, and see how well maintained the equipment is. Most equipment is sold “as-is” which makes the inspection important!
The next step is to understand all costs and this can be done by reading the terms and conditions. Also, don’t forget to research payment methods and shipping! Understanding shipping and additional costs will make it easier for you after buying your equipment.
The first thing you need to do is set a budget! Knowing the maximum amount you are willing to spend will prevent you from overspending. It is not recommended to strategize your bids by starting with your maximum amount. It is also imperative that you know when to pull out of the auction.
Whether you are a competitive person or not, being in a competitive environment can affect your bidding. It is important to stay level headed and not emotionally attach yourself to a piece of equipment.
Another tip is to pay attention, while this may seem like it is obvious, it is not. Accidentally spacing out may cause you to bid on the wrong equipment. As soon as the auctioneer says the word “sold” the equipment is yours and you are responsible for paying for it.
If you are ready for the next upcoming equipment auctions, check out Lyon Auction! All equipment is at one location, companies can liquidate a large fleet at once or just a few pieces of equipment. Lyon Auction strives to make this process headache free for both buyers and sellers. Join us in-person or virtually at one of our upcoming auctions!