As technology continues to advance and shape the future, the auction industry continues to innovate more and more. Today, most auctions are held both in-person and online, allowing auction companies to reach a greater audience than ever before. The online industrial auctions industry has significantly taken off since the start of the pandemic, changing the auction landscape forever.
At Lyon Auction, we provide online industrial auctions to offer construction companies and contractors an opportunity to purchase high-quality used equipment at an affordable price. Below, we explain the different types of online auctions to give our bidders a better understanding of how they work!
Types of online auctions
There are three different types of online equipment auctions that Lyon Auction provides - live/simulcast, online-only and absentee bids.
Live/simulcast auctions are a mix between live and online auctions. This means that you can either bid at home or at the auction itself. There will be an online clerk who shares your bid with the auctioneer who will then place your bid amongst the others. The online clerk is responsible for updating the site every time there is a new bid.
Online-only bids are exactly like what the title implies, these types of auctions are only done online and there is no option for live bidding. This means you are only bidding against other online auction goers.
Online or absentee bidding is when you are not physically at an auction but are able to place an absentee bid before the sale begins. Be sure to check with the company before bidding, as rules vary from company to company. It is also a good idea to inform the auctioneer of your highest bid amount, which means once the bid exceeds your limit, you are out of the auction. This can prevent any overspending on the desired equipment.
Tips for online auctions
Before the auction begins you want to be sure that you are registered. You want to understand the auction process and rules once you have registered. It is important to know about the bidding, it is common for a company to have an automatic bid agent.
Once you have been registered, you will be allowed to bid and the system will inform you of the current highest bid. With every new bid, the computer will automatically update and notify you.
Another tip is to avoid high traffic equipment if possible. Items with high traffic may cause you to spend more than your budget. Buying from online equipment auctions has its benefits such as a wide variety of equipment from different brands.
During online auctions, you should always be on the lookout for scammers. The most important thing to remember is to read the fine print.
During online auctions, always try to speak to the person selling the equipment. Heavy equipment is not cheap, so be sure that you know how the equipment was used in the past and how well it was maintained. A sign to watch out for is if the equipment has been used vigorously with no maintenance routine, you might want to shop for other options.
Online auctions are changing the way many auction companies are operating, which in turn allows bidders to change the way they win auctions! When bidding at your next online auction, keep this guide in mind to make sure you know what to expect!
At Lyon Auction, our online industrial auctions offer many great used heavy equipment types. From excavators to utility trucks and even construction cranes, you will surely find what you are looking for. Visit our website to learn more about our upcoming auctions!