Different types of online auctions

Different types of online auctions

Are you in search of new heavy equipment for your upcoming construction projects? A good place to begin your search is online equipment auctions websites. Before you start you should understand the process of online auctions and what actions are required on your end. 

Types of online auctions

There are three different types of online equipment auctions that LyonAuction 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/ 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. 

After you buy heavy equipment

You won the auction, congratulations on your new equipment! But you might be wondering how do I get this equipment to me? 

The first thing you should do is research! You want to look up if any permits are required and understand the guidelines for transporting equipment. Another thing you want to research is the steps you need to take before transportation of the equipment which can be found in the manual

When shopping online for heavy equipment, you should always go with a trusted company, like Lyon Auction that prides itself on honesty and integrity. Contact us to learn more about future online auctions!

Comments

Previous Page