At auction, wasting the time of any salesperson may not be the first thing on your mind, but it can be very easy to unknowingly do so. So the question becomes, how can you reduce the amount of time being wasted at auction?
At a heavy equipment auction, the buyer is not the only person who has to make decisions. The seller also has to decide where they want to focus their energy because each potential buyer has something different to offer. To ensure that a buyer is worth your time, ask these three questions:
Does the buyer have a budget?
It can be very challenging to determine a buyer’s final budget. If they fail to give you any indication of their budget, try asking them follow up questions. For example, “based on what we have discussed, you are planning to invest anywhere between $10,000 and $20,000 for this item. Does that suit your budget?” Even if your buyer does not give you a definitive answer, you will receive some sort of estimate from their response. At that point, you will have a better idea about how much attention you should pay them.
When does the buyer need to make a decision?
Asking this question is particularly important because you want to know how quick the buyer needs to make a decision to take them seriously. You could invest hours of time with one potential buyer and they could have a timeframe of nine months or even longer. This is an essential question to ask early on in the selling process - before it’s too late.
Does the buyer have enough authority to make the purchase?
Machinery at heavy equipment auctions can be very expensive. Oftentimes, buyers will attend an auction with people that may not be qualified to make a purchase. So it’s important for a seller to speak to the right person when discussing potential sales. If direct exposure to the decision maker is difficult to get, it may be a good idea to walk away from that potential buyer at the heavy equipment auction, and focus on other potential buyers.
At the end of the day, if you can find a timely buyer with a worthwhile budget and authority to make purchases, then you have found a good match! Always remember to use your best judgement and invest your time and energy wisely.
What makes a Lyon Auction unique is that all of the equipment is in the same location. Companies are able to liquidate a large fleet of vehicles in a single auction. Lyon Auction is able to help well-known companies from the conception to the conclusion of the auction. This makes it headache-free and as enjoyable as possible for both the seller and buyer. If you have any questions, feel free to contact us, we’re listening!