The only constant is change, and when it comes to auctions, this statement remains true. We have been seeing the emergence of online auctions lately, and for many good reasons, too. Whether you’re looking to buy or sell used heavy equipment, online auctions are a great place to go.
Of course, it’s likely that some buyers will stick to what they know and continue attending on-site auctions. Lyon Auction is here to provide you with the knowledge on online industrial auctions so that you can be best prepared for them. Online auctions are changing the industrial industry, and there are several reasons buyers and sellers like them.
What buyers and sellers like about online industrial auctions
As a buyer looking for used heavy machinery, online auctions offer convenience, a large selection of equipment, and a more relaxed environment. You can bid on equipment from a mobile device wherever you are, even in your own house. This can save you a lot of time and travel expenses. Online auctions oftentimes have a larger selection, so you’re more than likely to find what you’re looking for.
Sellers like online auctions because they bring in a much larger pool of buyers. Sometimes buyers who really want a second hand piece of used equipment miss out because they cannot get to the scheduled date and time of an in-person auction. Online auctions are a solution to this problem.
Reasons online auctions are changing the industrial industry
Almost every industrial auction company offers online auctions or trading of some sort. From the amount of readily available equipment to the number of buyers looking to purchase, there’s no way to look past it. Below are some ways online auctions are changing the game.
Access to more buyers
Technology has advanced to the point where you can see quality photos of the heavy equipment up for sale online, and the ability to get a hold of any maintenance and service records is at your fingertips. This draws more buyers to the online auction rather than spending money to travel and get similar deals. It’s overall more affordable for buyers, making it a win for sellers.
Buyers want to pick a budget and stick to it. Online auctions give them a bit more control to do this. Sellers at online auctions will also clearly display the beginning bid and let you know if the item has any reserves, which in turn attracts serious buyers. Sellers can know exactly who is bidding on their assets.
When your in-person auction is scheduled in a specific city and state, most of the people you’ll see will be from that place or a surrounding area. With online auctions, sellers are able to reach people all over the country. And since buyers don’t have to spend money on travel expenses, they may be more inclined to pay a shipping fee to get the equipment to them.
Good for small businesses
Smaller companies also need to liquidate their assets from time to time, and in-person auctions can be hard for them to get the awareness they need, as they’re often overlooked. This gives them just as good of a chance as larger companies.
Lyon Auction is here to assist you in getting the equipment you need for your next project. We know that online industrial auctions are one of the newest and best ways to do this. Contact us with any questions!