How’s your New Year’s resolution list coming along? Have you been able to check off anything from your list? Was one of your resolutions to go to machinery auctions? If you are worried because it’ll be your first time, continue reading for tips.
Tips for your first auction
Going to an auction is not something that you should “wing.” It's important that you are prepared before you go to the event. The first thing you should do is know what you want. What machines do you want to add to your fleet? Are you looking for a large machine? You want to be sure to look at the correct machines, and you want to find a machine that is still in working condition.
After you have decided what you want, it’s time to research the heavy equipment. What are people saying about this particular machine? Is it known to work and do its job efficiently? If the machine is still new, the factory warranty might still be in place!
Another thing you want to look up, is the cost! Be sure to price shop, it’ll help you stay in budget while at a machinery auction. Look at the past sales, how much has it sold for in the past? This can help you ballpark your budget and give you an idea of how much you will be spending.
Another tip that is recommended by auction professionals, is to go to the auction early so you can inspect the equipment you want. This can tell you if it is in good condition. Look out for machines that have signs of welding! This shows that at one point the machine needed a fix, and it got a quick fix. When looking at a machine, be sure to look for any leaks, weird noises or smoke, these are all signs that you should stay away from this machine!
Before the event, you want to make sure that you have been registered with the auction company. You also want to have your financing options with the auction company. Another thing you should have set in place is your insurance plan for the equipment you plan on buying. Last but not least, remember to have a plan in place to transport your new machinery.
This is your first machinery auction, do you understand how the bidding works? You should research mannerisms but it’s also important that you speak to someone in charge, they will give you tips on bidding at their venue. Every auction is different, so you want to be sure to know their bidding process.
If going to your first auctions seems a little nerve wrecking than you can start slow by using online auctions. A digital auction is right at your fingertips and it can be done in the comfort of your own home!
Why shop at an auction when you can buy at the store? It’s simple, save money! Auctions also offer a wide range of machinery and you can get your item right away.
At Lyon Auction our promise is to make your process headache-free. We work with both buyers and sellers. All of our equipment is located in one location! If you have any questions, contact us today!