It’s important to make the right choice when bidding on used equipment at an auction. Putting in the work beforehand can streamline the bidding process in person or online.
Lyon Auction hosts the largest heavy equipment auctions in the US. Whether you’ve been to auctions before, or if this is a new space for you, we can help set you up for success. Below are tips for both online and in-person auctions to help ensure you win.
How to win at on on-site equipment auctions
There are several things you’ll need to keep in mind before and during an in-person auction. Before the auction, you’ll want to look over the equipment you’re interested in, set a budget, and get registered. Get to the auction early so you can inspect the equipment; you can also ask any questions you may have. It’s important to set a budget and stick to it; you don’t want to get stuck in a bidding war and end up overpaying. You can often register a few days before the auction; this is when you’ll receive your bidding number and other information.
During the auction, it can get pretty chaotic. While bidding, make your presence known, keep eye contact with the auctioneer, and counter bid quickly. It’s also important to be confident in your bid and stay calm. It’s all about the correct timing, being prepared, and putting yourself out there so you can win.
How to win in online auction bidding
Much like on-site auctions, you’ll want to ask any questions beforehand and have a set budget. A good rule of thumb is to bid at times when everyone else is busy. This can help you win and even avoid bidding wars. It’s also important to get your bid in early and be ready to watch the bidding go. Consider proxy bidding, setting a budget and letting the technology bid to the max amount for you, if you're going to be busy during the auction time.
Online auctions can be a bit more at ease. Lyon Auction offers a detailed description of each piece of equipment on our website. If you are unable to make it to an in-person auction, or if you prefer the likeness of being in your own home while bidding, this might be the option for you. These tips are sure to increase your chances of winning.
The key to success for both
For both of these types of equipment auctions, there are questions you’ll want to ask. Try to find service and operation records, any warranties, and if there are any additional costs. Be sure to weigh this option compared to buying new. Buying used machinery at auctions is a great way to get a bang for your buck all while leaving with quality equipment, but be sure you take the necessary steps before to be sure the machine you’ve found is exactly what you want and need.
If you do have any more questions about our upcoming events, be sure to contact us. We want to make sure you find a great deal!