How to win online auctions

How to win online auctions

This pandemic has changed the lives of many people, but one thing people are relying on is the internet. Internet usage has been up 50% since COVID-19 has been declared a pandemic. People are turning to their mobile devices to cure their boredom. 

 Companies are having virtual meetings, families are using apps to interact with each other and online shopping is more popular than ever. If you are in the construction industry be sure to check out an online equipment auctions

How to win online auctions

Online equipment auctions might seem intimidating but they aren’t, they are convenient and easy to use. Before you start, remember research, research and research! The first thing you research is the machine you want. Look into the previous owners and ask for maintenance history. You can even set up a time to meet and have your own mechanic check out the equipment

The next thing you should research is the seller. Ask what they previously used the machine for, this will help have a better understanding of how much wear and tear the machine has. 

The third thing you want to research is the cost. Look at other auction sites and compare the prices. Also, remember to factor in how much the machine has been used this can determine the worth of different equipment. 

Now that you have done your research, here are some strategies when it comes to online bidding. Many people have a competitive side to them and it's important to dial it in and control it during online equipment auctions. The first thing you want to do is meet the maximum spending price. This prevents you from overspending and letting your competitive side get the better of you! 

One theory about online auctions is that the more people bidding attracts more attention to that piece of equipment. When thinking about this theory, it does hold true because more than likely you are attracted to pieces of equipment that have more customers bidding on them. 

A great example is a restaurant. You are more likely to choose a restaurant based on their Yelp reviews, and the more reviews, the more willing you are to try it. 

What to know about online auctions

Auctions are exciting, but there are a few things to know before you jump into it. The first thing you want to do is register for the auction. This is to tell the auction who you are and that you are not a robot or a scam.

When at an online auction, you want to remember to be alert and calm at all times. You want to pace yourself when bidding, and always have your eyes peeled to the equipment you want, but don’t get antsy when someone bids for it. A bidding war will only cause more attention to the equipment. 

You got the equipment you wanted, so how do you get your equipment to you? Oftentimes, sellers will charge a shipping fee, so you want to be sure to put that in your budget. You want to be familiar with the machine, look up the manual and see if there are any special transport options. For example, removing the battery, draining fluids or making sure all loose parts are tight. 

Discuss it with the seller to make sure that they are following the transport requirements found in the manual.

Why buy from an auction?

Buying from an auction should always be your top choice! You will have a wide variety of equipment to choose from, have a history of the maintenance and the wear and tear, and pay a cheaper price! 

At Lyon Auction, we strive to make the auction process headache-free for both our buyers and sellers! If you have any questions, contact us today!


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