Warm weather is here, more and more states and cities are beginning to fully reopen and in-person auctions are back all across the country; it feels good to be somewhat back to normal! Over the past year, many of our equipment auctions have been held both in-person and virtually due to COVID-19 restrictions all over the country. It’s nice to see many of our customers finally back and bidding in person!
If you are new to equipment auctions or haven’t been to an in-person auction in a while, you may be wondering how it all works. When you go to an in-person construction equipment auctions this summer, use this guide to make sure you are doing everything you need to be doing!
Don’t forget to register
Before the auction begins, you will need to register yourself as a bidder. Usually, auctions allow you to register two to three days in advance, and it only makes sense to do this as soon as you can! To register, you will need a photo ID, and possibly have to place a refundable deposit.
When you register, you will receive a listing catalog that will show your unique bidding number. This also usually includes your timed-auction PIN card! Keep these safe, and use this catalog to learn when and where each piece of equipment will be auctioned off!
Inspect the equipment
You never want to bid on a piece of equipment that you haven’t previously looked at or inspected. By not inspecting the equipment beforehand, you are running a risk of having to pay for expensive repairs down the road. At in-person auctions, there are usually a few days beforehand in which you can go and ask questions about the equipment you are interested in.
Set and stick to your budget
Another important thing to always remember when going to in-person construction equipment auctions is to always stay true to your budget. Knowing the maximum amount you can afford to pay for each piece of equipment will prevent you from overspending. When bidding, you don’t want to start with your maximum amount. It’s also important that you know when you pull out of a bidding war. Although getting outbid isn’t ideal, it will certainly happen. For more in depth tips to help your bidding strategies, click here!
In person auctions can become pretty hectic quickly. When many are bidding on the same piece of equipment, it can be easy to become caught up in the moment. However, it’s so important that you stay calm throughout it all. If someone outbids your highest price, you just have to understand that there will be other auctions and opportunities for you to stay true to your budget. Just take a deep breath and move on!
When you win
Congrats, you just won! From here on out, the equipment is your responsibility! When the auctioneer says sold, you will have to show them your bidder number right away. From there, you will want to head to the auction office to get your invoice and pay for your equipment!
Inperson construction equipment auctions can be a lot to handle, but also a way to obtain quality equipment at an affordable price. As you head to equipment auctions this summer, use this guide to make sure you are putting yourself in the best possible position to win!
At Lyon Auction, we provide many construction equipment auctions all over the country. To learn about our upcoming auctions near you, visit our website today!