Auctions are not a new thing, they date back to 500 B.C. You name it, auctions sell it, you never know what it’s like until you see one for yourself!
There are pros and cons to bidding on past repossessions. One con is, once you buy it, it’s all yours, there are no returns in this world.
Avoid being stranded by bad equipment.There are some things that should make you think twice before you buy at equipment auctions.
Past Ownership
Machines that have been repossessed are much more likely to have issues than others. An owner who lost their equipment because they failed to make payments likely avoided other important details, including general maintenance and upkeep. Always be sure to check out the equipment before you buy it.
That’s not to say there aren't any deals to be had on high-performing equipment that’s been repossessed. There just needs to be a greater level of due diligence paid to these pieces of equipment than many others.
Online Shoppers
In 2018, one of the biggest heavy equipment auctions in the world moved more than $250 million in total goods, with nearly 15,000 participants. However, more than half of the bidders participated online.
Technology makes everything accessible at our fingertips! Can this be a good thing for auctions. The answer is yes and no, internet auction fraud has increased. Be sure to always verify the products and their value. Typically the website does not have ownership of the goods, it’s up to the seller to send and advertise the product!
A benefit to the expansion of online capabilities has sparked a change in how bidders behave. Gone are the days of simply being able to stare down the auctioneer to get their attention.
Auctions may seem intimidating at first, but once you get the hang of it you’ll become a pro in no time! The first thing you should do is check out the equipment, make sure everything is working properly. Don’t get distracted or be a distraction to others and go in with a firm budget!
During equipment auctions, bidders now must be prepared to deal with a competitor who isn’t there physically. This poses a major challenge for many at an auction. Keeping an eye on any screen to stay updated on the latest bids while being aware of a budget is going to prevent issues from arising.
Auctions can offer significant savings on heavy equipment necessary for manufacturing and agriculture. Many of the items available run well and serve as viable options for those that need to save money. Avoid disaster at the auction house by carefully examining repossessed items and creating a strategy to deal with online bidders.
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