Our world has become increasingly digital and that holds even more true during the pandemic. Most companies are working remotely, restaurants are pushing for online orders and stores are making necessary changes to encourage online shopping. The heavy construction business is no exception as equipment auctions are done online.
Do you know the difference between timed auctions and live auctions? The most simple answer is that timed auctions are done online and live auctions are in person.
What is a timed auction?
During a timed auction, there is no auctioneer announcing the bids and there is just a window of time and the highest bidder wins. If you are new to timed bidding here are tips you should follow.
Remember to bid at your own pace. This might seem strange since you are at a timed auction but you don’t want to get ahead of yourself and overpay at equipment auctions. Make sure you know how much you are willing to spend on equipment. One strategy is to enter your maximum bid amount. This can be done to prevent you from overspending and getting competitive. If there are two maximum bids, the first bid will win. Be sure to be familiar with the member dashboard so you can be notified if your bid gets outbid.
One tip is to be in control of your results. If there are more bids at the end of the allotted time the seller may choose to extend the time. This prevents people from bidding last minute and winning the auction.
What is a live auction?
At a live auction, there is an auctioneer who calls the bids and this for in-person auctions and online auctions. Since the world has moved to remote, there are live online equipment auctions. During a live auction, you want to pay attention to other bidders or turn notifications on so you know if someone has placed another bid.
The first thing you want to do is prepare for the auction by reading the policies, be sure to understand the costs and shipping of equipment. Once you are signed up, you put your credit card information and get verified as a buyer. One of the most important things to remember is not to overspend at any type of auction. Name your price and stick with it throughout the auction.
During online auctions, one tip is to not round your bids. You are more likely to get what you want by setting your bid at $414.08 compared to an even $400.
Winning online auctions
Auctions are a great place to buy construction equipment because of their large variety of brands and equipment. From small to large they have it all! Before you begin bidding for equipment, look up their prices and compare them with other auctions or even the brand new price. Winning an auction is finding the perfect equipment that is in working condition for below market price.
At Lyon Auction, we pride ourselves on honesty and work hard to make sure your auction process is headache-free! Contact us today for more information!