One can easily say that this year has been one for the history books, from the novel coronavirus, murder hornets, civil unrest and wildfires. Due to COVID-19, there has been a rise in e-commerce with 12 percent more time spent online and 62 percent of consumers wanting to shop online. You can find anything online, from groceries to heavy equipment. There are even online equipment auctions for you to attend!
Have you ever been to an online heavy equipment auction? If not, we are here to help! There are a few things that you should know about online equipment auctions. First, there are live auctions and timed auctions.
Tips for winning timed auctions
At a timed auction, there is no auctioneer present, it is just a time frame and when it ends the highest bidder wins. Timed auctions are a great first step into the auction world, it is not as fast paced and competitive as a live auction.
The first tip for winning a timed auction that you should know is you can bid during any time of the time block, there is no specific time to bid. This allows you to bid at your own pace.
It is also recommended that you do research about the piece of equipment you want. Find out what the equipment is worth, this will help you avoid overspending. One pro of online equipment auctions is that you can find a variety of brand names for a lower price. Don’t spend more than needed on equipment!
The second tip is to enter your maximum bid amount and let the system place incremental bids for you. There are two reasons why this strategy is helpful, first, it helps keep you within your budget. The other reason is because when the time is up and there are two bids with the same amount the winner is the person who placed the bid first. For example, if you bid at 1:00 p.m. for $100 and someone else bids at 12:45 p.m. for $100 you will lose.
The third tip is to not wait until the last second to place your bid. This is because some sellers may notice and extend the time frame in order to make it fair for everyone.
Following the online equipment auctions, you need to figure out how to ship your equipment to the desired destination. Large equipment, like bulldozers, industrial machines, cranes, farm equipment and more can be tricky to move as they are large and heavy.
The best place to check for transportation details is the manufacturer’s manual or website! It will tell you the best way to transport without damaging the equipment.
Now you are ready for a timed auction! Check out Lyon Auction for all your equipment needs, it is a one stop shop! If you have any questions feel to contact us, we are glad to help!