Tips on attending a summer auction

Tips on attending a summer auction

Lots of construction projects happen during the summer. Your company will need the right heavy machinery to get the job done. Consider equipment auctions to both find what you’re looking for and to get it for a great price.

This summer, Lyon & Sons has tons of equipment auctions located in several states across the U.S. It’s important to be prepared so that when one rolls around near you, you’ll be ready to attend. If it’s your first time, you especially want to consider these tips.

Tips on attending summer equipment auctions

Before you get to the auction, you’ll want to make sure you’re registered. Oftentimes, you can register online before arriving in person. Be sure you have your ID on you. You may want to bring a paper and pen to write down your items just so you don’t have to keep track of them all in your head. When you get to the auction, you can get your bidder number and take a look at the machinery up for auction. When attending an auction this summer, consider these six auction tips to ensure success.

  1. Have a plan on transportation. You will need to know how you’re going to get the heavy machinery you plan on purchasing home.

  2. Look at auction items and know what you’re looking for. Go into the auction knowing what equipment you need. This will also help you stick to your budget.

  3. Find an auction in your area. We have quite a bit of upcoming summer auctions this year. Attending an auction close to you can reduce traveling costs and make it easier to get the equipment home.

  4. Get there early. You definitely don’t want to be late, as you might miss out on certain machines you’re looking for. Get there early enough to avoid feeling rushed.

  5. Bring someone to help. This is especially important if it’s your first time at a heavy equipment auction. Bring someone who knows what they’re doing, and who can help with the overall process.

  6. Listen closely. Pay attention to the auctioneer, and make eye contact when you place a bid so they see and hear you. You also don’t want to mishear important information, and listening closely will help make sure you’re hearing correctly.

Auction lingo to know

There is a specific verbiage used at auction, and there may be some terms you’re unfamiliar with, especially if this is your first auction. Below we list a few, so that you can head into this auction feeling like a pro.

  • Hammer price: This is the price at which items are sold at an auction. This does not include the buyer’s premium.

  • Buyer’s premium: This is the percentage paid by the successful bidder. This is a charge in addition to the hammer price.

  • Lot: This is when multiple items are auctioned off as one.

  • Price realized: This is the final selling price, along with the buyer’s premium and the hammer price.

  • Provenance: This is any information on the items getting auctioned, including warranties and prior ownership.

Lyon & Sons is your go to for second hand heavy machinery at a great price. If you have any questions about our upcoming or online auctions, feel free to contact us as we’d be happy to help.


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