Bidding at heavy equipment auctions may seem easy, but there are many factors that come into play when there is used heavy equipment for sale. A bid is usually placed with an easy gesture like a nod, the wave of your hand or through a proxy. Before you head to one of Alex Lyon & Son auctions, consider some of the following tips and tricks to know about the bidding process.
One thing that is very important at heavy equipment auctions is keeping eye contact with the auctioneer. Try to keep the attention of the auctioneer if you are interested in the item and stay where they can easily spot you in the crowd. This way, as soon as you are ready to place a bid, the auctioneer is aware of your presence and will easily be able to identify and acknowledge your bid.
Build A Connection
After making an initial connection with the auctioneer, it is important to maintain that relationship moving forward. Communication between the two of you will build a friendly rapport, and eventually you will be able to place a bid with a simple hand gesture or head nod. An auctioneer is more likely to stay engaged with bidders who have already made previous purchases at heavy equipment auctions. Take advantage of this to win any bidding wars on items that you really want.
Bid At The Right Moment
A lot of people struggle with the right time to jump in with their bid during heavy equipment auctions. Placing an offer too early or too late could narrow your chances of winning significantly. The best time to make an initial offer is about midway through bidding because it allows for an adequate amount of time to decide if you want to quit or continue pursuing an item based on the current bidding price. If you are still on the fence about an item, do not enter bidding at the beginning, especially if there are a number of other people interested in that item.
It is common to feel a bit of pressure to continue bidding on an item when an auctioneer is looking to you to keep raising the price. If you have reached your maximum budget, gracefully drop out of the bid. If an auctioneer continues to go higher and you are done bidding, give them a signal like shaking your head “no” or some other gesture indicating that you are no longer interested in bidding on that item.
Stay On Your Feet
In many auction settings, a quick decision must be made on the spot regarding many items. Bidding can move very quickly and if you are not on the top of your game during heavy equipment auctions, you could miss the deal of a lifetime. Making a list of all of the items you are interested in and what you are willing to pay for them ahead of time is always a good idea.
Heavy equipment auctions will not stop for you to calculate your budget, so keep your head in the game to get the best deal possible. If you plan on bidding on heavy machinery for sale, you should use these steps to make the most of your auction experience.
What makes a Lyon Auction unique is that all of the equipment is in the same location. Companies are able to liquidate a large fleet of vehicles in a single auction. Lyon Auction is able to help well-known companies from the conception to the conclusion of the auction. This makes it headache-free and as enjoyable as possible for both the seller and buyer. If you have any questions, feel free to contact us, we’re listening!