Machinery auctions are sales that feature industrial equipment and machinery being auctioned to the highest bidder. Bidders may participate live on-site or via the internet, from anywhere around the globe.
Before attending an auction to purchase machinery, it is wise to conduct extensive research beforehand. Doing your due diligence will allow you to find exactly the equipment that meets your requirements while also getting an attractive deal.
Benefits of Selling in Machinery Auctions
Selling machinery through auctions is often the more cost-effective solution than consignment or private treaty sales, saving sellers on listing fees and advertising expenses.
Auctions provide buyers with a unique advantage in that buyers can inspect equipment directly before bidding, giving them a comprehensive understanding of its condition, capabilities and history. By taking the time for a comprehensive walkaround inspection they can make informed decisions without making costly errors.
Auctions provide sellers with a global platform from which they can reach prospective buyers, which can be especially beneficial when your machinery features unique characteristics or is targeted toward an industry niche not easily found locally. Furthermore, auctions create a sense of urgency for buyers due to a predefined end date which often leads to higher offers than expected from potential purchasers – it is therefore imperative that sellers understand this dynamic and set an attractive starting price for their equipment before auctions commence.
Transparency of the Auction Process
Machinery and equipment are an essential part of fabrication or manufacturing companies and will eventually reach the end of their useful lifespan. When this occurs, finding buyers for this machinery can be challenging; industrial auctions offer buyers an ideal opportunity to secure top quality machinery at highly competitive prices.
Auctions provide a reliable process for both buyers and sellers alike, providing sellers with confidence that their equipment will sell by its designated timeframe, while buyers are able to evaluate machines at auction and compare different manufacturers’ equipment in order to make an informed buying decision.
When sellers set a minimum sale price (commonly known as a reserve) prior to beginning an auction process, and no bid reaches that threshold amount, it remains unsold ensuring fair market value is reached globally for their equipment and cost-cutting over other selling methods such as consignment or private treaty sales.
Buying at Machinery Auctions
Buyers who purchase machinery at auction should find that the process is relatively straightforward, whether at an onsite live auction or online auction venue. Both offer similar guidelines.
Both onsite and online auctions provide buyers with an opportunity to inspect equipment first-hand before bidding at auctions, which is essential for purchasing quality machinery at competitive pricing. Furthermore, buyers should take note of shipping costs before bidding; Trusted Dispatch provides instant shipping quotes so buyers can establish their maximum bidding budgets.
Machinery auction can often be less costly than purchasing brand new equipment, while you also save both time and money by forgoing initial depreciation that occurs with brand new purchases. Therefore, buying machinery auctions makes an excellent solution for industrial equipment buyers.
How to Prepare for a Machinery Auction
No matter if you are selling or buying machinery, it’s essential that your preparations for an auction go as smoothly as possible. Register with the auction company, secure financing arrangements and have transportation available so that any purchases made can be transported home immediately afterward. Also conduct a thorough visual inspection on any machines you plan on bidding on so you are informed as to their condition before bidding begins.
As with any machine, take note of any structural or mechanical problems which might compromise its value, or render it unusable. Do your research on similar models that have sold at auction before. When setting your maximum bid price, factor shipping costs into consideration and register with an online auction company; browse sales prices of compact and heavy equipment sales prices; this will allow you to assess a fair market value before comparing this figure against asking prices at auctions.