What is an Industrial Equipment Auction?
Industrial equipment auctions are similar to any other auction where various equipment, machinery, and tools are showcased and auctioned off to the highest bidder. Usually, buyers have to spend a substantial amount when purchasing heavy industrial equipment as compared to an average consignment auction. These auctions are basically a mix of sellers from companies to private owners. Construction & Landscape companies can get better deals at auctions because heavy machinery, industrial equipment are sold at a relatively lower price.
What is Sold in The Used Equipment Auction?
A diverse range of equipment and machinery are sold through industrial equipment auctions. For instance, if a construction firm is shutting down its shop and wants to liquidate the heavy machinery by putting those up for auction. The constantly changing supply often attracts different bidders. Although the schedule is usually advertised in newspapers, TV, or radio in advance, you can also get the details on the auction website. Apart from heavy and industrial equipment, you can also find smaller equipment for irrigation setups such as leaf blowers, tillers, and backpack sprayers.
Bidding and Buying Tips
Although you may find the equipment that suits you the best, buying used equipment often turns out to be a nightmare. Sometimes auctioneers sell anything broken and worse label them as in “good Working condition.” You should get it inspected by an expert before making the final buying decision. This is why registering with a reputed industrial equipment auction portal is one of the best and economical options to buy equipment at a reasonable price. Before placing a bid, try to learn about the following aspects:
Age
The age and the amount of usage of the equipment affect its operations. For instance, if you are planning to bid on a 2013 John Deere 329E track loader, take in account its average usage and age.
Price
Before bidding on any equipment, learn about the average purchase price -- both used and new. Sometimes the equipment is not worth the listed price. Make a smart decision and calculate its depreciated value when initiating the bidding process.
Specifications
It is important to learn about the technology behind the equipment. Try bidding on equipment that has a relatively new technology so that it can effectively fulfill your business purpose. If you take part in an online auction, check out the available specifications on the website to make an informed decision.
Last Few Words
When buying industrial equipment, it is always advisable to research beforehand to ensure it’s worth the investment. Gather as much information as you can about the equipment before taking the plunge. This approach will help you make a right choice based on your specific requirements and budget.