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Heavy Equipment Auctions – Important Words of Advice!

When dealing with equipment sale leaseback, auctions tend to be the fastest, most economical and secure way to both sell and buy. Attending one of these events can be indeed be quite an experience, since it can be fast, busy and sometimes confusing due to the pace at which numbers fly. It is certainly possible to make mistakes at an auction, so the best way to make it home with the intended item and nothing else is to be auction-savvy ahead of time.

Before the Sale

Before the auction begins, there is a lot of research that needs to be done. Since purchasing any type of heavy equipment means spending a significant amount of money, it is essential to know exactly what unit is needed, even down to the model number if there are significant differences in available models.

As far as the auction company itself, buyers should research various companies to be sure of their reputation and be able to understand their policies. Knowing about the fine print regarding warranties, guarantees, titles and other such important items is very important.

When learning about any equipment, look into its current value, general sales prices and how similar units are doing at the auction. It will then be evident when bidding has elevated beyond the going price, or when bids are low and something is likely to sell for a considerable discount. Financing should also be worked out ahead of time to avoid any post-sale delays in getting final paperwork done and paying for a unit.

During the Sale

For anyone inexperienced at bidding, it may be a good idea to use the services of an agent or buyer’s representative to handle this sales venue to inquire about bidding limits and any other necessary details that would hopefully result in a successful result. The benefit of working with an experienced bidder is not only learn the jargon and successful strategies of succeeding at such an event. It would allow a new buyer to watch, learn and listen about the process to be used at another similar setting.

Showing up early to allow plenty of time to thoroughly inspect any prospective unit is essential if the sale is on site. Seeing firsthand what is up for bid will allow for obtaining an overall impression of the equipment. For online sales, be sure there are satisfactory photos and a detailed profile of the item being offered; if there are not, contact the auction company and ask for such information.

After the Sale

When dealing with heavy industrial equipment, auctions tend to be the fastest, most economical and secure way to both sell and buy. When learning about any equipment, look into its current value, general sales prices and how similar units are doing at the auction. For online sales, be sure there are satisfactory photos and a detailed profile of the item being offered; if there are not, contact the auction company and ask for such information.

Hopefully, by the time a winning item makes its way back to the buyer’s home base, any bumps along the way will have been ironed out and the auction experience will have been a good one. equipment sale leaseback Keeping informed to avoid any unnecessary surprises are important words of advice to ensure that this is exactly what happens!

Is discovered that was not stated before or during the event as well as any concerns or questions, it should be brought to the attention of the auction company prior to transporting the equipment from the sale. Some auction companies charge a daily rate for equipment to sit before being transported.

It is time to arrange for the unit to be transported from the site as soon as possible once everything has been finalized and any problems resolved. Some auction companies charge a daily rate for equipment to sit before being transported. In addition, getting a unit on the road immediately reduces the chance of anything happening to it while idle.

If bidding is successful and a unit is won, it is time to head to the sale’s office to make payment. Is discovered that was not stated before or during the event as well as any concerns or questions, it should be brought to the attention of the auction company prior to transporting the equipment from the sale.