Construction industry growth is one of the fastest-expanding markets. One of the primary factors in its rise is efficient heavy machinery.
Equipment auctions provide buyers with an excellent way to acquire equipment at lower costs than purchasing from dealerships, but buyers should prepare themselves by setting a maximum bid amount and knowing how they plan to transport large equipment back home.
Online Auctions
Online construction equipment auctions offer both buyers and sellers numerous advantages over traditional in-person auctions. Auctions held solely online can be accessed by more people, often featuring more detailed descriptions and photographs of what equipment is on sale – making this option great for individuals trying to stretch their budget while getting access to some of the highest-quality equipment possible.
Online auctions can help to minimise disruptions to a business and its daily operations, and are typically cheaper than traditional onsite auctions.
Apart from their inherent advantages, online auctions enable sellers to screen buyers and set reserves in order to protect their assets from selling too cheap. They also allow them to stipulate any terms regarding payments, removal or shipping – while buyers can take part in auctions from any location and arrange transport themselves, thus significantly shortening time and expenses associated with equipment acquisition.
In-Person Auctions
Auctions offer contractors an efficient means of procuring used equipment at fair market value, but before attending one in Bushnell, FL there are some essentials they should keep in mind before heading there.
Contractors often struggle to secure equipment due to its tight supply and high demand, and prices being at all-time highs. To help ease their financial strain, Ritchie Bros. offers equipment financing solutions. We spoke with equipment financing expert Raffi Aharonian about these offerings.
Pre-Auction Inspections
Before bidding at any auction, whether in person or online, it’s essential that you inspect equipment beforehand. Doing this allows you to verify if the machine will meet your needs and make an informed decision regarding your bidding strategy. Furthermore, inspecting will give you an idea of its condition as well as any documents and details from sellers available at that auction.
An initial equipment inspection can reveal much about its condition, but for more comprehensive evaluations it’s best to enlist the services of an experienced mechanic to perform full system tests, undercarriage wear-point assessments and fluid level checks – this will ensure you purchase quality machinery while safeguarding your investment.
As equipment auctions tend to move quickly, setting and adhering to a budget is wise. Otherwise, bidding fever could make you spend more than expected!
Auction Day Bidding
Construction businesses can utilize auctions both physically and online as an avenue to acquire used equipment at competitive prices, but it’s crucial that they come prepared.
If attending an auction in person, inspect any machinery ahead of time if at all possible. Otherwise, most auction houses offer preview dates where equipment for sale can be viewed to give you an idea of its condition and identify machines of particular interest.
As soon as the auction starts, try not to reveal to other bidders how much equipment you want by showing how much you would bid for it. Instead, it is wise to practice your poker face and remain calm so as not to get drawn into a bidding war.
Purchase equipment at auction can offer tremendous cost-cutting potential and take advantage of a booming market. Be sure to do thorough research prior to participating, in order to fully comprehend how bidding and buying works at auctions.
