Everything You Need to Know About Auctions for Heavy Equipment
Whether you’re new to the bidding world or have participated in more auctions for heavy equipment than you can count, navigating an upcoming heavy equipment auction can take some preparation. Having a working knowledge of how to prepare and what the bidding process involves will increase your chances of getting your hands on the equipment at the top of your list. When it comes to online auctions specifically, prior knowledge can make your experience that much better.
Here are some steps to follow to ensure you’re well prepared for an upcoming auction.
Ways to Prepare for Heavy Equipment Auction
Perhaps you’re on the hunt for a specific piece of equipment or you’re looking to earn some extra cash through selling your used machinery. Either way, it’s important to make the most of your time before the auction date by preparing yourself for success when the time comes. As a result, whether you’re buying or selling, you can get the best price for the equipment.
If you’re selling a piece of equipment through an auction, you’ll want to prepare by ensuring your piece of machinery looks appealing and functions properly. Be sure to give it a good cleaning, refurbish any worn parts and perform routine maintenance to avoid giving prospective buyers any reason to overlook your item. Then, contact the auction house you have in mind to set up the sale.
When buying through a heavy equipment auction, preparation involves a few related but different considerations, including:
- Researching the local market for each piece of machinery
- Determining how much you’re willing to spend
- Familiarizing yourself with the bidding process to develop a bidding strategy
- Making a plan to have any item you purchase delivered to you
How to Inspect Heavy Equipment Properly
When buying used heavy equipment at an auction, it’s essential to conduct a thorough inspection of any machine you’re interested in purchasing before making an offer. This way, you can ensure you’re completely informed about the machinery you’re buying. Any noteworthy structural or mechanical issue could significantly reduce the value of the machine or make it inoperable.
Here are some important details to consider when inspecting used heavy equipment at an in-person auction:
- Start the engine to see how well it turns over
- Check underneath the engine for leaks
- Inspect the welds for any cracks that could lead to leaks or worsening structural issues
- Cycle the hydraulics
- Listen for unusual sounds
- Check the age of the machine and its usage history
For online used heavy equipment auctions, try to obtain a copy of the inspection report and thoroughly examine pictures of the machine for damage or wear and tear. At Bid Equip, we provide complete video inspections of every piece of machinery in our vast inventory. Each listing also comes with various pictures to ensure you get a complete view of the machinery. This way, you can rest assured you’re getting a complete look at the equipment up for auction.
Tips for Researching and Comparing Pricing
After preparing your machinery to sell or inspecting the heavy equipment you’re interested in buying, the next step is to research and compare the market value of comparable heavy equipment. To do so effectively, make sure you assess each of the following factors:
- Local prices on used heavy equipment, particularly for the equipment you’re interested in
- Industry pricing trends
- The auction company’s current pricing of comparable machinery
- The equipment’s features and specifications
After you’ve gathered extensive insight into the market value for the item you want to sell or buy, determine a price range that specifies the lowest price you’re willing to sell for or the most you’re willing to spend. If you’re firm with your price, you’ll set yourself up for success at the auction. At Bid Equip, we can buy your heavy machinery from you for a competitive price, or work with you in the consignment process to help you complete the sale.
How the Bidding Process Works
The key to success at a heavy equipment auction is understanding how bidding works and developing a bidding strategy. With the proper knowledge and plan, you can stick closely to your budget while increasing the odds of securing the sale or purchase.
That said, each auction company has its own bidding policies and processes, so you’ll want to familiarize yourself with the policies and bidding process of the auction company hosting the heavy equipment auction. Failing to comply with them can result in forfeiture of your right to place bids in the auction.
Most auctions require participants to register prior to the auction. For example, online auctions require participants to create an account on the auction website before registering for any particular auction. The auctioneer will review your application and approve it once they verify you as a legitimate bidder. Upon approval, you can begin to place bids on the items you want or add them to your watch list.
Additionally, online auctions involve a defined window during which approved bidders can bid on certain items. As such, you’ll want to note the time and date that the bidding window closes for each item so you don’t miss it. If you’re the highest bidder when the window closes, the item is yours to purchase, and the auctioneer will contact you via email for payment arrangements.
What to Do After Buying Heavy Machinery at an Auction
After buying the machine, you’ll need to make arrangements for getting it to your home or workplace. If you attend a live auction, you may have the opportunity to make arrangements with present trucking companies for delivering your purchase to your desired destination.
The auction company may also have delivery options available, so check whether they provide a workable delivery solution for you. At Bid Equip, we can deliver your purchase through our sister company, Equip Trucking and Warehousing, LLC, as long as the delivery destination is within a three-hour drive of our facility in Philadelphia, Pennsylvania.
Make Your Bids on Heavy Equipment With Bid Equip
Bid Equip, LLC is the premier heavy equipment auction company in Pennsylvania, providing our services to clients from Pennsylvania, Delaware, New Jersey and Maryland for 20 years and counting! We host monthly online heavy equipment auctions, so keep an eye out for our upcoming auctions to find the machinery you need.
Contact us today for more information about our online heavy equipment auctions!