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Joyce Higashi – j-higashi.com

The Auction Process – From Bidding to Winning!

Connor McVilly, November 3, 2022November 3, 2022

Auctions have become a very popular and cost-effective way for companies to purchase the industrial and heavy equipment units that are needed in an affordable fashion. Whether the sale takes place online or on site at an auction house, these types of sales offer much in the way of selection, and frequently there are bargains to be found. By preparing ahead of time, a buyer can enter an auction situation as an educated purchaser and come away with everything that is needed, usually at a much lower price than buying a new unit, something many smaller companies simply cannot afford.

Successful bidding on industrial equipment does take some advanced planning; hopefully by following a few easy steps, it will be possible for equipment buyers to come out as winners at any auction sale:Kansas City Auction Companies

  • Research Equipment – Any auction, no matter if it is held online or offline, will have a listing of available units for review ahead of the sale so that potential buyers can look through the offerings. Online versions typically have profile listings that are accessible throughout the entire bidding period while sales held at regular auction houses will either prepare a catalog of offerings for a particular date or post such sales information on a website for review. Careful browsing and the asking of pertinent questions should happen at this stage so that buyers can narrow the list down to a few units of particular interest – and then follow the progress of those units.
  • Funds Allocation – Once a buyer confirms there are desirable units up for sale, it is time to make sure that funds are available in the event the unit is won. Auctions work differently than private sellers and dealers in that once someone starts bidding, it is generally assumed that money is available to pay for the item so that finalization of the sale can happen quickly and easily. Buyers who win and do not have money immediately available are not favorable looked upon at auction sales, so having all financing in place is imperative. In some cases, sellers even have the right to re-list an item if a winner cannot make immediate payment.
  • Know Bidding and Buying Rules – Though the general idea behind all auctions is the same, each individual company may have different rules in regard to: registration requirements to be able to bid on items; providing proof of financing before being allowed to proceed; and other similar topics. Some other important details to find out ahead of time are whether profiles are listed by sellers or if there are non-biased appraisers inspecting vehicles as well as what kind of auction format is being used such as bidding: in person, manually online, automatic online, etc.
  • Post-Sale Arrangements – Finally, bidders will want to get the details about what happens after an item has been won and how each auction company handles not only funds transfer and ownership paperwork, but what happens if items are found to not be representative of prior descriptions in the listings. What is the company’s policy for dealing with these and other potential disagreements between seller and buyer? Does the bidding company offer some kind of transportation service to get purchased units home? Who pays the costs, the seller or the buyer? All of these details are important in the bidding process and should be clarified before the first bid is made.

Though it may seem like a lot of information to gather before getting ready to start bidding, the only way to truly come away with a great vehicle with relatively few problems is to understand the auction process from start to finish. Most bidding mistakes are made because participants are not informed about rules or even the rights of buyers or sellers. By not making those types of mistakes and by being informed, even buyers who are new to auctions can have success – from bidding to winning!

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