When looking to purchase equipment through an auction, as you would already know — research. This involves researching both the marketplace, whether that’s online or in person, as well as the machine or trucks you are interested in.
Do your homework in advance and bid or buy from a name-brand marketplace
Aside from researching the machine’s or trucks features and history, buyers should be sure to check out pricing for that piece of equipment and decide if that price is comfortable for your pocket.
Be sure to research historical pricing, Find out what similar items have sold for in the past, so you know what price range the piece you’re interested in might go for. Determine how much you are willing to pay before you bid.
After researching the equipment or truck, next up would be to secure financing for the potential purchase. Some auction companies may even offer their own financing plans.
Once you know a price range, make sure you have enough funds to cover your purchase, shipping, etc., rather than using your company’s working capital, consider financing your auction purchase. Save your cash to run your business and pay for your equipment in low monthly installments. In some cases, you can submit a pre-approval application before you bid.”
Finally, as a potential buyer, you should be sure to give yourself plenty of time on auction day. It’s important to understand the bidding process and ask for assistance if needed before the auction starts.
Follow the auction to get comfortable with the process before you bid. You can never be too early for an auction, only too late! Check the schedule and make sure you arrive in time.
Good luck on your next auction buy.