There is more to bidding on heavy equipment than at an auction than just raising a paddle. There are a few things you need to know before and during the event to ensure that your purchases are not a waste of money. To help you get through this, we have created this list of tips and tricks to bidding and obtaining equipment at auctions.
With no further ado, here they are:
1. Figure out what you need
Auctions are a great way for equipment traders to sell old equipment to farmers, construction companies, and other professionals who cannot afford the equipment at brand new prices. That being said, it is quite easy to fall into the trap of overspending at these auctions.
As such, it is important for you to identify what you need beforehand. Conduct research on aftermarket pricing so you can have a good idea of how to limit your spending. It also would do you well to study what equipment traders are bringing to the auction, and to prioritize what you need to buy by its importance.
From there, you can create a budget that covers exactly what you need. Do not get caught up in the bidding process, as it can make it easy to forget that a purchase does not mean victory.
2. Get to know the auctioneer
The niceties are always important in any business transaction, and you can easily make the playing field a little more friendly to you and your partners by talking to the auctioneer. By ensuring that the auctioneer knows your face, they will be able to pick you out of a crowd more easily. After all, kindness and politeness can give you advantages that cost nothing.
3. Bid at the right time
Timing is important when it comes to bidding at an auction, whether you’re searching for steals from art dealers or equipment traders. After all, there is a sweet spot to be reached whenever an item is being sold. This sweet spot is when you would get the most value for your money, but the point at which people will stop bidding. Bidding too late could result in you getting the item at prices that are too high while bidding too early might end up with others outbidding you for the equipment.
4. Know when to stop
As we have mentioned before, it is easy to fall into the idea that winning the item is more important than getting it for the right price. Set your limits for each item and make sure that you never bid beyond your set amounts. Obtaining the equipment at a good price is more important than winning the bids at the end of the day.
Equipment trade auctions can be daunting or exciting, depending on how you think about it. With adequate preparation and the right strategies, you could walk away with great equipment at great prices. You just have to make sure that you reign in your impulses and listen to your better judgment.
If you’re looking for an equipment trader in Canada, send us at Heavy Duty direct a message. We are Canada’s leading marketplace for trucks, trailers, machinery, and equipment.
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Heavy Duty Direct (HDD) has been serving buyers and sellers of Heavy Equipment, Trucks, Trailers and Attachments since 2004. We started off with a print magazine distributed across Canada and have evolved with the changing needs of the market.