There are several factors which affect a buyer’s decision when purchasing heavy-duty machinery from an equipment auction. Most construction firms are able to get a great bargain by finding inexpensive machines from such an event which can be especially helpful with today’s global credit crunch. Therefore, it is very important that all the information relating to purchasing vehicles from an equipment auction is known prior to the event.
Public vs. Closed
When looking for a way to acquire quality used equipment at a reasonable price, it is important to know whether to attend a public or a closed auction. The first event is open and intended for the general public; the latter is only available for registered dealers. If it is the intent of a company to build the business through the use of used heavy-duty vehicles, it is advantageous to register and purchase from closed auctions. On the other hand, if a company does not meet the necessary qualifications of that closed even, then participating in public auctions is still lucrative. Whatever the final choice, it is important that close attention to the condition of these vehicles be paid by any potential purchaser.
Pre-Bidding Preparations
It is important to first determine the necessary equipment before going to any auction to avoid making an impulse purchase. It is helpful to make a list of some of the specific requirements needed to ensure that the right type of vehicle is purchases. The budget for the acquisition should also be predetermined or at lease be sure it is known the amount that a bank is willing to lend for financing a used piece of machinery.
Prior to bidding, it is necessary to register online or at the dealer’s office. Any purchases may need to sign certain documents such as an agreement as well as provide their company’s name, contact details, a photo ID, banking information and either cash or a guarantee letter from a bank or other financial institution. A personal bidding number will be issued to registered buyers along with a catalog and list of items for sale.
With pen and paper in hand, allow time to inspect vehicles for any damage or problems before the auction starts, if this is allowed by the auction company. Write down the Vehicle Identification Number (VIN) which is usually located on the windshield on the driver’s side in the lower corner. In addition, open all doors and other areas where the VIN might be located in order to compare all of the VIN’s with each other. If the numbers do not match, it is possible that the vehicle may have suffered a severe crash requiring the replacement of a door from another vehicle.Auction Company in Kansas City
Check for any signs of rusting or stains. Open the cab door to check the floor and under the seats for any signs of rust. Check the engine for signs of water stains; also check around the engine block for any evidence of oil leakage. Find the oil dipstick and check to see if there is a heavy dirt deposit which could be evidence that the equipment has been sitting for a long time or has not been well-maintained.
Bidding Processes
Unless otherwise indicated in the sale catalog, each of the pieces of mobile equipment will individually com up for sale; it is during this time that bids can be placed. The vendor will usually announce the lot number and a starting price. When the bidding has begun, the auctioneer will start to announce each price and increased increment until no higher bids are offered, at which point the agent will announce that the equipment has been sold.
On the date of the sale, each of the vehicles at an equipment auction will be sold to the highest bidder. The buyer will receive an invoice listing all purchases. Payment at an auction is typically expected by the conclusion of the sale at which time the vehicle can be driven away. If planned for ahead of time, it is possible that the equipment can be delivered to another.
