10 Tips for Bidding at Heavy Equipment Auctions

If you’re like most people, you go to an auction hoping to find a good deal. From the quality of the equipment and the opportunities from bidding to successful purchases and more, there are a lot of great opportunities to be had at heavy equipment auctions. In fact, auctions are a great way for business owners to get market value for their assets when they’re ready to sell their business. In today’s post, we’ll cover 10 tips to help you with bidding at your next heavy equipment auction.

At Premiere Auctioneer in Inglewood, we provide the auction services you expect. Our live auctioneers handle the quick and efficient bidding process that helps sellers maximize their dollar value and accomplishes the process of liquidation in one day. If you’re looking for the most effective and efficient way to liquidate your assets, contact our auction team today.

1. Preview items you’re interested in.

It’s important to take the time to check out the machinery or equipment you’re interested in before you bid on it. Going to an auction without previewing items first could lead to an expensive mistake. When possible, attend the preview date to view the items for sale before the auction goes live. If the auction is online, then make sure to take time to read all the information posted about the items and ask any questions you may have.

2. Exercise self-discipline.

If you’ve never attended an auction, then you might be surprised to discover how quickly your adrenaline can start to race as you find yourself in the middle of a bidding war. It’s important to remember the limits you set on your budget and exercise self-discipline if the bidding war begins to drive the price higher than you can afford. Once your maximum is reached, back out, even if the item is something you really want.

3. Get your finances in order.

Whether you are bidding on an item in a live auction or an online auction, it’s important to remember that you are entering into a contract and agreeing to buy the item if your bid is the winner. With that in mind, you’ll be expected to pay for the item shortly after the bidding has stopped, which means your finances need to be in order and that the auction house will accept the form of payment you wish to use.

4. Register in advance.

If you plan to join in the bidding at an auction, then you’ll have to register as a bidder. Otherwise, you’ll simply be a spectator without the ability to bid on any item. Given that auctions are popular events and can fill up quickly, you’ll want to make sure to register as soon as possible rather than waiting until the last minute. You’ll be assigned a bidder’s number at the time of your registration. This number will be noted by the auctioneer if your bid is the winning bid.

5. Timing is everything.

While there are no rules about how a given auction will run, it is a common belief that it is harder to get a good deal in the opening lots of an auction. Typically, this is due to the excitement of the bidders and the fact that everyone has quite a bit of money to spend. With that in mind, it can be a wise idea to wait until the crowds have thinned out, people don’t have as much money to spend, and you can face less competition over the items you hope to get.

6. Be ready when bidding starts.

An auction can move much quicker than you can imagine, which is why it’s important to stay alert to what is happening so that you don’t miss the bidding before it’s over. If you like to utilize the strategy of waiting to see how much interest there is in a particular item before placing your own bid, beware that there is a danger to this strategy. Since auctioneers end the bidding process fairly quickly once the maximum level appears to have been reached, you could miss your chance to get your bid in.

7. Remain calm.

Auctions are a great place to practice your poker face. While there may be an item or piece of equipment that you’re very interested in or need, you want to be wary of letting rival bidders know the extent of your interest. Work on appearing calm to try and avoid a potential bidding war.

8. Pace yourself with bids.

We already mentioned that you want to know your budget before going into the auction to make sure that you avoid spending more than you can or should. With that in mind, you want to be sure to place yourself with your bids. You already know your maximum, but you don’t want to get so excited that you push the bidding to your limit too quickly. Focus on starting your bidding as low as you can and continue with slow and steady bids to avoid the potential of a rival bidder offering a significant amount of money to try and win the bid.

9. What to do when you win.

When your bid is the winner on an item, it’s important to understand that you are responsible for it from that moment. With that in mind, make sure that the item or piece of equipment you’ve just purchased is not left unattended. In fact, you might consider arranging for an insurance policy to cover your purchase in the event of your bid winning.

10. Check all paperwork.

You already worked to get your finances in order, you followed our tips for successful bidding, and are now the proud owner of the item you hoped to get. You’re all done, right? Not quite. Make sure that everything is in order as far as the paperwork on the item and its purchase. Look to see that you have all the required documentation to show that you are the new owner, and any warranties it may come with.

Your Equipment Auction Experts

At Premiere Auctioneer in Inglewood, we are proud to offer our clients the professional live auction events they need to quickly and effectively liquidate their business assets for market value. If you are interested in learning more about our auction services for machine shops, restaurants, and other businesses, please contact our team today. We’re here to help you get the best results from your auction.