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Going To A Heavy Equipment Auction? Follow These Helpful Tips!

Monday, April 29th, 2019
bidding strategies

There are many great deals you can find at a heavy equipment auction including vehicles, farm equipment, and supplies. Whether you are familiar with these auctions or will be attending one for the first time, it is good to understand the process. Here are some tips to help you know what to do at auction.

Ask yourself some questions first

If you have never been to an equipment auction, it is best to be prepared beforehand. You can ask yourself some questions to get started.

  • Is new or used better? Buying a new piece of equipment may seem better, but used pieces are often in near-new condition and cost less. If your budget doesn’t allow for new machines, auctions can be your best choice.
  • What are the options for buying heavy equipment? You have a few choices when you need to find new equipment, including auctions, dealerships, and private sales. Doing some research about each can help you choose the best one for you.
  • Are there any maintenance documents available? This is an important question to ask no matter where you choose to buy heavy equipment. At auctions, you do run the risk of not having any previous information on the machines. But, if you are dealing with a reputable auction house, you will probably not run into issues.

Do some research about the equipment

The first step in researching is looking at the heavy equipment that will be at the auction. Auction houses should have a catalog available either in person or online, so this is the best place to start. Once you have found some machines you are interested in, you can begin comparing prices and conditions from past sales. You should also look into tax rules and equipment life-span.

Set a budget

The second thing you should do before a heavy equipment auction is to create your budget. You should know exactly which machines you are bidding on, or at least the types of machines you need, before you can do this. Follow this budget whenever you get to the auction. Bidding can become intense, so it can help to remember your limit.

What do while at a heavy equipment auction

Once you get to the auction, you will need to take care of a few things. You should be sure to register so you can take part and introduce yourself to the staff if they do not know you. Building a connection with the auction house will be important for future auctions.

You should also inspect the heavy equipment in person if possible. Start with the overall appearance, checking for dents, scratches, and other visible issues. Next, inspect the engine and see if you can start the machine. If you can’t do this, ask for maintenance documents.

Finally, there are some things to know about bidding at a heavy equipment auction.

  1. Interact with the auctioneer. This means sitting where they can see you, making sure they can see your bidding motions, and keeping eye contact with them.
  2. Know what type of bidding you will be doing. There are a few types of bidding that you can use at a live auction, including you bidding for yourself and absentee bidding.
  3. Understand when to bid and when to stop. Sometimes it may be best to start with a large bid before anyone else can get the machine you want. At other times, your fellow bidders may be less aggressive and you will not need to bid that fast. If you feel pressured or rushed, be sure to stay calm and remember your budget. You should stop bidding if you get close to your limit.

Heavy equipment auctions in Texas

If you would like to learn more about attending an auction in Texas, contact the experts at High Plains Auctioneers today. We have many auctions available throughout the year including farm equipment, gun, and antique auctions. Call us at (806) 244-6776 or Send Us an Email to learn more and don’t forget to check out our Upcoming Auctions.