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What To Know Before Buying And Selling Heavy Equipment At Auction

Wednesday, June 27th, 2018
farm equipment for sale at auction

There are two main reasons heavy equipment is sold at an auction. The seller most likely wants to sell their items quickly, without a lot of hassle of people coming to their property. They may also want to get the best price possible from the deal. Auctions make large equipment transactions easy for both the buyer and seller. However, buyers and sellers should do research before heading to an auction. The following are four tips that you can use in preparing to buy or sell heavy equipment at an auction.

Buyers and sellers should research value

Before you head to an auction to sell your heavy equipment or to look for used machinery, you need to know its value. To locate a suitable buying or selling point, you can check out used sales locally, as well as what the industry trends are currently showing. Find a fair value that you are willing to negotiate and then stand firm on your bottom line price.

Buyers should inspect the equipment

Heavy equipment often comes with a large ticket price. Before you get involved in the bidding process, you need to take the time to inspect the items you plan to purchase. Check how the engine turns over and whether or not there are any leaks. Inspect each piece carefully for any welds or cracks, and cycle the hydraulics. You need to have basic knowledge of how heavy equipment will function and listen for any unusual sounds that may indicate serious issues.

Sellers need to prepare the equipment

When you take a piece of heavy equipment to an auction, you should take the time to prepare it first. Make sure it looks presentable by washing and refurbishing any worn parts. A nice looking piece of equipment is going to draw prospective bidders over to see what you have to offer. They can’t know how good of a deal they may make on your sale if they are turned away by dirty looking equipment. Heavy equipment that isn’t presented properly gives potential buyers the idea you have not maintained its operational needs.

Buyers and sellers should make connections

Chances are this will not be the last time you either sell or bid on a piece of heavy equipment at an auction. While you’re there, make connections with the auctioneers and other participants in case you are in need of heavy equipment in the future. These types of friendships can also provide you with helpful advice in future auctions.

Many factors go into the success of buying and selling used equipment at auction. For more information about Bidding and Selling at auction, contact the experts at High Plains Auctioneers today. You can reach us at (806) 244-6776 or Contact Us by email to find out more about what we can do for you. Don’t forget to check out our Upcoming Auctions to see what we currently have available!