How to Find a Good Deal at an Equipment Auction!
- Author Christopher Hunter
- Published December 9, 2011
- Word count 565
Quality trucks are quite more expensive; if looking for heavy duty versions, one of the things that could be considered is going to an equipment auction. Though there are great deals available, a venue such as this could be overwhelming, especially to a first-time attendee. Learning about this type of sales and buying process is the best way to discover what a good means it is to acquire great vehicles and equipment at low prices.
Why Use an Auction?
The fact that equipment is a big investment to most companies, and then learning why such trucks are being sold in a competitive sale venue would be very beneficial to a bidder. Just like any other vehicles needed for operations, companies typically cannot just buy something to use for a short time and then dispose of it. The auction process allows for vehicles and equipment to be sold perhaps in order to raise cash due to a liquidation or bankruptcy. Another way in which an equipment auction is beneficial is for dealers of these used trucks that are trying to find the best vehicles for the lowest prices. This allows them to recondition the vehicles and then re-sell them for a profit.
Knowing the Basics
An equipment auction offers vehicles and parts to interested buyers; the one who makes the highest bid will get the item. Most of the miscellaneous gear is sold in "as-is" condition with no stated or implied warranties. Sellers tend to fall into three categories: dealers who may be divesting of excess inventory; surplus trucks that the federal government or state agencies are replacing; and repossessions or impounded vehicles that are being sold so creditors can be reimbursed.
The most common pitfall that keeps buyers from getting great deals is not planning ahead of time. Below are some helpful tips that a buyer should consider before buying at an equipment auction.
Get a Catalog - Before traveling to the bidding site, especially one that is some distance away, get a catalog ahead of time that lists all of the items that will be auctioned at that sale to ensure that there are some that meet the company’s requirements. There are certain circumstances when an item for sale may be canceled with a short notice, so calling and confirming the availability of a particular vehicle on the morning of the sale is a wise move.
Inspect the Vehicle - At the bidding site, inspect the vehicle thoroughly as most trucks at an equipment auction are sold ‘as-is’ and will not have any guarantees. The seller may allow for some leeway if there is a serious problem, but this is not something that should be relied upon when purchasing. Most reputable competitive sale companies have inspected the trucks for sale and have listed in the catalog exactly what the condition is of each vehicle.
Set a Price Limit – Since everything is sold ‘as is’ at an equipment auction, it is wise to set a price limit and stick to it. Also check thoroughly the "conditions of sale" in the catalog. There might be some cost added to the final price, such as a "buyer's premium" and local taxes.
Be Alert for Catalog Changes - Always remember that the information in the catalogs can change at any time; listen carefully before the bidding process begins for any changes stated by the auctioneer.
Christopher M. Hunter is an expert in the auctioning of industrial equipment. To find out more about Equipment Auctions, go to the main website at: http://www.jjkane.com/home.Article source: http://articlebiz.com
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