What are the Different Types of Heavy Equipment Auctions?
- Author Christopher Hunter
- Published December 9, 2011
- Word count 543
The present economic crunch has made most buyers look for alternative ways to acquire some expensive equipment. Buying from dealers actually limits options as most vehicles are sold for a non-negotiable price. A very viable option that should be considered more often are heavy equipment auctions, which offers both the seller and buyer the opportunity to negotiate prices. The most important thing is to learn how the auction process works. Following are some of the different types of competitive bidding venues.
Standard or Normal Auction
This type of auction gives consumers the opportunity to find a place where heavy equipment can be purchased at a lower price than the normal cost of the vehicle. This type of bidding process provides a negotiable pricing mechanism for both the seller and the buyer. This is also the simplest type of bidding process, where buyers establish a price, bids are received and the highest bidder gets the item.
With this version, the customer provides their specifications to the seller which helps the auction company lead them to an item that is most suitable for those needs. Often times, the customers may have some special needs that are unknown to the vendor. The closed reverse type indicates a direct negotiation with the customer, through the vendor, whereas with the open type, the customer publicly announces a need and that can be supplied by any seller. This type is good for higher-priced equipment.
The type of bidding process is designed for sellers who have a set price they want for the item and potential buyers can indicate a willingness to pay that price. Typically, the first offer for that price is who actually gets to purchase the item. A seller can add "or best offer" which would indicate some willingness to accept less than the stated price. This type of a bidding process is good for lower-priced equipment.
This is a type or portion of the bidding process where a potential buyer can submit an early bid prior to the start of the ‘regular’ bidding process. This price will not change during the bidding process and if it is the highest bid at the end, it would be the one allowed to purchase the item. This is advantageous to both the buyer and the seller because the buyer ‘locks in’ a price and the seller can wait to see if a higher price is bid and if not, at least know that the ‘reserve’ bid will be available for selection.
Multiple or Dutch Type
This style is actually more typical than the name seems to imply. It basically starts with sellers accepting multiple bids until an acceptable price is given, with usually a minimally acceptable price being the lowest offer. The seller can lower that minimum if they so desire. This version is convenient for dealers who want to get rid of some vehicles quickly and yet at a fairly decent price.
Finally, by knowing these different types of bidding opportunities at heavy equipment auctions, consumers can ensure that the vehicle that is needed can be found at a great price without the complications of regular dealer purchasing. How beneficial is this? So enjoy hunting for that great piece of heavy equipment!
Christopher M. Hunter is an expert in the auctioning of industrial equipment. To find out more about Heavy Equipment Auctions, go to the main website at: http://www.jjkane.com/home.Article source: http://articlebiz.com
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