At heavy equipment auctions, buyers can ask questions, and inspect and operate equipment before placing their bids.
`Insights From Jeff Martin Auctioneers
1
Inspect the Machinery
Whether online or in-person, inspecting machinery is crucial. Online platforms might offer detailed inspection reports. When on-site, take the time to operate the machinery and look for signs of wear and potential issues. Look for structural integrity, including any cracks, corrosion, or worn components.
2
Data Analysis
Understand the auction ' s inventory and how many similar machines are available. Evaluate the machine ' s hours, condition and associated costs, such as transportation, taxes and fees. Consider environmental standards and government fees, especially when buying across borders.
3
Market Price
Evaluation Research the price range of similar items. Consider looking at models slightly above and below your target to understand the price variation. Factor in typical repairs, operating costs and the seller ' s reputation for maintaining equipment.
4
Business Alignment
Ensure the machinery aligns with your business ' s needs. Consider the advantages of sticking to one brand for easier maintenance and repair. Stay updated with technological advancements in equipment to optimize fleet management.
5
Know Your Limits
Set a maximum bid and stick to it. Be aware that live auctions can be intense and exciting, which might lead to overspending.
Live Bidding Tactics
1
Eye Contact
Maintain eye contact with the auctioneer or ring man. This establishes your identity and ensures the auctioneer recognizes your intention to bid, no matter your position in the room.
2
Stay Connected
Once the auction begins, maintain your connection with the auctioneer or ring man. Use hand gestures or bidding catalogs to communicate your bids efficiently.
20 June 28, 2024 www. contractorshotline. com