Auction Etiquette and Tips
Bidding at an auction can be quite a task, especially if the bidder is inexperienced or has never attended an auction before. There are several rules to be followed when attending an auction so it doesn’t seem like an all-out free for all. Here some pointers for attending your first or few heavy equipment auctions and how to better prepare yourself for them. Auctions are much different than a machinery liquidation sale, so here are some tips for you to follow.
· Eye Contact – Try and get the auctioneers attention when you raise your auction card or hand, he will look at you and make eye contact, give him a nod to confirm your bid.
· Know When to Quit – Your adrenaline will definitely be flowing when you are bidding on items that you want, but you must always know your limits. If a price is getting out of your range, don’t be afraid to concede from the race, or else you could end up paying more than you can afford.
· Check the Manufacturer – Being familiar with the manufacturer of a specific piece will ensure that you make a purchase you’re happy with. Furthermore, if you know the manufacturer well, you’ll be able to easily purchase replacement parts and ensure efficient maintenance.
· Wear and Tear – Purchasing a used piece of machinery through used machinery auctions, you’re ensured that each piece has been carefully inspected for proper functioning and safety. However, it is wise to see the piece up-front and in-person prior to making an offer.
· Know the Value – Again, the benefit of purchasing through industrial machinery auctions, is that you can rest assured the starting rate is at a fair price. However, it’s a good idea to do some research on the proper value of the item, so that you know exactly what you’re paying for.