Be a better auction buyer
Do you have your priorities right when it comes to buying on the auction floor? Become an auction player! Auctions can be confusing places when you are not sure what you’re doing, so CMME presents its guide to how you can tell that you are getting a bargain and become a better auction buyer. 1. […]
Auctions are an exciting and expensive business hazard
Do you have your priorities right when it comes to buying on the auction floor?
Become an auction player!
Auctions can be confusing places when you are not sure what you’re doing, so CMME presents its guide to how you can tell that you are getting a bargain and become a better auction buyer.
1. ?Be prepared?– Do your research beforehand and make sure that you don’t get involved in a bidding war you or your company can’t afford!
2.?Specify – Determine the necessary equipment before going to any auction to avoid making an impulse purchase.
3. Make a list?- It is helpful to make a list of some of the specific requirements needed to ensure that the right type of vehicle is purchases.
4. Public vs. Closed? – When looking for a way to acquire quality used equipment at a reasonable price, it is important to know whether to attend a public or a closed auction. The first event is open and intended for the general public; the latter is only available for registered dealers.
5. Don’t forget to register – Prior to bidding, it is necessary to register online or at the dealer’s office. Any purchases may need to sign certain documents such as an agreement as well as provide their company’s name, contact details, a photo ID, banking information and either cash or a guarantee letter from a bank or other financial institution. A personal bidding number will be issued to registered buyers along with a catalog and list of items for sale.
6. Damage Limitation – Check for any signs of rusting or stains. Open the cab door to check the floor and under the seats for any signs of rust. Check the engine for signs of water stains; also check around the engine block for any evidence of oil leakage. Find the oil dipstick and check to see if there is a heavy dirt deposit which could be evidence that the equipment has been sitting for a long time or has not been well-maintained.
7. Know thy budget – The budget for the acquisition should also be predetermined or at lease be sure it is known the amount that a bank is willing to lend for financing a used piece of machinery.
8. Make a note – Write down the Identification Number which is usually located on the windshield on the driver’s side in the lower corner.
9. Make time – Allow time to inspect vehicles for any damage or problems before the auction starts, if this is allowed by the auction company.
10. ABOVE ALL, DO THE RESEARCH – Don’t go into the auction hall without doing research on the types of machinery and equipment you need. online resources such as Ritchie wiki are great places to gen up.
