How to Buy Heavy Equipment at Auction

Buying heavy equipment is not as easy as visiting your local hardware store. In the past, if you were looking for a good deal on a crane, you would have to do a lot of traveling. Luckily, heavy equipment buying has caught up with the computer age with online auctions. These are reputable ways to get quality equipment without leaving your office. Here are some tips to help your auction go smoothly.

Instructions

Difficulty: Moderately Easy

1. Select an auction site. There are dozens of online auction houses for heavy equipment. Please see the Resources section for some ideas. Choose one that focuses on your specific equipment needs and provides certified inspections so you can be sure your equipment is in order.
2. Navigate though the websites and determine which site has what you want. Each website gets equipment from different sources, so a little shopping around will help you locate the perfect piece of machinery for your job.
3. Get your financing in order before an auction begins. If your company can buy machinery outright, register with the auction house prior to auction time. If you need financial assistance to purchase, get pre-approved before bidding.
4. Bid on a piece of heavy machinery. Auction houses give you two options for bidding. You can prebid, which means that you set a maximum amount you are willing to spend. If your prebid is highest, you will be notified that you won. You can also bid in real time like you would in a live auction. Most lots last from between 10 to 30 minutes. During this time you can watch others bid and place your own bids. This helps you get an idea of demand and speed for which this item is going.
5. Choose an auction house that will work with you on shipping and title transfer once you have won.