What Really Goes On In The World Of Construction Equipment Auctions?
Construction equipment auctions are events held where potentially interested parties are invited to bid on various types of heavy duty machinery or other industry related equipment.
Often, the equipment offered at these auctions are second hand but still in good to excellent working condition. Just about any type of used equipment can be included in these type auctions, from office machines to manufacturing or construction equipment, therefore one can see that construction equipment auctions are instrumental in aiding the small to medium businesses, looking to upgrade their machinery, etc.
There are several different types of equipment auctions:
The more common construction equipment auction is the auction held for farming equipment. Second hand items such as tractors, rototillers, and harvesting machines are sold to the highest bidder at these type auctions. The material auctioned off is normally certified as to the industry standards certification of optimal conditions, making it possible for all those “good-deals” and bargain seekers to attain what they need without spending too much of their hard earned money.
Construction equipment is also sold at an equipment auction. Once again, the items have usually been replaced by newer makes and models, but are still capable of performing well for many purposes. Even industrial equipment, such as commercial sewing machines, textile warping frames, and strapping machines may be included in an equipment auction.
Selling industrial equipment at an auction is one of the easiest and most profitable ways to make money on any type of equipment that is no longer needed. Often, companies will go through an auction house to arrange the equipment auction, listing anything that is no longer of use to the business but could hold value for someone else.
The auction company will work with the client to determine if the auction will be structured as a public event or will only be open to a list of invited bidders.
There are many auction houses and companies involved in the process of construction equipment auctions.
In addition to being a simple, convenient, and hassle-free way to buy used equipment at auction, buyers can bid with confidence knowing the equipment they’re interested in has been inspected and there will be no surprises.
Search for equipment
Buyers can preview upcoming auctions or search equipment by type, make, and location. There’s always a good deal to be found, with new consignments every day.
Review Inspection Reports
Most equipment sold through auction houses has been through a rigorous inspection process, and inspection reports are posted on our Web site. Each report includes details and photos of the equipment, from general appearance through oil sample analysis.
Bid
Before auction day, prospective buyers can place priority bids. With PriorityBid, bidders set the maximum amount they’re willing to bid and our auction system keeps them in the lead up to their maximum.
On auction day, each item is on the block for a three or six minute time slot, with multiple items often on the block simultaneously. The length of the auction can extend if there is active bidding, but if there aren’t bids for the last two minutes, then no more bids are accepted and the auction ends. The highest bidder wins the auction. Read more about bidding.
Pay
Once the auction is over, auction houses handles all the steps of the payment process. Buyers pay into a secure account that we manage. If needed the auction house can also help arrange financing and transportation. Read more about payment, financing and transportation.
Accept delivery
Once payment into the secure account is confirmed by the auction house, the seller releases the equipment to the buyer’s transportation company. The buyer has one business day after receipt of the equipment to report any discrepancy between the condition of the equipment received and the condition described in the inspection report.
