An auction is a great venue for purchasing inexpensive, used construction equipment; however, if there is not a nearby event, the next option is to find online auctions featuring equipment. It is almost identical to the live version except that bidders view the items and place bids via the internet.
An online auction refers to bidding on an item over the internet; there are two different approaches as to how this is done.
Types of Online Auctions:
- Live Online Auctions – Similar to a live event, participants bid over the internet in this sales venue. The auctioneer sets a day and time for the event and participants must be online at that particular time in order to place a bid. Participants compete in real time and winners are immediately announced.
- Timed Online Auctions – The first approach is a timed event. As the name implies, the sale takes place over a span of time that is determined by the seller. This is the format on popular websites like eBay and Craigslist. Interested participants can place bids within a particular time frame; when the allotted time runs out, the highest bidder is automatically announced as the winner.
Purchasing equipment from companies who auction used construction equipment online may seem like a last resort if remotely located from a physical venue; however, this is not true as this venue offers several advantages to those who prefer to bid online rather than by conventional means.
- Convenience – Traditionally, purchasing from a live event means searching for one and then being there physically on the specified date and time. While this may work for some, many interested participants would have to spend time and money to get there, which is impractical considering there is no guarantee that a purchase will be made. Via the internet, participants can look for many different event dates and join from any location, making it a convenient option.
- Variety – Equipment sold at one particular event can be limited, resulting in either buying a certain make or model that may not having been a first choice or even skipping the event entirely as nothing was available that was even close to what was desired. The internet offers a wide variety of machinery because of the many online auctions. Interested parties can choose the make, model, specifications, and condition, and then purchase the equipment that best suits such needs.
- Atmosphere – The internet is the perfect connection for individuals who do not want to experience the intense competitiveness of a live, physical auction sale.
While purchasing from an online auction has advantages, there are also a few things to remember to achieve success:
- Reputation – Always check the background of any company hosting the event before making any deals. Verify their existence by using all posted contact details.
- Vehicle Condition – Before bidding on any equipment, have an expert inspect it to determine condition. Most auctions have an “as-is, where-is” policy, so quality should be determined before purchasing.
- Added Expenses – Find out if there is a buyer’s premium added to the sale and if so, how much and factor this into the total price so an established budget is not exceeded.
- Buyers’ Guide – Check the various pricing guides and never bid beyond what is indicated as fair market value.
Companies who auction used construction equipment online offer a great service through which you may purchase equipment. It is convenient and provides a wide variety of age, make & models. Most who try this type of auction find that an online auction is indeed a great way to purchase used equipment!