Just like any other type of internet auction, an online equipment auction can take much of the hassle and expense out of buying and selling any type of heavy equipment. With items of this size, buyers and sellers basically have two choices: either attend an on-site sale which would require time away from the business; or participate in an online sale. Considering the cost of time away from the job without any guarantee of a successful transaction, online equipment auctions seem to make the most sense.
Overall Benefits
There are a number of websites where heavy equipment can be sold, either by direct sale or online bidding. Through this medium, machinery can be photographed and listed on a website to be seen by prospective buyers all over the country or even the world; yet the services of this equipment are still available to the seller until the sale has been completed, which also means there is no need to transport the equipment anywhere.
For buyers, the benefit of being able to search for specific vehicles in a few hours rather than days traveling to a specific sales location are substantial. Most auction companies that deal with heavy equipment understand the potential risks involved with selling this type of sale and are sure that the vehicles offered are representative of any starting bids and descriptions.
Sellers Benefits
When auctioning online, sellers will usually arrange to have an affiliated appraiser inspect the equipment, and provide such information for the on-site listing. This means there is a very low risk of a unit being sold with misleading information, since the auction company’s reputation is at stake. Once the listing of a unit is posted to be seen by viewers anywhere, bidding action can take place on the website.
In addition, many of these auction companies offer sellers the option to list equipment for sale through consignment by offering it at a “buy now” price. Both of these transactions bypass the bidding process and allow a seller to offer vehicles via a direct sale.
Buyers Benefits
For buyers, online auctions completely streamline a search for necessary specialized equipment which allows access to any vehicle anywhere in the world that is listed on a website and presented for online bidding. The auction sale can be programmed to be done by proxy where there is an automatic bid increase over any counter-bid up to a pre-determined maximum amount. A buyer does not have to be in front of a computer during the bidding process and still retains the potential to have the high bid.
For those who still want to experience the excitement of an auction or personally examine a specific unit being sold, there are companies that offer live simulcasts for some sales. This enables buyers to bid from their computer or smart phone while the equipment is actually being auctioned.
Transaction Completion
Once a sale has been completed, the auction company will typically take care of the transfer of any funds and titles, leaving little concern for either party involved in the transaction. Some companies offer certain guarantees that the unit is representative of how it was presented and may even be able to provide assistance in financing as well. Most offer some type of transportation to get the equipment to its destination or can assist with transportation arrangements, which only provides an additional convenience factor. The payment for these services, whether a percentage of the selling price or a flat fee, can be substantially less than the total costs involved with a more conventional sales approach through a dealer or private party.
It is recommended that both buyers and sellers find out all details involved in a sale before dealing with any auction company, since each website may have its own rules and requirements. It is easy to see the many benefits and convenience of buying and selling heavy machinery through an online equipment auction. There is no better or simpler way to sell this kind of equipment than through the use of technology and online-hosted sales!
