Oil industry’s collapse has brought with it an increase in auctioned equipment as owners look to clear out sheds or manufacturers make room for new models, providing buyers with plenty of bargain opportunities.
Industries has over five decades of experience buying and selling used machinery, and can help you obtain maximum returns when selling through an auction.
Do Your Research
Auctions provide an efficient, effective means of liquidating machinery for cash quickly and efficiently – particularly useful when companies are closing shop or moving locations and need everything gone by a certain date.
Auctions provide another advantage by featuring machinery at lower costs. This is possible as used equipment may be sold off from companies upgrading to more advanced models or freeing up storage space; or by financial institutions or government agencies who have seized surplus equipment.
Before participating in an industrial machinery auction, it’s crucial that you research and understand its process. Doing this will enable you to anticipate pricing expectations as well as bid appropriately and secure maximum value from each machine you bid on.
Conduct a Thorough Inspection
Construction industry growth is one of the world’s fastest-expanding fields and relies heavily on effective heavy machinery. To ensure safety and reliability of this machinery, regular inspection and maintenance inspection should also take place to keep equipment safe and functional.
Thorough Examinations (TEs) are legal requirements designed to keep work equipment operating safely. Similar to car MOTs, thorough exams comply with Lifting Operations and Lifting Equipment Regulations (LOLER), and should be conducted regularly by qualified personnel.
The scope of inspection will depend on the professional judgment of a competent person; however, it must cover all elements that could affect safety and may include disassembly or internal examination of components. Finally, an examination scheme should document all findings.
Set the Right Price
At an auction for machinery, many factors can impact its final price. If demand outpaces supply, prices may spike significantly.
Other considerations when purchasing equipment include its age and usage history. Newer machines with less usage often fetch higher prices compared to older models with extensive usage history. Furthermore, manufacturer brand and reputation can affect pricing.
Online auction marketplaces typically provide machinery sales prices as an indication of what you might expect at a given auction, but to get a truer picture of market conditions and trends it’s wise to conduct your own research by visiting past auctions and reaching out to local machinery dealers to see what similar equipment has sold for recently. Doing this will give you a much clearer sense of current conditions in your locality and trends in this particular market sector.
Prepare for the Auction
Auctions provide an effective and simple solution for buying and selling machinery. However, buyers should prepare prior to attending a machinery auction in order to secure the best deals possible.
Before making your bid at an auction, it is vitally important to conduct a careful inspection in order to detect any structural or mechanical flaws which could reduce its value or render it inoperable.
Sellers should also prepare their inventory for sale by providing detailed information about each piece of equipment and maintenance records, to bolster credibility with prospective buyers while simultaneously helping negotiate better prices with existing and potential customers.
Bid with Confidence
No matter whether you need to expand or reduce your inventory of machinery, an auction offers the ideal platform for buying and selling industrial equipment. But for those unfamiliar with such auctions, the process can be intimidating and time consuming.
Researching machinery auctions thoroughly is key to having an enjoyable auction experience. Take note of its age, number of hours used and any maintenance records available if available.
Setting and adhering to a price limit is also crucial, and will prevent you from getting carried away during bidding. Also remember that after purchase you may require parts for your machine that may cost extra.
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