Expert Heavy Equipment’s subsidiary company EHE Auctions is now open for business! Below, are a few tips to make sure you are ahead of your competitors when placing bids for a machine!!!
Participating in online auctions means competing with buyers from all over the world. Having a strategy together before placing your bids at an auction is essential.
Review the description, photos and video.
Once you find the equipment that you need, you may be tempted to place a bid immediately to ensure you’re in the competition. However, it is important to examine the product description, photos and/or video to make certain there are no surprises as to whether it runs and operates. Placing a bid on a machine that you have not reviewed can be a costly decision.
Review multiple auction sites.
Online auction sites have multiple listings for similar equipment. Rather than choosing one auction over another right away, you can monitor each site and wait until their close dates are nearer to make a decision.
Determine your maximum budget.
Find out about any additional fees that you will be charged; this includes buyers’ fees, flat fees, percentage of sale price, and freight price. Once you calculate all additional fees, you will then be able to determine the maximum amount you can pay and which auction site would be the most beneficial for you or your company.
Why freight price is important.
Check the location of the machine you plan to place a bid on. Is it close to you or where you are planning to store the machine? Or is it far away? The freight price could potentially be a significant expense of purchasing a machine.
Watch the auction closely.
This allows you to see if any other bidders take interest in the same listing. If you’ve already placed a bid, you’ll be able to make a higher offer if someone else outbids you. It is important to not exceed your budget. There are plenty of additional opportunities to bid on comparable items.
The importance of timely bidding.
If you wait until the final minutes of closing, there is a less chance that you will be outbid. In this situation, it is possible to keep the final price lower, as well as less time for a bidding war amongst buyers.