What To Expect From An Industrial Equipment Auction
If you work for a factory or other business that uses industrial equipment, you might wonder exactly where your bosses find such industry-specific equipment. Whether you work with agricultural machines, an assembly line, robots or refined tools, they all have to come from somewhere. One way industrial businesses find specific machinery is through auctions.
These events aren't your typical auction, however. You won't see art, heirlooms or historic artifacts. These auctions are invite-only and specialize in industry-specific, heavy-duty, industrial equipment. Some auction companies specialize in industrial auctions and build up a list of buyers to invite on auction day. These auction houses get equipment from companies looking to upgrade or to liquidate assets when they go out of business.
Advertising an Industrial Auction
Once a client contacts the auction company and communicates the items for sale, the company goes to work. Special auctioneers study up on item features and marketing professionals send out flyers, emails, brochures and phone calls to their chosen list of buyers. Depending on how big the auction is, they'll also list items on their website beforehand and put ads in trade magazines and in the newspaper.
At the Auction
An industrial equipment auction can be held on-site or at the auction company's location, depending on the type of equipment for sale. Generally, larger equipment stays in its original spot until it's sold. When the buyers show up to the auction, they must provide a valid ID to get a bidding paddle. The auctioneer may allow buyers to walk around and inspect the equipment before the bidding begins. The rest of the action proceeds as normal, with quick bids and one lucky buyer at the end. Buyers must pay for equipment day-of, so they have to come to the auction prepared with cash or company credit.
How do buyers know the condition of the equipment they buy? The auctioneer announces any known malfunctions or defects when the item comes up for bid. Everything is typically sold as-is and the seller makes no guarantee on the condition of the item. Essentially, buyers take a risk that the equipment still has enough life in it to warrant buying a discounted machine.
Online or In Person
Sometimes, auction companies hold auctions strictly online instead of in person. These online auctions allow buyers to purchase equipment from far away, increasing the pool of equipment available for sale. However, the buyer doesn't have the luxury of inspecting the item beforehand.
Buying equipment from industrial auctions allows companies to buy like-new machinery for a good price. If your factory needs a new machine, chances are good that your boss will find it from an auction house. Contact a company like Gary Hanna Auctions Ltd for more information.