The Buyer's Guide to Real Estate

« Back to Home

Your First Construction Equipment Auction: Common Faqs

Posted on

When it comes to buying construction equipment, there is no better way to get what you need than to buy used and a construction equipment auction makes that an easy thing to do. Whether you are the owner of a construction business or you are just looking for a certain piece of equipment to own, these auctions are an excellent way to get what you are looking for at a good price. If you have never been to a construction equipment auction, you are bound to have a few questions. Take a look at these common questions about construction equipment auctions and the answers you will want to know. 

Will you be able to operate the equipment before the auction?

In most cases, you will not be able to operate the equipment at the auction for safety reasons. However, there will be auction representatives available who are licensed and qualified to operate the equipment for anyone who wants to see how sound of a condition a certain piece is. It is also not uncommon for the auctioneer to allow a brief moment of operation for display purposes just before a piece goes up for bidding. 

What are a few tips to get ready for the auction?

There are a few things that you can do before you head to the auction to make sure you are well prepared for the event and an educated buyer. Make sure you:

  1. Know the estimated value of any piece you think you will try to buy at the auction. 
  2. Already know how much money you have to pay for a certain item, whether it is personal funding or through a lender. 
  3. Have a plan to haul any items you purchase at auction, as the auction house will only hold items for so long after they are won. 

How does the bidding process work at a construction equipment auction?

When you first arrive at the auction, you will be given a card or paddle with a number on it that has been assigned to you. Once the auction has begun, you will raise this paddle or number when you want to place a bid on the item up for bidding. The auctioneer will gradually increase the price of the item in increments of certain dollar amounts and take bids until there is no one else bidding against the highest bid. In some cases, there will be a reserve auction price that must be met before the item is allowed to sell. 

Check out places like ROD FIVECOAT AUCTIONS for more information.