Not all auctions are estate auctions. Not all auctions have to do with cars, jewelry, or art. You can easily buy manufacturing machinery and equipment and industrial items at an auction as well. There are many advantages to industrial auctions that you may not be aware of. Here are seven of the best reasons to attend industrial auctions and what else you need to know before getting started.
Attend Industrial Auctions to Spend Less
There’s one truth about equipment: it is expensive. Since most of us don’t have an unlimited budget, saving money is important. An auction allows buyers to pay less than retail and save money on expensive industrial equipment. Everyone wants to stretch their budget as much as possible, and with an auction, you don’t have to sacrifice quality to get a good deal.
Work With the Professionals
Buying privately from someone you don’t know comes with risks. You may have to haggle over price, and in the worst cases, you can be a victim of fraud. When attending an industrial auction, you’re dealing with professionals. They know the business and act with integrity. You simply bid on what you are interested in and don’t have to worry about hard sales tactics or getting cheated out of your money. The professionals want both the seller and the buyer to have a pleasant experience so they have your best interests in mind.
Value Buys – Work with Our Industrial Auctioneers
Most of us know that machinery and manufacturing assets depreciate, just like automobiles. As soon as it leaves the lot, the value drops. With an auction, you don’t have to worry about the initial depreciation as you would if you purchased new. You nonetheless get to enjoy many years of service out of the equipment – and at a lower price than retail. Many auction companies have financing options. Those that do can approve you for up to 100 percent financing and offer a customized payback plan that fits your needs. You still get the section 179 deduction for buying used equipment at auction! Why would you not save a bundle and buy used!
One thing that auction houses strive for is trust. If available, auction houses make maintenance logs and equipment service records available to the buyer. If these records are not available, they can put the buyer in touch with the seller who may have more information. At the very least, they should have the history of the machinery. This gives you insight into your new equipment. Most equipment at auction is sold under power and the buyer has the opportunity to come and inspect the assets before purchasing it.
Some people think you have to visit an auction in-person. Perhaps they’ve seen auctions in movies and figure that’s how it all happens. Well, not necessarily. While live auctions are fun and exciting, not everyone can attend. An online auction site is an alternative way to run this process. Most auction houses offer a variety of other bidding options besides in-person, including live online bidding, online pre-bidding (where bidders set a max bid and let the system bid for them), proxy bidding, and bidding via mobile apps.
Preview a Selection
Attending industrial auctions allows you to look at a variety of equipment. These sometimes include items not available at your local dealer. An auction might give you access to older, more difficult to find, models known for their great service, reliability, and performance. In some auctions, you’ll be able to see a massive variety of options for equipment that does similar tasks. You can also compare features and prices side-by-side.
Attend Industrial Auctions, Get a Vast Number of Choices
Another major benefit is the choices you have. When going to a dealer, you may see one or two choices in brands. At an industrial auction, you not only have different manufacturers, but you also can look at equipment from a variety of values and age. This also gives you choices for your budget. As you know, just because a piece of equipment is older, doesn’t mean it does not hold its value or work just as good as it did when first bought.
These are just a few reasons why you might want to consider an industrial auction for your next equipment purchase — or sale. If you need more help or have questions for us, please contact our auction office at 817-222-9848 to speak to one of our online auction representatives or visit IRSauction.com.