Everything You Need to Know About Auctions for Heavy Equipment

Many companies have surplus equipment, and many others resort to Texas consignment auctions to get the equipment off their hands.  However, several things should be taken into consideration when purchasing heavy equipment at an auction. This involves having a working knowledge of how to prepare for auctions and what is included in the bidding process. It will increase your chances of acquiring the equipment at the top of your list.

Things to Keep in Mind About Auctions for Heavy Equipment

You may need to conduct a market study of the equipment, especially if it is a large purchase, to ensure that you make sound investments. Next, let’s go through several key points which will help you succeed in an upcoming heavy equipment auction.

Check How Old is the Equipment

Research the age of the heavy equipment and the number of years it has been in use. Consider that you may have to replace parts in the future if the equipment you want to bid on is old and used. It would be best if you considered purchasing new heavy equipment, which might be cheaper in the long run.

Analyze How Was the Piece of Equipment Used

A piece of equipment may be worth its weight in value if you find that it is used but not abused. You will find a few second-hand pieces of heavy equipment that may look in extremely good condition. This makes it confusing to figure out whether you are bidding on new equipment. That is why you need to research everything in detail before buying the item at the auction.  It’s advisable to find a qualified repairer or professional auction services who may inspect it for you. 

How to Prepare for Heavy Equipment Auctions in Texas?

Heavy equipment auctions in Texas may be filled up with literally dozens of equipment pieces that can be bought at a very reasonable price. This means you can save a significant amount of money as a buyer. Yet, since it is new to you, there may be potential tax benefits. There are several financial advantages when you buy something at the Texas consignment auctions. Here are some tips to prepare for upcoming heavy equipment auctions.

Ensure a Proper Title

Before purchasing any equipment, you must establish that there is a proper title and that the respective ownership can be transferred to the purchaser, lien-free. Ask for proof of the title to give to your equipment lender if you want to finance your purchase. Many auction companies issue a refund if liens are found on the equipment you have purchased. 

It would be best to contact professional auction services and ask for information on the current owner and the respective lienholders. A finance company could also assist you in getting the lien removed. This ensures you have an effective and original title on the heavy equipment auctions in Texas.

Compare Pricing

Search for all pieces of heavy equipment you want to bid on online. Compare similar items. Pay attention to the specifications of every item you want to bid on at heavy equipment auctions in Texas. This can also affect the final price.  

Secure Auction Financing to Increase Purchasing Power

You will need to secure a pre-approved used equipment loan when you are considering bidding on any equipment at an auction. Most national sellers will require the purchaser to be paid in full before they release the equipment if you bid online or at the auction site. Getting a pre-approved loan will help keep your bid on track and also increase your buying power.

Understand the Bidding Process 

It would help if you always remained prepared for auctions. Familiarize yourself with different policies and the auction bidding process for both online and on-site auctions. At times, you may need to register online before the auction. Make sure to check the auction calendar and time to verify that the heavy equipment you want to bid on is for sale.

Do Proxy Bids

If you are interested in multiple pieces of equipment, it would be best to do a proxy bid. There may also be several bidders from online equipment auctions, which can intensify the competition. That is why you must assess the situation and research all options at an auction. This will help you save money on heavy equipment and ensure you never overbid on such items during auctions.

Bidding on Heavy Equipment

The most important thing about heavy equipment auctions in Texas is research. So, do your homework before you proceed with the bidding process to ensure you get the best deals. You can also reach out to Kiefer Auctioneers to get the best advice about your biddings. We have 25 years of experience providing professional auction services. So, contact us now for all your auction requirements.

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