Auctioneers work closely with shipping companies and transporters to make the heavy equipment auction market an interconnected global phenomenon.
Construction equipment and heavy equipment, sometimes called yellow iron, are the powerful tools that build and maintain our infrastructure, drive the economy forward and build our future. When individuals, contractors and companies look to sell their used equipment they often consider the auction method to achieve market value quickly and efficiently.
Equipment auctions happen regularly in North America, Europe, Asia, Africa, the Middle East and Australia. These auctions often feature everything from compact excavators to large cranes and bulldozers, and everything in between. The regularity of these auctions creates an international marketplace with great liquidity and availability. The majority of equipment auction firms offer online bidding in addition to live, onsite bidding. Auctioneers work closely with shipping companies and transporters to make the heavy equipment auction market an interconnected global phenomenon.
When looking to sell equipment at auction there are 5 questions to ask:
- How will my equipment be marketed and promoted?
The global nature of this industry means that the successful bidder for your skid loader or dump truck might be around the corner or around the world. Auctioneers know how to find them through marketing.
- Will my equipment inventory be sold in an absolute or reserve (minimum bid) auction?
There are advantages to the various methods of sale and it is important that you understand the terms under which your equipment will be sold. Work with an auctioneer to find the best option for your construction equipment.
- What other services does the auction company offer?
Many equipment auctions help to coordinate transportation and hauling, offer valuation services, have the capability to repair and detail equipment, and provide financing on purchases by qualified buyers.
- Will my equipment be sold at my location, on my site, or will it be moved to an auction yard?
An auctioneer will work with you to conduct an auction at your facility or site, or will coordinate the combination of your equipment and likely that of other sellers at a centralized auction location.
- How quickly will my equipment be moved, sold and when will I receive payment?
Many sellers benefit from the speed and liquidity of a well-conducted auction. As a seller it is important to understand the auction timeline. An auction might happen as quickly as a few weeks or be in planning for months. An auctioneer will create a timeline to help you achieve your goals.
When you are considering selling anything from backhoes to graders you should consider the advantages of selling at a well-marketed auction conducted by a knowledgeable and experienced professional auctioneer.
Andy White with RES Auction Services contributed to this article.