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Ensuring a Good Experience at Industrial Equipment Auctions
Ensuring a Good Experience at Industrial Equipment Auctions
September 04, 2019

Whenever you find yourself in the market to procure cost-effective, working industrial equipment it is hard to go wrong attending industrial equipment auctions. In fact, we wrote a whole piece dedicated to the assortment of benefits that these auctions can provide.

 

With that said, it is important to have an action plan before attending, as more thought goes into the bidding process than the simple act of lifting your paddle and offering a price.

 

Securing the best deal at an auction involves preparation and the ability to work within your boundaries.

 

In this piece, we will provide an easy to digest summation of the most crucial points we provide newcomers, gathered from our 85 years of experience around asset solutions:

 

Outline Your Business Requirements

We cannot overstate the importance of declaring the specifications of what you are looking for – to a fault – when deciding to attend industrial equipment auctions. It can be easy to succumb to the pressures of time and competitive bidders when it comes to your purchase, however, we advise to never compromise on the technical specifications you have outlined beforehand.

 

Budget Accordingly

It can be easy to get caught up in the moment with the bidding process, especially when you find the equipment that fits your needs. However, competition can never be accounted for; when there is an auction, there will be bidders.

 

The need to triumph in the bidding process can blindside you later with how much you may have gone over budget. Reasons such as this are why we recommend laying out tolerances on your budget, so as not to hurt your bottom line.

 

Accepting a Lost Bid

Industrial equipment auctions can trigger a sense of psychological urgency due to the time limitations on each bid and need to provide the highest offer. This inherently competitive environment can drive bidders to settle on an offer that is higher than what they had in mind initially.

 

The popularity of each item cannot be accounted for, some items may be in higher or lower demand depending on the demographic present at a particular bidding. That is why you should take solace in the fact that, should things not go your way, there is always the next item or auction you can participate in.

 

Here at Infinity Asset Solutions, we host industrial equipment auctions on a continual basis. The 85 years of experience at our disposal has allowed our auctioneers to help both bidders and business liquidators to secure great deals. Pick an asset solution provider you will be proud of, pick Infinity Asset Solutions.

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