How Does an Online Equipment Auction Work?

If you're considering liquidating your business's assets, understanding how an online equipment auction works will help you to easily get rid of all of the equipment you're holding on to. Not only will it help to quickly clear up a significant amount of space in your storage, but it'll also help you to easily recoup a lot of the money you spend on the equipment without investing a lot of time and effort.

Thankfully, a dedicated online auction company will work closely with you to help you get all of the inventory you're interested in selling online for their customers to see. Knowing what to expect during an online auction can help you decide if selling online is the best avenue for the equipment you want to get rid of. 

How an Online Equipment Auction Works Before the Auction

When you’re ready to start listing items for sale, make a clear inventory for yourself so you know what you want to sell and don’t want to sell. Before the day of the auction, we will have our team of experienced professionals come out to your location to photograph, tag, and catalog the pieces of equipment you're looking to sell. After the team is finished inventorying all of the pieces you’re selling, they will post the equipment to our online bidding platform. 

Make sure that you have registered with the online auction company before you start selling anything. This will make it a lot easier to keep track of any of the pieces of equipment you are selling. 

The Day of the Auction

On the day of the auction, thousands of local buyers will compete to buy the pieces. What’s great about online equipment auctions is that buyers aren’t biased towards certain manufacturers or pieces of equipment. Anyone looking to buy used equipment online is looking for a variety of brands, prices, and pieces of equipment. The variety offered by online auctions will help you to get the best deals for your equipment, without having to do a lot of marketing in your own time to reach your target audience. 

Auction prices start at $1, but quickly go up from there. If you see pieces of equipment you’d like to bid on, there are two ways you can bid. If you’re not busy and you enjoy the thrill of a good bid, you can enter your beds manually. Or, if you're busy the day of an auction, you can enter in your max bid into the computer and the computer will do all the bidding for you.

After the Auction Is Finished

Once the auction concludes, we have a secure removal process. All of the items you’ve told during the auction are picked up and paid for the day the auction finishes up. After the online auction is finished, you don't have to worry about getting in touch with the buyer to set up payment and pick up times for the equipment. 

In total, the entire process takes less than 30 days to be finalized. The buyer does have the opportunity to come inspect the item before they bid on it, which gives them time to measure the pieces they've bought to make sure the buyer has the correct transportation needed. 

Understanding How an Online Equipment Auction Works

There's a lot that can go into trying to sell all of the pieces of equipment from your business liquidation. Thankfully, using an online equipment auction to sell off any of the equipment you're holding on makes the liquidation process a lot easier and faster.

 If you're ready to learn more about how an online equipment auction works for businesses of any size, contact Auction Masters today!