If it is time for your business to source industrial equipment, there are different ways to do so. You might be looking to upgrade your production or just sourcing out to add to your equipment inventory, you can buy new or bid online for industrial equipment. No matter how small or big your business is, you can definitely find good buys at online auctions.
So before you make your first bid at online industrial auctions, here are a couple of things that you have to take into consideration:
Do Your Research
Participating in online auctions can be daunting, especially if it’s your first time to do so. You might as well do your research ahead of time to familiarize yourself with the process. Do not settle for the first equipment that you find. Do your research before you make your bid. This will prevent any regrets when you find something better. Remember that once you have placed your bid, you cannot change your mind anymore.
Know What Cost It Takes
Have you ever participated in online bids before? If you have not, remember that the final bid price or what they call the “hammer price” is not the amount that you have to pay. Here are the additional costs that you need to understand:
- Buyer’s Premium. You have to understand what the “buyer’s premium” is about. This is usually charged at a pre-specified amount that is added on top of the final bid. The buyer’s premium covers administrative costs.
- Shipping Costs. Heavy equipment or any large items would need special handling. Some sellers would charge every buyer a removal fee. There are also companies that would allow you to arrange for the dismantling and removal of this equipment.
- Another thing to take into consideration is taxes. Before you buy equipment through an online auction, make sure that you thoroughly understand everything about taxes.
Register and Bid
Now that you know what equipment to buy and the cost, and you have a couple of choices on your list, it is time to take the next step – register and bid. If you have not signed up with an online auction site yet, you should register in order to bid. There are auction sites that have requirements, like your credit card information in order for you to register and to verify yourself as a legit buyer. Once you have successfully registered, wait until the seller approves you to bid. Once approved, you can start bidding!
Pay and Ship
If you win the auction, this is the time that you have to make a payment. As mentioned above understand not only the final bid amount but also the additional costs that you have to take care of. You should also know how the equipment will be shipped or when you can pick it up.
Knowing the process and the costs it will take to auction industrial equipment online will make the experience more desirable for you. So what are you waiting for? Check online industrial auctions today!