Buying industrial equipment at auctions is a great way to acquire equipment that you need at a reasonable price. However, there are some things to keep in mind before going to the auction. Read on to learn about how to make the most of your time at an auction and get the best deals.
Featuring items at industrial equipment auctions can be anything from an air compressor to a water treatment system. For some companies, an auction can be an easy way to sell a large amount of equipment. These companies often have equipment that is not useful anymore in their business. They can then sell the equipment at an auction for a fraction of the original price.
If you are interested in purchasing equipment at an auction, you will need to do a little research. There are plenty of companies that offer services for this type of event. For example, Motleys Industrial offers auctions for heavy construction equipment and trucks. They have a base in Richmond, Virginia, but they also have offices in the Caribbean and Europe. These offices are staffed with people who can answer your questions and set up viewing appointments.
Getting the best deals
Getting the best deals on industrial equipment auctions can be a daunting task, but a few key factors can help you get the most for your buck. Some of these factors include researching the company you are dealing with, contacting them to get their point of view, and asking the right questions.
For example, does the company you are dealing with offer the right types of equipment for your business? If so, you can take a good look at their inventory and see if they are offering any interesting items. You may even be able to negotiate a better price.
You can also browse through industrial equipment auctions online. This can be a great way to check out a large inventory without the hassles associated with going to an auction.
Legalities of participating in an auction
Whether you are planning on bidding in an industrial equipment auction or simply interested in purchasing machinery, it is important to consider the legalities of participating in an auction. Various issues, including taxes, shipping costs, and the availability of the auction’s manual, may affect your ability to bid in the auction. Knowing the rules can help you avoid defaults, which reduce the efficiency of the auction process.
The FCC requires that each individual or entity seeking to bid in an auction follow FCC Form 175 instructions. This form provides information to the Commission, and is the first of two phases in the application process. The second phase is when a party certifies that it is eligible to participate in the auction. The information provided in the form will be used to determine whether the party is eligible for bidding credit.
Getting an appraisal of your equipment before the auction
Getting an appraisal of your industrial equipment before the auction is a good idea if you are planning to sell or purchase equipment. This will give you an accurate assessment of the condition of the equipment and allow you to make a fair deal. Using an accredited appraiser will save you time and money.
Accredited appraisers use a standard, standardized methodology that holds up to scrutiny. This will provide you with peace of mind.
Accredited appraisers will assess the value of your equipment by conducting a thorough review of your machinery and equipment. This includes reviewing its maintenance records and checking for signs of damage, wear, and excessive wear. The appraisal process will also take into consideration the working environment and storage conditions of the machinery.
Managing cash flow while acquiring the necessary equipment
Managing cash flow while acquiring the right industrial equipment can be a challenge, but there are a few things you can do to help. For starters, you might want to consider opening a high interest business savings account. It’s a great way to improve your cash position and prevent vendors from delaying payments.
There are also many free tools and services out there to help. One such service is Google Sheets, a nifty little spreadsheet program that is easy to use and can be customised to fit your company’s needs. Another option is a paid service, such as Oracle NetSuite. The latter is a jack of all trades, and is useful to businesses of all sizes.
Another tidbit that should be on your checklist is a simple ABC analysis to determine what is selling. You may also want to consider putting your excess inventory to good use by listing it on eBay, or joining a trade association that can help you do the same.