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Insider Tips For Buying at Online Industrial Auctions
Did you just start a business? On a tight budget? One way to save money on equipment and supplies for your business is to buy at industrial or commercial auctions. At our auctions you can find everything from heavy machinery, restaurant supplies, industrial tools and equipment, business furniture, lab equipment, and all types of business supplies.
Buying equipment in an online auction can seem intimidating at first, but if you follow these tips you’ll be less inclined to make mistakes and lose money. If anything, you’ll score a few deals and get hooked on buying everything at auction.
Before placing a bid on any item, make sure you know the market price of it. Find out what the used price is or how much people have paid for it on other auction sites. The last thing you want to do is overpay for an item. You would be surprised how many people fail to do any type of research. All it takes is a simple Internet search! We’ve often seen auction items go for much more than the market price because people don’t follow this tip.
Set a budget and stick with it
This is where self control comes into play. You can get in trouble if you’re not careful because in the excitement of bidding – especially in the last few minutes of an auction – you may go over what you intended on paying for the item.
Attend inspection day(s)
Most auction houses provide a time when people can come and inspect items prior to bidding. This is probably the single most important thing you can do when buying business equipment or tools at auction. Some auction houses test items before putting them up for auction and some do not. Read the full description of each item, go through all the specs, and ask questions. Make sure all of the parts are included. This will eliminate any surprises on your part.
Know the terms and conditions
If this is your first time participating as a buyer in an online auction, make sure that you know what the terms of the sale are. For example, in all of our online auctions we require a deposit of $50 on a credit/debit card, plus we charge tax and a 15% buyer’s premium.
Also, you should find out about the terms for shipping and delivery of items. Are you responsible for finding a shipping company or does the auction house offer this service? If you are picking up the item on site, make sure you have the proper equipment and/or vehicle to remove and accommodate all of the items you’ve purchased.
Online industrial and commercial auctions can be found through a simple Internet search. We offer them at least once or twice a month in our warehouse here in San Diego. You can sign up to receive notice of upcoming auctions at the bottom of this page or follow us on Facebook or Twitter.