posted on June 19, 2015 by Don Reinhart | No Comments
It’s understandable that people who have never been to equipment auctions before might find the experience to be a little chaotic. There’s definitely tons of activity that goes on at any kind of auction, after all! To make the process easier for first-timers, it can be a good idea to attend equipment auctions, but not register to bid, just to get the lay of the land. This kind of equipment auction “shopping around” in Toronto can help you get ready for the day you become a full-fledged bidder.
How to Be a Smart Observer at Equipment Auctions
In general, the majority of attendees of equipment auctions are those who are interested in the merchandise that’s going to be sold to the highest bidder. As an observer, you’ll have a wonderful opportunity to do quite a bit of investigating during your time at the auction. Make a point to notice:
- What kind of equipment is being sold. Equipment auctions run the gamut from small equipment to larger equipment, and from industries as far ranging as farming and technology.
- How much the equipment ends up selling for. If you’re thinking that you might need equipment in the future, this will give you an excellent idea of what you can expect to spend on a similar piece of equipment.
- The style of the auctioneer. Every auctioneer has his own style; as you get to know the auctioneer’s methods of working with the crowd, you’ll become more comfortable when it’s time for you to bid.
- The process of the auction itself. At most auctions, there’s a definitely rhythm to the organizational flow of the event. For instance, you may have time to examine merchandise up until the moment it’s being auctioned off at some equipment auctions; at other auctions, you can only look at the merchandise beforehand.
Ask questions of other participants and attendees, as well as of the auction staff members. This will assist you in learning about how everything comes together. By the end of your first auction, you’ll feel much savvier. One note of caution: Unless you see something you absolutely need, you may want to resist the urge to bid unless you can transport and store the merchandise. Nothing is worse than making a bid and then realizing that you haven’t readied yourself for the logistics of getting the equipment from the auction to your destination.