Buying Equipment on an Online Auction
Whether you’re a veteran auction buyer or considering your first, thorough preparation is the key to successfully buying equipment on an online auction. Having a solid preparation process in place and understanding what to expect on auction day will get you closer to acquiring the equipment you’ve earmarked for purchase.
At Custom Truck One Source, we offer a comprehensive inventory of used forestry, construction, rail, oil and gas, waste and refuse, utilities, telecom and farm equipment through our CTOS Auction platform. Create a free auction account now and benefit from our monthly heavy equipment online auctions.
Top Tips for Buying Heavy Equipment on Online Auctions
Bidding on heavy equipment via online auctions requires some knowledge before you can develop a sound auction preparation process. The following tips should give you a head start and help you adequately prepare for auction day.
Conduct a Thorough Inspection
Inspecting the equipment in person before the auction is the best way to identify wear and tear and structural or mechanical problems. Of course, in-person inspections can be a challenge with online auctions, in which case it’s best to source a copy of the relevant inspection report and carefully examine any available photos of the machinery. At Custom Truck One Source, we provide detailed images and an inspection video for each used unit listed on our CTOS Auction platform.
Determine the Market Value
To ensure the price of the equipment on auction is fair and establish the maximum amount you’re willing to pay for the unit, you must do some market value research. You can begin by looking at what the same equipment in a similar condition is selling for in your local market and the industry. Double-check the machine’s specifications to ensure you’re making a fair comparison.
Browse Auction Items and Add to Your Watchlist
Once you register, most online auction sites allow you to add auction items to your watchlist. A watchlist enables you to receive notifications when the bid amount on the item increases.
Familiarize Yourself With the Bidding Process
Understanding the bidding process can help you develop a bidding strategy and stick to your budget. Each bidding platform has its own set of rules and regulations you’ll need to read through.
When bidding online, you’ll typically have a window of time within which you can bid on an auction item, so it’s vital to note exactly when this window opens and closes.
Find out if the Auctioneer Offers Financing
Some auction sites offer a finance option, which is beneficial when purchasing expensive items like used farm equipment or construction machinery. Nevertheless, you should still set a budget for the auction and make sure you’re clear on how much your payments will be.
Set up Automated Bidding
Online auction sites typically allow you to set up automated bidding, saving you from sitting in front of your PC for hours while ensuring you stick to your budget. Automated bidding enables the platform to bid on your chosen equipment on your behalf, increasing the bid each time someone else outbids you until it reaches the maximum amount you’ve set for the item.
Plan for the Delivery of Your Purchased Equipment
Unless the auctioneer offers transportation of the heavy equipment you’ve purchased, you’ll need to arrange for the collection and delivery of your machine. Ensure you know the lot’s location and communicate with the auctioneer to determine when your equipment purchase is ready for collection.
How to Buy Equipment Via the Monthly CTOS Auction
Registering for our online CTOS Auction is a cost-effective way to purchase quality farm equipment, trucks and other pre-owned machinery from the vast Custom Truck One Source inventory. Setting up an account and bidding via our platform is seamless and includes the following easy steps:
- Create a free CTOS Auction account: Register for a free account on our website and verify your buyer details to obtain auction bidding privileges.
- Browse the equipment on auction: Filter the equipment on our inventory listings page by selecting “CTOS Auctions” on the left to view the available lots.
- See a list of auction events: View our upcoming auctions on the CTOS Auction homepage.
- Pre-bid or set automated bids: Select the equipment you’re interested in purchasing and click “Bid Now” to enter your maximum for automated bidding.
- Track bids and won items: Go to “My Account,” then “My Marketplace & Auctions,” to view your bids and items you’ve purchased in your buyer’s console.
Open a Free Online Auction Account With Custom Truck One Source
As one of the largest manufacturers in Kansas City with 35 locations across the United States and over 30 years in the industry, Custom Truck One Source is your one-stop headquarters for new, used and rental commercial and specialty trucks. We provide equipment, parts, service and more to ensure you have everything you need to do your best work. Reach out today to request a quote or register for our next CTOS Auction online.