Innovation in technology has popularized the idea of online auctions in recent times. While in-person auctions are still there, online auctions have turned out to be a more viable option for both sellers and buyers after the Covid-19 crisis. As multiple lockdowns in early 2020 forced the auction houses to close their doors, they started moving online. Online machinery auctions thereafter grew tremendously during the pandemic and it is continuing to grow.
Reports suggest that there has been a rise in demand for used machinery auctions in recent times, which has led to the growth in the size of the online auction market. The machinery auction market is estimated to grow at a CAGR of 18.65% between 2022 and 2027 and the market size is forecast to increase by USD 2,100.27 million. So, whether you are a seller or a buyer, it is the right time for you to embrace online auctions.
When you are selling or buying industrial assets online, you need to be cautious so that you do not become a victim of internet auction fraud. Besides, there are various other things that you need to keep in mind before participating in an online auction. In this blog, we have outlined the top tips for selling and buying at an online machinery auction.
Top Tips for Selling Machinery at an Online Auction
Clean and Refurbish Your Used Industrial Asset
When you decide to sell a piece of used machinery, make sure it is cleaned to perfection. As the first impression matters the most, take time to remove all the dust and grease. Also, check if it is running properly. If you think it needs repair, you can get it repaired or can refurbish some critical parts of it. You can also get it re-painted to give it a fresh look. This is how you can increase the chances of getting your industrial asset sold for a good price.
Price it the Right Way
Make sure you have reliable market information before you set the price for your used machinery. Consider the age and working condition of the industrial asset you want to put on sale when you set its price. The pricing should not be too low or too high. You may check out the Aucto Asset Valuation Tool to decide the right price for your industrial asset.
Post High-quality Images and Videos
When you list your machinery, post some high-quality images of it clicked from different angles. Also, you can post a few videos of it in action. This would give a convincing picture to the prospective buyers and give them the confidence to buy it.
Provide Relevant Information
When prospective buyers would check out your machinery, they would like to have more information about it. So, provide the relevant details including specifications, maintenance records, warranties, etc. to make them trust your asset.
Participate in an Online Auction
Turn your used machinery into cash flow by hosting an online auction on Aucto. Our expert team at Aucto will help you sell your used machinery at no cost and get you the highest net recovery rate.
Top Tips for Buying Machinery at an Online Auction
Research the Machinery
Before you buy machinery, make sure that you have examined it and read all the machine-specific details. Check out the pictures and videos of it to get an idea of the machinery. Bid only when you are confident about making the purchase.
Set Yourself a Limit
While sellers would want to get the best price for their assets on sale, as a buyer you should set yourself a budget and stick to it. Once you reach your maximum limit, stop bidding.
Do Not participate in a Bidding War
Sometimes buyers get overenthusiastic and get caught in a bidding war. Make sure that you do not end up overpaying for a piece of used machinery in an online auction. If someone outbids your maximum price, keep calm and wait for another auction.