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Farm And Heavy Equipment Auctions - A New Bidders Guide
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Farm And Heavy Equipment Auctions - A New Bidders Guide

When looking for used farm equipment or other heavy equipment, sometimes the local trade publications just don't cut it. Equipment stores and rental shops are usually slim in selection for the used equipment they sell and the price and or history of the equipment can be questionable. It's never fun making a trip to check out a piece of equipment you found listed on Craigslist and find it's not as great as the seller made it out to be on the phone either. It can be hard finding the right equipment for the job for the right price. Luckily though, you can go to online auctions and tap yet another resource to find what you are looking for. Buying equipment at an auction site can be a little tedious, but there has to be a few extra steps to protect both the buyer and seller. Here's a guide to breakdown the process from browsing to bidding to winning.

Browse and Research: You probably have an idea of what you are looking for. Most auction sites let you browse by equipment type, make, model, year etc. You can also browse by price range. When you find something you're interested in, view the inspection report. A good auction site should have these available for most of the listings. The auction site should also guarantee their reports as well. These reports covers appearance, mileage, and even oil sample analysis.

Bidding: Bidding for equipment isn't too much different than than bidding for smaller items on other auction sites. The auctions however, are a lot shorter. On auction day, listings can have time slots of only 3-6 minutes. It helps to figure out the maximum amount you're willing to pay ahead of time. Once you know the amount, setup an autobid. It will watch the listing for you and keep you in the lead by bidding up until it reaches the maximum amount you specify. It really helps when you can't be online during auction day. The bid increment will be different for different listings as well.

Payment: After winning a bid, you will need to provide the the full purchase price, a transaction fee, and any applicable taxes within a specified time period(usually 3 days). Your payment will go to a secured bank account assigned to your transaction. Most sites will take a wire transfer or a certified bank check and wire transfers are generally quicker. Once the funds are secure:

  • Both the buyer and the seller are notified that the money has been deposited.
  • The location of the equipment is provided to the buyer and the seller releases the equipment for shipment.
  • After the equipment reaches the buyer and the buyer accepts it, the funds from the account will be released to the seller.

The buyer will also be sent the title after confirming that the equipment was received and in the condition specified by the listing report. This is important to remember to ensure that the buyer can get the title and the seller can receive the purchase funds.

Transportation: A good auction site will have partner transportation services that they can guarantee. The buyer and seller may also make their own agreement such as the buyer picking up the equipment. The auction site won't guarantee the equipment if transportation is done outside their partner transport services.

I hope this article has given you a good general overview of the buying process. There are a few great sites for farm equipment auctions and heavy equipment auctions. Try to find one that lists both. Good luck and happy bidding!

Street Talk

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