Bidding online is the way of the future and its popularity and innovation are growing constantly. Online auctions are revolutionizing the way industrial equipment is exchanged and making the world’s markets accessible to anyone with a laptop and internet connection. From unused industrial equipment to overstocked machine part and more, there is an online auction for everything under the sun. The vastness of the world of online bidding can feel overwhelming, but fear not, there are easy ways to get started and plenty of online bidding tips to help you work your way into becoming an expert at the online bidding process.
Finding the best industrial bidding site
Bidding online is essentially a digital form of shopping, and, like shopping, you first need to identify what you want to buy. Whether you are looking for one specific piece of machinery or a wider range of industrial pieces, it’s important to know what you are after when choosing a bidding site. More specific or collectable items may require some research to find the best bidding sites. The market for industrial and professional equipment with large ticket items such as used machinery has its own set of bidding sites such as Equipnet, Euro Auctions or Equify, out of the generic auction sites such as eBay or Goodwill. Just remember, there is no limit what you can bid on these days! So be as specific as possible and find that perfect site for your needs.
When choosing an online auction platform, make sure to be careful and diligent in your decision. As stated, the internet is a big place and so doing your research to pick legitimate bidding sites is important. Check the previous sales made on an online auction platform, the number of members, customer reviews and any press related to the site to be sure that you are signing up for a site that will not only get you a good deal on the industrial equipment you’re after and offer you many options for purchase, but will also handle your information responsibly.
Once you have decided what you are looking to buy, you can decide where you are going to buy it. Choose the online auction platform that best covers your industrial purchasing needs and register. You’re already on your way to participating in your first online auction!
Now that you’ve signed up for an account on your well-researched platform, read up on how your online auctioneering platform works. Go through their FAQs, their How-to articles, and if you have any further questions, talk to a company representative before jumping into the online bidding process.
Our online bidding tips
When you are ready to join a live online auction, keep these helpful bidding tips in mind to get the best deal and keep your cool throughout the auction.
Again, this is a good time to research the items that you are planning to buy. Know what an item is worth, where this particular piece is made (quality of an item can sometimes vary dependent on its factory location – think of a handmade piece of machinery made in Canada versus that same piece that was mass-produced in a Chinese factory), its current condition, and its rarity. This is especially important when purchasing big items such as used machinery and industrial equipment. The sweet victory of winning an item in an auction can quickly be ruined by buyer’s remorse when you realize you overpaid for an item or if the item ends up being different than what you intended to purchase.
Keep in mind that many pieces of industrial equipment and used machinery can be found according to their manufacturer, type, year of manufacturing and other attributes. Finding pieces with these specifics can provide you with the best estimates of what bidding prices should be. In the world of industrial auctions – the less surprises the better!
2. Set Your Limit
After doing your research, set the maximum limit of what you are willing to spend on the item you are going to be bidding on. In the rush of an online bidding war, prices can begin building quickly. It’s easy to get swept up in the excitement of the action and end up spending more than you intended or more than an item is worth.
3. Pick Your Bidding Style
Some people live for the rush of the back and forth bid. Countering bids dollars or even pennies at a time is a big part of the fun for many online auction bidders. These small incremental bids can sometimes land you incredible deals with auctions ending with the item sold well under its market value. However, this rush isn’t for everyone.
Another tactic is to place a high bid that is still under market value for the industrial piece in question as well as slightly under your maximum spend limit and then wait. This tactic is called ‘Bid Nibbling’ and is a powerful way to eliminate non-serious bidders and can sometimes end the auction out right with you as the winner. If other bidders continue to raise the price after your high bid, you still have a little bit of wiggle room before hitting your maximum spend limit and you’re still under market value with room to still get a good deal. With bid nibbling, you will miss out on the blue moon incredible deals, but you also don’t have to spend the time watching the auction as closely.
If you’re in a rush or are shopping for a difficult to find piece of machinery or equipment, most online auctioneering platforms offer a “buy now” price that bypasses the auction process and allows the buyer to pay a non-negotiable rate that the seller has decided. Using this option can ensure you get that machine without having to compete with other online bidders.
4. Timing is everything
Online auctions usually run for several days, weeks, or even months so it’s important to keep track of when the auctions you are participating in are closing to avoid losing a deal. Setting a reminder in your phone or calendar of the final hours of an online auction is a great way to ensure you don’t miss the end of that auction – the most crucial part. Depending on the popularity of an item, bids can be coming in up to the last second of an auction. These moments are the final fight! The difference between a successful purchase and a lost opportunity can come down to being there in the final moment and placing that final top bid.
These online bidding tips will get you far in the start of your industrial online auction calling. Now is the perfect time to try your hand at online auctions are they grow exponentially in popularity each year so do the number of incredible deals on used machinery and access industrial equipment out there. Enjoy these online bidding tips and good luck landing that sale!