This FAQ addresses common questions about equipment auctions, including buyer registration, bidding procedures, payment methods, and the consignment process for sellers.
Equipment auctions are sales events where machinery is sold to the highest bidder. Auction formats include timed online auctions, live auctions, and simulcast events that combine in-person and online bidding. Equipment categories typically include construction machinery, trucks, trailers, and industrial assets.
Buyer registration is required before bidding. The registration process involves providing identification and agreeing to auction terms. Payment method verification may be required. Registrations are typically processed within 24 hours.
Equipment consignment is available for individuals, businesses, and institutions. The consignment process includes equipment cataloging, photography, and marketing to registered bidders. Consignment terms are established before equipment is listed for auction.
Bidder enrollment occurs through the platform hosting the specific auction. Follow the registration link from the auction listing, provide required identification, and accept the auction terms to complete the process.
Accepted payment methods typically include wire transfers and certified checks. Approved financing may be available. Payment terms and accepted methods are specified in each auction's terms and conditions.
Equipment inspections are available during designated preview periods. Inspection appointments can be scheduled in advance. Equipment is sold as-is, making inspections valuable for informed bidding.
A buyer's premium is a percentage fee added to the winning bid amount. This fee covers auction services and is standard practice in the auction industry. Premium rates are disclosed in the auction terms before bidding begins.
Equipment consignment begins with a consultation to discuss the machinery and determine auction placement. The auction company handles cataloging, photography, and marketing. Consignment agreements specify terms and fees.
Payment disbursement occurs after the buyer's funds clear verification. Settlement generally completes within two to three weeks following auction close, with exact timing varying based on transaction specifics.
