The COVID-19 pandemic has disrupted supply chains in all industries. Labor shortages, a hike in gas prices, shipping delays and the ongoing Russia-Ukraine war is creating further scarcity of industrial equipment in the market and if you do find the equipment you are looking for, the prices are skyrocketing. However, business cannot stop, so one solution can be bidding at used industrial equipment auctions. Think of it like you would when seeking commercial vehicles at commercial salvage vehicle auctions. If this whole thing is new for you, here are a few things to look into before making a bid.
Shipping cost and labor cost are a huge part in getting industrial equipment
If you use salvage auction sites for industrial equipment you get access to equipment from around the world at attractive bidding prices but you should keep in mind that sometimes the price of shipping and labor cost is equivalent or more than the price of the equipment itself. Make an informed bid after keeping this important factor in mind or seek a way to bid locally.
Bidding locally can give you the option of inspecting the item
Many reputable commercial vehicle salvage auctions sites and traditional auctions have partnerships with private, public and government organizations so that's a benefit. But if you can inspect the equipment yourself or bring an expert, you can learn more about what you are bidding on before you place that winning bid. Buying within the country or state could be a better option if you're trying to do some cost saving. A lot of industrial equipment auctions offer pre-bidding inspections, so you should always try to look for it.
Researching the details is very important
Try to get as much detail about the salvage equipment you are trying to purchase. Check the make, model, conditions of leaks, dents, rust, paint, moving parts, nuts and bolts, etc. Inspect the equipment in person or, if that is not possible, look for as many photos as possible. If there is an authorized serial number available, do a Google search. You might be able to find images or history of the equipment. Some high tech vehicles like Volvo and John Dheere have systems of tracking each use of the equipment in their software like number of hours and what was the exact use of the equipment. Ask for these details from the seller as it can make a huge difference in checking how much wear and tear the machine has internally. Also check who the seller is because sometimes, in the case of dealers, there can be hidden things if they are trying to just make a quick profit. Usually, sellers like government organizations and insurance companies are just trying to get rid of the equipment so they will give you more factual information.
Keeping these things in mind, you can make an educated estimate for the cost of your maximum bid in industrial equipment auctions. Always go for a reputable auction site as they are transparent with their information, and may offer benefits like low auction fees, customer service during and after sale and stellar shipment due to their partnerships with different organizations. Some leading auction sites also offer financial assistance from their insurance or loan partners. We hope this helps you make a profitable bid at an upcoming industrial equipment auction.