Just like every other business, the purchasing of industrial equipment requires an ability to sort the good from the bad. Otherwise, it would be very easy to buy sub-standard equipment whatever the price and not realize it until nothing can be done about it.
Factors to Consider
Several factors enter into buying heavy-duty industrial equipment at an auction, some of which is listed below:
- Awareness – It is important to be aware of what is going on in the industrial equipment auction world, especially the various dates for auction sales presented by the various auctioneers. Keeping on top of this provides good information about the items being auctioned by various companies at any given time which increases a buyer’s chances of acquiring the best equipment available at such events. Connecting with various auction firms that offer to send out or e-mail information about what is coming up soon can accomplish this simply by signing up for such a service and then monitoring regular mail and e-mail for notifications.
- Equipment – It is also important for a purchaser to know the exact type of machinery that is being sought to buy from an auction. It must be know: what type of jobs will be done by the equipment to be purchased; how many are needed; what type; and the amount of money that can be spent on these acquisitions.
- Budget – It is important to establish a budget for such purchases to help decide which machines to bid on and which avoid, depending upon the initial expenditure, cost to operate, and maintenance costs to name a few of the important considerations.
- Research – To wind up with the right item from an auction, it is important to acquire suitable information about the machinery used in a business. This can be done through research efforts such as reading brochures, equipment manuals, product descriptions, product reviews, magazines, books, journals and information from various media and online sources. Such sources offer guidance on the various factors that accompany the purchase of industrial equipment.
The last thing to do in this process is to actually make a bid; however, there is something that goes along with this step – caution. It is vital to be informed about what is being bought. This can be accomplished by following some of the steps listed above and by looking at the ability of the machine to work well in its new work assignment. Maintenance records, date of manufacture and output levels of any auction industrial equipment should be closely examined.
Lack of any of this information could be detrimental; however by becoming knowledgeable about the products being offered for sale, it is possible to gauge whether or not to bid on a certain item and be confident that the result will be the best industrial equipment for a company!