The Heavy Equipment Auction Process

2007-03-08 10:33:40

( Hobbies )



Heavy equipment is classified as any machinery that are used in the farming, printing, industrial, manufacturing, food, electrical and other industries.
Heavy equipment auctions can be used to auction new or used heavy equipment. Heavy equipment auctions can be attended by going to auctions organized in different parts of the country.

In heavy equipment auctions, the heavy equipment is usually available for public viewing so that interested parties can view the merchandise and check its condition. Interested parties who wish to participate in heavy equipment auction biddings will normally have to complete some forms in order to register, submit certain documentation and provide some form of monetary deposit, or a guarantee letter from that bank to certify that the bidder can afford to pay for the piece of heavy equipment.

After you register you will normally be supplied with a bidders’ catalogue containing all the heavy equipment that is up for auction and a bidder’s reference card number that will be used in making bids. All purchases that you make will be recorded using this reference card number.

Like all other types of auctions, the bids start with an auctioneer announcing the asking price of a piece of heavy equipment. If no bid is received, the auctioneer lowers the asking price until someone starts bidding. The heavy equip is normally sold to the highest bidder and declares the equipment as sold. The process starts once again with the next piece of heavy equipment. Payment for the purchased equipment is normally made within a certain period and equipment delivered according to the auction agreement.

Some auction companies offer online heavy equipment auctions, and show pictures of heavy equipment online for individuals to refer to the items up for sale. Payment after bidding is normally settled under an agreed payment scheme.


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