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Buying At An Arizona Equipment Auction

Are you thinking about buying or selling equipment at an Arizona auction? This article is designed to provide you with the details on how an equipment auction works and the kinds of equipment you might find. Specifics may vary from auction to auction; however, the following information includes helpful and important guidelines from which everyone can benefit.

Equipment auctions in Arizona happen all of the time! You can find used construction equipment, farming equipment, heavy commercial equipment and more. Most auction houses post their schedules online with a list of items. Some of the items you may find in an Arizona equipment auction are:

- Caterpillars
- Dump trucks
- Track loaders
- Dozers
- Excavators
- Forklifts
- ...and more

You can get equipment at an auction for much cheaper than you would pay a dealer. But be careful ' there might be some stiff competition out there trying to outbid you. Just remember, set a budget for yourself and try not to exceed it!

How does an equipment auction in Arizona work? In today's day and age, there are basically three types of auctions:

Simulcast Auctions: Live bidders are physically present onsite at an auction compete
against online bidders who have either placed proxy bids or are bidding live in real time. This is a common type of auction.

Live Auctions: Only bidders who are physically present at an auction onsite are able to bid. These auctions usually have a notation that reads 'Sorry No Online Bidding.'

Online Only Auctions: Only registered online bidders are able to bid and complete against other registered bidders. These auctions usually have a notation that reads 'Online Only.'

For the purposes of this article, we'll be discussing how a live auction works.

First, bidders must acquire a bidder card from the auction cashier. Bidder cards are needed to make a bid on any item. In most cases, a refundable cash deposit is required before the bidder card is dispensed.

At the start of the auction, the auctioneer announces the terms of the sale so that all bidders are aware of their responsibilities in bidding. When a bidder is ready to make a bid on a particular lot or item, they simply raise their hand or their bidder card. The auctioneer or ringman will acknowledge the bid with a nod or a call. The ringman assists the auctioneer in spotting bids, holding up merchandise so the bidders can see the item for bid and marking the item with the bidder's number once it has been sold.

Upon successful winning of the bid, the auctioneer tells the clerk what the bidder paid for the item and their bidder number. This information is recorded and given to the cashier who tabulates the bidder's purchases for check out from the sale. The bidder pays by either cash or cashier's check. In most cases, the bidder must remove their property from the auction location immediately following the sale. When applicable, you can arrange for pickup at a later time or date.

Article Source: http://www.articlesnatch.com

About the Author:
Deb Weidenhamer is CEO of Auction Systems, the Southwest's most active auction and appraisal company. Check out our Arizona equipment auction schedule, or call 800-801-8880 for more information.

Tags: Arizona equipment auction

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