Equipment auctions are events in which parties are invited to bid on various types of machinery or other equipment. Often, the items offered at these auctions are used, but still in good to excellent condition. Just about any type of used equipment can be included in the auction, from office machines to manufacturing or construction equipment.
For the most part, the items offered at an equipment auction have been declared obsolete by their original owners, and replaced with updated equipment. However, the items are still in fine working order, and will usually sell for a fraction of the original purchase price. Winning bidders are able to secure pieces of equipment they need, while owners can dispose of unwanted items without incurring any expense, since the fees are often taken out of the proceeds generated by the auction itself.
There are several different types of equipment auctions. One of the more common examples is the farming equipment auction. Used items such as tractors, rototillers, and harvesting machines will be sold to the highest bidder. The equipment is normally certified as to the condition, making it possible for bargain hunters to have what they need without spending a great deal of money.
Construction equipment is also sold at an equipment auction. Once again, the items have usually been replaced by newer makes and models, but are still capable of performing well for many purposes. Even industrial equipment, such as commercial sewing machines, textile warping frames, and strapping machines may be included in an equipment auction.
Selling industrial equipment at an auction is one of the easiest and most profitable ways to make money on any type of equipment that is no longer needed. Often, companies will go through an auction house to arrange the equipment auction, listing anything that is no longer of use to the business but could hold value for someone else. The auction company will work with the client to determine if the auction will be structured as a public event or will only be open to a list of invited bidders.
The goal of any equipment auction is to find a buyer for every item that is offered at the event. If all conditions are favorable, every item will sell, allowing the owners to make a small profit, the auctioneer to earn revenue, and the happy bidders to take home machinery and any other equipment they can put to good use.