Buying a truck, trailer or a piece of heavy equipment is a major decision for any business owner, no matter the size of their business.
It is important to follow a process when participating in an online auction process. We have created this checklist for buyers to help you to successfully compete in any of the several online auctions on the market; with most of these tips applying to offline auctions too.
Before You Bid
Sign Up For An Account
A smart first step is to sign for an account with several auction providers. This will provide you with tools you need to bid. In addition, it should notify you of any information and general bid updates that you need to know, including upcoming auction dates.
Target Your Efforts
Most auction houses, both online and offline, have a large inventory of stock available for bidding, so the chances of finding a truck, trailer or piece of related equipment that meets your needs is high. As you search through inventories, you should be able to read detailed information, and identify any early red flags that will stop you from buying the item.
It is highly recommended that you have complete confidence in your purchase; you should go and do a visual inspection of your auction item. If you are unavailable to attend yourself, perhaps you can send someone you trust to complete the inspection for you. Pending your overall satisfaction with the item, you are then able to determine the maximum value that you think is fair for the item and that you are willing to pay.
Coordinating your finance with established truck finance providers who recognise that you need a quick approval is critical. With bids being made at truck auctions being binding, it is 100 percent essential that you have finance in place before you proceed.
Register For Auction
Following on from your account sign-up, you need to register for auction, providing specific information (such as address details) for you to proceed. In some cases, you may need to put in a refundable bid deposit to show your positive intentions when making your bid.
There are several transport providers nationwide that can deliver your truck to you following your successful auction win. We recommend that you get this quote before you make a bid, so you can account for this in your bidding strategy.
Depending if the item is reserved or unreserved, you will need to consider what is an appropriate bid strategy to win your auction item. In short, you should carefully think about the item you are bidding for, what the reserve may be, and what your plan is to secure that item.
If you are the successful high bidder once your auction is finished, you will be provided with an invoice soon after, and you will need to follow each auction house’s process to proceed ahead.
Whether you are coordinating the delivery of your truck (or trailer) via a third party or picking it up yourself, it is advisable to ensure that all ownership paperwork has been finalised, along with organising appropriate insurances.
Once you’ve collected your truck or trailer and it is now at home or your place of business, you’re ready to put it to work!