1. Choose the type of auction you want to use.
Do you prefer the traditional, in-person style auction? Or would an online auction be a better option for you. Online auctions can open you up to new buyers and markets and eliminate the need to transport the equipment to the auction site.
2. Research the various auction companies.
Every auction company has slightly different offerings, strategies and rules. They may also attract different buyers so research each of them and decide which is the best fit for you and your equipment.
3. Consign the construction equipment.
This allows the auctioneer to sell the equipment as you've agreed.
4. Arrange to have the equipment inspected.
The auction company may be able to help you with this or may have inspectors who guarantee the quality of the equipment consigned. The auction company may make this information available to bidders before the auction as a "preview."
5. Attend the auction.
You should be notified of the auction time, date and expected duration. You should make plans to attend a live auction and should check in frequently on online auctions to see what bids are being made.
6. Receive payment and arrange transfer of equipment.
The auction company should send the buyer an invoice. The buyer will transfer money to a secure account and the auction company will notify you to release the equipment. Once the condition of the equipment is confirmed by the buyer, you will receive the payment. The buyer should arrange transportation from your lot. The auction company should mediate any disputes about the condition of the equipment.
Construction Business Owner, June 2010
