Industrial auctions: HowTo!
TradeMachines is an independent platform, which brings auctions from the largest auctioneers of industrial machinery together, to offer you a better overview, more transparency and a fairer deal. The auctions themselves are hosted on the sites of the auction houses. If you find an interesting article on TradeMachines, you will be taken directly to the auction site of the provider with a single click.
So that we can not only make your search for the right auctions easier, but also the auctions themselves, we have provided important advice on online auctions of industrial machinery here.
Industrial Auctions in 8 Easy Steps:
- It is helpful to find out as much as you can about the auction houses. You should try to find out what services the auctioneers offer, how high any fees or buyers’ premiums may be, or whether there are customer feedback forms.
- In order to take part in an auction, you will have to register, which is usually free, and sign in. Fill in the marked fields and carefully read through the conditions of the individual auction house. Alongside the general conditions set out by the auctioneer, there will also be conditions specific to each individual auction.
- In an industrial auction you will generally take part as a business customer. This means that the Distance Sales Law does not apply for private customers and the items usually cannot be returned. Items are mostly sold under the principle of “bought as seen”. Before the auction, you should try to find enough information to prevent, as far as possible, any unexpected problems from arising after your purchase.
- The prices for online industrial auctions will usually be given as net prices. On top of a bid, factors including VAT or Sales Tax, auctioneers fees or buyers’ premiums, and any possible costs for transport, disassembly or tariffs should be taken into account.
- Going once, going twice, going three times! The process of an online auction is heavily based on that of a classic auction. An auction can be extended if a bid is placed shortly before the predetermined end of the auction. The end of the auction is only reached when there are no more bids place and the remaining time has elapsed.
- Should you be required to pay a fee, you will generally receive a bill by email, which must be paid before you pick up your item. The specific payment method will, however, depend on the individual auction and the auctioneer. Increasingly, the common internet payment methods, like PayPal, credit cards or bank transfers, are being accepted.
- The final step is the processing. As a rule, the buyer is responsible for the disassembly, loading and transport.
Ideally you will have considered the processing steps before taking part in the auction.
- TradeMachines GmbH is not responsible for the accuracy of the information. This is an overview, provided to aid the consideration of common aspects of the process of purchasing industrial machinery through online auction. Please take note that it is likely that both the conditions and processes will differ between different auctioneers