3 Things NOT to Do at a Plant Auction

As mentioned in previous blog posts, plant auctions are a great opportunity to purchase functional equipment for your business at a fraction of the cost of purchasing brand-new. The pros definitely outweigh the cons – especially for those of us who are on a budget. Attending a plant auction can be an exciting event, but being strategic with the way you attend them and in the way you make bids can ensure you walk away with some great equipment on a budget.

Unfortunately, some people walk into auction events without a plan, a strategy, or even a budget – putting themselves at a greater disadvantage in comparison to those who are properly prepared for auction day.

 

Today we’ll discuss what not to do at plant auctions in order to ensure you make the most of an auction event and bidding process:

 

1. Do Not, Not Do Your Research

• Not doing your homework on an upcoming auction you’re interested in is like being inadequately prepared for a test. Conducting preliminary research will better inform your decision on whether to bid on an item or piece of equipment.
• Knowing how much an item goes for brand new, or comparing market value of the same equipment sold at other auctions are great indicators in which you can formulate your auction strategy around. Ultimately, doing your research will set you apart from other bidders because you’ll know when something is truly a deal – and when to stop bidding.

 

2. Do Not Blow Your Budget

• As noted above, your budget should depend on your preliminary research. Too often do bidders pool their money into bidding on one item without knowing if they are truly getting a deal.
• Sometimes being in subtle competition with other bidders can rev up the competitive edge inside and blur our vision as to whether we’re making strategic and calculated decisions – resulting in not adhering to our budgets.
• Budgeting in accordance with our research will allow us to know whether an item has gone past the point of being a deal, and when to subsequently stop bidding.

 

3. Do Not Get Caught Up in Emotions

• It’s easy to lose sight of your goal when attending an auction event. The excitement of potentially walking away with equipment at a fraction of the price is exciting, and being in subtle competition with other prospective bidders can stir up some anxiety to ensure maximizing your potential of walking away with some great deals.
• But it is imperative to adhere to your initial guidelines and budgets to ensure your success at an auction. Don’t lost sight of your goals – otherwise you may end up spending more than you bargained for.

 

Attend a Plant Auction by a Reputable Auctioneer

 

Attending an auction hosted by a reputable auctioneer will allow you to rest assured knowing they’ve done their part in accurately appraising equipment to the best of their knowledge and in accordance with their years of experience.

Infinity Asset Solutions has over 85 years of industry experience transforming equipment, real estate and inventory into value for its clients and customers through providing comprehensive asset valuation services for collateral-based lending, asset disposition, and acquisitions. With a diverse portfolio in a range of industries, prospective bidders can rely on Infinity Asset Solutions to make informed decisions that benefit both customer and clients.

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