What is an industrial auction and how does it work?
An industrial auction is a process of buying and selling industrial equipment by offering them up for bids or taking bids and then selling them to the highest bidder or buying from the lowest bidder.
If you didn’t hear, HGR just opened our very own auction platform. Learn more about how industrial auctions work below, and register on our auction platform so you can participate in HGR Auctions.
How does an industrial auction work?
Although auctions are synonymous with the sale of rare collectibles, industrial auctions have become quite popular as they are one of the most effective ways for corporations and small businesses to recuperate capital that was spent on idle or redundant industrial machinery, which is usually done by selling the equipment through industrial auctions.
Especially for companies that maintain a strict equipment upgrade schedule or one with surplus, unused industrial equipment, an industrial auction can be a great asset recovery process as it is easy and effortless.
Auctions platforms such as HGR Auctions will even go a step further and provide you with the ability to sell equipment directly from your facility.
A basic guide to running a successful industry auction
Here are a few key actions to take to run a successful industrial auction:
- Identify your surplus equipment
First, identify your surplus equipment and create an asset registry with all the vital information such as equipment name, type, and condition for each and every piece of equipment you intend to auction.
- Create a catalog.
If you are going to hold your auction on a physical location you might not need a lot catalog; all you need to do is to properly display the item. However, if you intend to hold the auction on an online platform, you will need to create a lot catalog, which is a well-designed excel table or CSV file with all the equipment that you intend to sell.
Hosting an onsite or physical auction is a traditional route, but with the widespread reach of the internet, most businesses are now opting for online industrial auctions to reach more bidders. This also means you need to find a website host to hold your auctions.
- Photograph your industrial equipment
Online bidders heavily rely on the images to decide whether to make the bid or not. It’s highly recommended to capture quality photos of industrial equipment from multiple angles so customers can get a sense of the equipment they are looking to bid on.
- Create descriptions for the equipment.
Provide your bidders with a title and a description of the industrial equipment. Here are good tips to keep in mind when listing your equipment.
- Include the brand and model number of the equipment that you are selling
- Create a descriptive and relevant title
All the other important details such as make year, model, and its ownership history are to be included in the description, as well as any accessories sold alongside the equipment.
- Market the auction
After selecting the equipment and listing them on your preferred auction platform, it’s time to run the actual auction. However, the only way to run an auction is to bring in bidders looking for equipment.
To do this, you must get as much exposure as possible in the days leading up to the auction. With that in mind, you will need to come up with a marketing strategy that will attract even more industrial equipment buyers to your sale.
- Post Auction Processes
After the auction have been successfully carried out all you need to do now is:
- Collect payments from bid winners
- Arrange pick-ups or ship the equipment to the customer
- Begin planning and promoting your next auction
With time, industrial auctions will become smoother process.
Bidding in industrial auctions
If you are looking to source industrial equipment for your business to upgrade of your production line or to increase the efficiency of your processes, industrial auctions such as those offered by HGR is one of the best ways to ensure that you get the best deal.
With flexible bidding options such as pre-bidding, maximum bids, and instant bidding, HGR Auctions is your trusted source for industrial equipment.
Learn how to create an account with HGR Auctions and register for your first auction by watching the video below.
HGR is revolutionizing industrial auctions
HGR buys and sells tens of thousands of industrial surplus items online. Now, as of our first auction on January 20, HGR Auctions will provide customers with a new online industrial auction platform for customers to name their price on industrial equipment and for sellers to auction equipment directly from their facility.
Create an account with HGR Auctions today to participate in our regular auctions.