HGR has developed a comprehensive guide to help you get the winning bid at an industrial auction.
Industrial auctions are thrilling and can easily get you lost in the excitement of competing to place the winning bid. Amid all the excitement, people, and items involved, it is easy to over-bid and pay too much, or under-bid and lose the item.
Adopting a good strategy at the auction can help you buy industrial machinery. Read on to learn how to place the winning bid at an industrial auction.
HGR’s available bidding options
HGR has developed flexible bidding options to help you easily buy the equipment you need. The three bidding options are:
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Maximum Bid
This option allows you to set the maximum pre-bid amount. If someone outbids you, the amount will
automatically increase as per the item’s bidding increment up to your maximum bid. Using this option is advantageous because it guarantees you that you always have the leading bid without the work.
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Pre-Bid
It is possible to start bidding at an industrial equipment sale a couple of days before the auction opens. HGR allows you to pre-bid days before the auction goes live. Just login to your customer portal, view the item’s catalog, and bid accordingly. When you pre-bid, you will be notified of either a win or outbid and can place a higher bid during the live auction.
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Instant Bidding
This option is designed for those who want to actively place their bids before they close while minimizing the time it takes to bid. The bidder receives a notification if they are outbid and get the opportunity to increase their bid. The process is iterative up to the point when you win or halt your bidding.
One of the advantages you get for bidding with HGR is leveraging soft closing times. We have predetermined bidding times. However, bids placed under one minute to the end of the auction receive an additional time on the clock.
Strategies for placing the winning bid
Each industrial auction is unique. However, adopting certain strategies can set you up for success. Follow these tips to go in strong and emerge on top.
#1: Place a strong bid that reflects the market value
Sometimes it makes sense to bid low when bidding for used industrial machinery, but other times you may want to choose a higher bid to prevent other bidders from participating. There is a lot of online information about an item’s value, and simple research can inform you how much to start with.
Most people who come to the auction already have a rough idea of how much the equipment is worth. As such, they are prepared about the price just as you are. Set your bid amount as close as possible to where you want to close. That instantly locks out low bidders and those just looking for a bargain.
#2: Counterbid as soon as possible
After placing your bid, there is a chance that someone else might outbid you. Items go fast on the chopping block, and you need to be ready to counterbid quickly if you want to win the item.
Keep an eye on your email or watch the live auction to ensure you stay on top of the items you want to buy.
#3: Have a bidding budget and follow it
It is important to be financially savvy when bidding at an industrial auction. Before you take any action, ensure you know the maximum price you can pay.
HGR is one of the best bidding platforms for industrial machinery
Anyone planning to buy industrial machinery can count on HGR Auctions for regular online auctions!
We offer you flexible bidding options and access to various equipment that can help automate your production line. Get started today by learning how to buy at HGR auctions and register today to start bidding.
