Industrial auctions provide an effective, efficient means of liquidating equipment quickly. Held either online or onsite, industrial auctions give buyers a chance to view it beforehand and bid accordingly.
As well as standard auction forms, other mechanisms exist that can influence bidding behavior and outcomes such as reserve prices, entry fees, invited bidders only auctions, and closing rules.
Online
Online auctions can help businesses reduce operational costs and enhance the asset recovery process. Instead of holding an on-site auction at their facility, an industrial equipment auction hosted online allows it to take place remotely – minimising disruptions to ongoing operations and saving costs in doing so.
Buyers can easily view assets and place bids from anywhere at any time – driving competition and increasing final bid prices for sellers.
Online auction platforms also allow auctioneers to better track and manage bids. This information allows plant and machinery industrial auctioneers to gauge how many potential buyers they’re reaching as well as the interest level among potential bidders in specific items for auction. Having this data allows auctioneers to adapt their marketing strategy for subsequent sales; perhaps by reaching out to more end users in an industry or increasing starting bid reserves to attract higher quality bids.
Onsite
Onsite industrial auctions give buyers the ability to inspect machines physically while sellers can verify buyers’ identities, making these auctions particularly appealing for larger businesses that wish to safeguard against potential risks of fraud and protect their assets.
Additionally, industrial auctions can help companies reduce operating costs when upgrading equipment on an aggressive schedule or looking to recover capital. Selling surplus machinery through an auction – whether live or online – is one way of realizing maximum return for investments made.
An onsite auction provides buyers with the option of purchasing equipment on the same day without waiting months for traditional sales transactions to complete. An auctioneer then handles dismantling, transport and customs procedures on behalf of buyers as well as warranties or letters of credit (LCs). Meanwhile, sellers receive multiple payments from different sources simultaneously making this an ideal way to manage payment terms in long term relationships with their buyers.
Local Newspapers
Local newspapers have long played an essential role in our news ecosystem, serving to build communities by encouraging civic engagement and linking businesses to local consumers. But with advertising revenue plummeting and circulation decreasing rapidly, they now face serious threats of going under.
Hedge funds have bought hundreds of newspapers with the intention of cutting costs and selling them off, often at reduced costs and with reduced staff numbers and reporting quality essential for local news coverage. Unfortunately, these investments have resulted in steady decreases in employees and reporting that are integral parts of local coverage.
As our clients became more comfortable with online bidding, AIS transitioned away from using local newspapers as the preferred method for equipment and estate sales. By doing this, crew expenses were saved while simultaneously creating a smoother sale experience that left our clients more prepared to move their businesses forward in their success.
Telemarketing & Inside Sales
Industrial auctions are an effective way for businesses, organizations and individuals to recover capital from unneeded machinery. While liquidation auctions may be used to liquidate assets from bankruptcies, private treaty sales provide companies with an optimal opportunity for getting maximum return from their industrial equipment investments.
An excellent industrial auction company keeps buyers up-to-date by uploading detailed descriptions and photos for each lot they offer for sale, answering any queries that arise and offering viewing days on site if required. Furthermore, protection and gentleman’s contracts will also be in place prior to each auction sale.
An integral component of auction design is selecting lots for auctioning. A well-thought out lotting strategy can draw in many bidders and drive up prices, while incorrect lotting decisions may result in underpricing or fraud; striking a balance between encouraging bidders to disclose valuations while discouraging cheating or collusion and increasing revenues requires precision.
