All industrial equipment has an established lifespan; once that timeframe has expired, signs of wear and tear will begin showing on it.
Purchase equipment from a manufacturer with an excellent track record in quality and service delivery, while also taking note of payment collection methods from sellers.
Online auctions
Online auctions offer buyers an equitable playing field when searching for used equipment at great prices, regardless of location or financial status, while also eliminating social and personal biases that might influence buyers in person. But it is important to remain mindful not to bid on items you cannot afford.
As soon as bidding closes, the highest bidder becomes legally obliged to purchase the item. Typically, an auctioneer will send notification of this win along with a link for checkout; depending on your website you may also subscribe for notifications about future events.
Buyers have numerous payment options available to them when purchasing products online: credit cards, debit cards, personal checks, money orders and escrow services are just a few examples. Credit cards offer the most consumer protection by allowing buyers to pursue recourse from their card issuer if the product they ordered does not arrive as promised. Online auctions often offer financing solutions so more expensive pieces of equipment can be paid for over time rather than all at once.
Telemarketing and inside sales
Industrial equipment auctions provide corporations, small businesses and individuals a way to recoup capital from excess or unused machinery. By selling equipment at auction you can attract bidders from local, regional and national marketplaces as well as online auctions being an attractive method for sellers to market their products and gain new buyers.
Inside sales has been described variously as virtual, professional or “cloud sales”. All these terms indicate a shift from traditional outside or field sales towards remote models of doing business.
Telemarketing and inside sales may have different perceptions, but both can be effective marketing methods for industrial equipment auctions. When choosing an auction company to work with, make sure they understand all of its nuances including successful market performance history as well as an efficient telemarketing infrastructure – this will guarantee maximum returns from investment for your equipment auction.
Clear title
Industrial equipment auctions offer an ideal way of finding used construction machinery like compactors, drills and cranes at reduced costs. Before making a purchase at such an auction, however, it’s essential that buyers understand what constitutes clear title for this transaction.
Clear Title refers to whether or not equipment has a clear title that can be transferred to its buyer, which is usually confirmed through conducting a lien search. Miller-Godley Auction Company typically only performs lien searches when they have actual notice that there exists an issue, which can create issues for purchasers either at auctions or private sales.
There are ways to overcome this obstacle when purchasing from auctions, however. One great solution is industrial equipment financing which can be set up quickly and provides flexibility during auction transactions.
Warranties
Companies sometimes must liquidate or auction industrial equipment due to bankruptcy proceedings or turnaround situations, which require them to unload excess fixed assets to free up cash flow and generate revenue. Unfortunately, such actions can lead to disputes over warranties.
According to the Uniform Commercial Code, auction sales involve both express and implied warranties. Express warranties arise from sellers affirming facts, promises, descriptions or samples offered for sale while implied warranties can be inferred from facts and circumstances surrounding a sale.
Warranty disputes can be costly to settle. Disgruntled buyers may request expert forensic examinations of your books and records in search of violations; their cost can also significantly impact a company’s value and profitability – although careful drafting of limits of indemnity agreements or exclusion clauses can reduce risks significantly.
