Traditionally, machinery auctions are carried out on-site, but recently many sellers are opting to auction their industrial equipment online. Online machinery auctions reduce operational costs and enable businesses to take back control during the sale process.
Commercial auctions in the UK are a good way for corporations to sell used, excess machinery or industrial equipment without losing capital, and can also improve their asset recovery process.
As a business corporation, it can be difficult to know where to start when it comes to auctioning your unused machinery online. Read on to discover the benefits of dissolving industrial equipment through an online auction — and where to begin.
Benefits of online machinery auctions for selling industrial equipment
Reach more buyers
The world wide web reaches a far greater audience than an in-person auction. Through an online auction, your machinery is more likely to reach potential buyers and increase your chances of making sales.
Online machinery auctions increase the exposure of your equipment ten-fold in comparison to a physical auction.
Your business has more control
Online machinery auctions are far more flexible than in-person ones. As a business, you can decide on your terms when it comes to an online auction. At a traditional auction, a small selection of equipment would not be economically viable when you factor in the transportation logistics. In an online auction, however, you are free to auction as much or as little stock as you like. Of course, the bigger the scale of stock, the more likely the sale will draw the attention of potential buyers.
Unlike traditional auctions, sellers have more control over who buys their items, too. During an online auction, sellers are able to screen potential buyers — you can view their buying history and decide whether or not to proceed with the transaction.
You can also set your own prices so your assets aren’t undervalued. This also allows you to stipulate your own terms about the sale process, including the payment method and pick up or delivery of goods.
Remote auctioning is more cost-effective
During a traditional auction, the logistics involved are more costly than for an online auction. More labour and planning are required to organise a traditional auction, and you could run the risk of losing money from planning costs if your assets don’t sell. By comparison, online auctions can be set up quickly and with minimal effort.
Remote online auctions are hassle-free. Sometimes, a traditional auction may take place at an unused warehouse on your land but, more often than not, they occur at your facility, which can be disruptive to operations.
At a traditional auction, buyers inspect and bid on an item in person. In an online auction, a buyer will likely take the description of the machinery at face value and purchase on the description. This is why it is vital that you provide as much detail as possible about your machinery as the bidding process will be totally online.
Immediate feedback
In a traditional auction, it can take much longer for communication to reach both selling and buying parties. Bidding in particular can take a while for buyers to know if their bid has been accepted or not. In an online auction, feedback is instant. Both buyers and sellers alike are aware of their position in the sale process immediately.
Online machinery auctions: where do I start?
There are several online auction platforms that can help your business elevate your machinery sales. Here at New England, we pride ourselves on listening to our clients’ needs, maintaining excellence and carrying out all our work with integrity. You can be assured that your assets are in safe hands with us.
For valuation, or to enquire about selling any used industrial or commercial machinery. Get in touch via our enquiry form.