Learn How Your Business Can Save Money in a Bad Economy
Having a hard time making ends meet? This article is designed to provide you with ideas that will help business owners save money and in a bad economy by buying what you need at auction. Specifics may vary from auction to auction; however, the following information includes helpful and important guidelines from which everyone can benefit.
Despite the bad state of economy in the United States, business owners seeking office equipment can save money by buying at auction. Many auctions frequently feature items like cars, fleet trucks, computers, office furniture, machinery, tools, industrial equipment, electronics and more. These items sell for much less than retail price and without the hassle of buyer's premiums.
There are many different kinds of auctions. You can bid live and in-person, or you can bid online for things like seized property, police confiscated items, business liquidation items, bankruptcy assets and more. Here are three different kinds of auctions where you can save money:
Simulcast Auctions: Live bidders are physically present onsite at an auction compete
against online bidders who have either placed proxy bids or are bidding live in real time. This is a common type of auction.
Live Auctions: Only bidders who are physically present at an auction onsite are able to bid. These auctions usually have a notation that reads "Sorry No Online Bidding."
Online Only Auctions: Only registered online bidders are able to bid and complete against other registered bidders. These auctions usually have a notation that reads "Online Only."
Auctions are conducted on a frequent basis (sometimes several times a week depending on the auction house) and are usually open to the public. You'll find surplus items, commercial machinery and heavy equipment, along with individual high-end estate auctions for trusts and lawyers, offering real estate, fine antiques, collectibles, guns, furniture and household goods. Business liquidation auctions feature overstocked products, industrial restaurant equipment and bankruptcy assets.
To make the most of your auction experience (they are a lot of fun!), you need to know what to do. Here are some auction buying tips that will help you out:
Don't be shy about bidding loud and large. Raise your bid card in the air if you want an item and keep it up until you are done bidding. Make certain the auctioneer is aware you are bidding because the auctioneer may be taking bids from someone in front of or behind you. Once the auctioneer says "sold," the item is gone even if you are willing to continue bidding. There are no do-overs in the auction business. Spotters or ringmen are there to help the auctioneer spot bids and will signal your bid to the auctioneer.
A fast-moving auction benefits both buyers and sellers. Auctioneers have the right to reject any bid amount that would slow the bidding. Auctioneers cannot wait for slow bidders, so know in advance what to buy and how much to spend. Your inability to keep up with the bidding pace is not the auctioneers' concern.
Have fun (and save money at the same time)!
Article Source: Daily Digest Magazine
About the Author
Deb Weidenhamer is President of Auction Systems, the Southwest's most active auction and appraisal company. Learn how your business can save money in a bad economy. Visit us online or call 800-801-8880 for more information.