When a company closes its business and is forced to leave its premises quickly, most of the time, its tools, machines, and equipment are sold at auction. Similarly, when companies buy new equipment, old equipment is often auctioned. To be the first to close a significant deal, stay tuned, and find out which companies are closing or selling surplus equipment. Better yet, contact your local commercial property management company. They probably don’t just deal with rentals; they can also sell old stuff.
Sign up for the newsletter of your local property management company and the auction house.
They should have an automatic alert tool that notifies you by email when new auctions are added to your event calendar. They can also inform you that new lots that may interest you are put up for sale. If you know that a business is selling, contact it directly and ask if there is an auction house or a management company that manages the transaction. If you’re looking for general tools and equipment, browse online batch catalogs. From time to time, you will see large parts advertised online, but in most cases, only small pieces of machinery and equipment are sold in this way.
If you intend to attend the auction, come early, equipment auctions attract companies from all over the world and are very busy. Examine auction catalogs before sitting down to bid. Carry an ID card with you, because if you are buying something, you will need to provide a valid ID card. Bring a personal or business check to use to pay the deposit. Some auction houses accept company credit cards, but not all, so check first. Sometimes you can also pay in cash, but there is a limit to what you can accept, so check again first. By law, they cannot receive more than £ 10,000 in cash to pay for the goods. This law was adopted to prevent money laundering, so it is strictly enforced.
Auction machinery is often held online, so people across the country can immediately sell under the supervision of a property manager. In this case, as a rule, you go to the site where the sales are posted and record your highest bid. Be prepared to sign an agreement that applies to the general terms and conditions of online transactions.
If you plan to buy equipment at an auction, make sure that you are buying. If possible, look at the computer before buying, in the place of the old business,which is often possible. Check that you can still get spare parts and service the equipment. Ask the current owner to inform you about the machine maintenance records, any problems they are familiar with the machines; they are required by law to tell you the truth about these things. If you have big questions, you can use this information to try and get some compensation.