Those in the market for used construction equipment or agriculture equipment have a number of options when they visit IronPlanet. The online auction site provides two ways to purchase items - weekly Featured Auctions and the Daily Marketplace. Each service provides buyers with the ability to bid on the equipment they need, but there are a few distinct differences that interested bidders should know before choosing one or the other.
IronPlanet hosts one Featured Auction every week. This sale typically takes place on Thursdays, but the company will hold two-day auctions that begin on Wednesdays when there is more equipment on sale. Each item spends between three and 10 minutes on the auction block, giving bidders the chance to compete to win the goods they want. This service may be ideal for those who need to quickly track down cranes, excavators, harvesters or other items. Once the bidding ends, the winner can arrange transportation and get their item as soon as possible.
The Daily Marketplace, on the other hand, does not set an auction date for every item, and the equipment sold here is available for bidding for a longer period of time. This can be a better option for those who are searching for a specific item without a strict deadline. Interested buyers have up to a week to place bids and keep an eye on the auction, which leaves them with a larger window of time to up the ante should they be outbid by another user. They will also have time to decide if they want to bid on a particular listing, so they can monitor bidding activity.
As far as bidding goes, the rules are the same whether users are shopping in the Daily Marketplace or the Featured Auction. Once a bid has been placed, it cannot be removed. Those who are bidding on Daily Marketplace items must enter a new bid should another buyer offer more money for a particular listing. This provides buyers with control over how much they spend and gives them the opportunity to opt out if they are outbid and decide they would rather find another item.
Instead of requiring users to enter a new bid every time they are beat by another buyer, the Featured Auction offers a service that allows bidders to enter the maximum amount they are willing to spend on an item. IronPlanet will keep these bidders in the lead unless their maximum offer is topped. This hands-off approach can be helpful for those who are unavailable during the auction, especially when it only lasts for a short period. Should they get outbid, IronPlanet will attempt to notify the bidder so they have a chance to increase their offer. The downside to this is that buyers cannot reduce their maximum offer once the Priority Bid has been placed.
IronPlanet's Featured Auction and Daily Marketplace offer buyers the same service and opportunity to find the used agriculture equipment and construction equipment they need. It is up to buyers to decide which option is best suited for their current situation.
