IronPlanet is the premier online marketplace for heavy construction equipment, making it a viable resource if you are looking to purchase used cranes, excavators, compactors or even dump trucks. In addition to the Daily Marketplace, IronPlanet hosts weekly Featured Auctions that can provide the perfect opportunity to get the items you need. Since these sales only last one or two days, you have a limited window to bid, making it especially important to be prepared in advance of the auction. Here are a few things you should keep in mind when browsing the selection of an upcoming Featured Auction.
Start searching as soon as possible
Every item in a Featured Auction only spends approximately 15 minutes on the block, so it is best to know which pieces of equipment you are interested in before the auction begins. You can keep track of items by adding them to your Want List, and it is also important to make a note of the time they will be auctioned off. When you begin your search early, you will have more time to thoroughly examine listings and their inspection reports, so you will be confident about placing a bid. New listings will become available as the auction date draws nearer, so be sure to check in at least once or twice after your initial search to look for any new listings that may better suit your needs.
Place Priority Bids before the auction begins
Another advantage of viewing the selection ahead of these online auctions is being able to place Priority Bids. IronPlanet users are able to enter their maximum bid for a listing before the sale begins. This way, IronPlanet can do the bidding for you, which is beneficial if you are unavailable during the auction window. Your offer will be kept in the lead by the pre-determined bidding increment unless you are outbid by another user. If this happens, IronPlanet will attempt to contact you so you will have a chance to increase your offer.
International selection increases variety of options
The weekly auctions hosted by IronPlanet include listings from around the world, increasing the chance that you will find what you're looking for. You can search by location if you want to find something located nearby, or you can browse international offerings that you might not be able to find domestically.
No reserve price can save you money
Items being sold in a Featured Auction do not have a hidden reserve price. This means that no matter how much the maximum offer is when the auction ends, the winning bidder will get the equipment. Conversely, sellers who list items in the Daily Marketplace can set reserve prices, and deny a sale if the reserve is not met. Essentially, this means buyers can wind up spending less than an item's current value when they bid on equipment in a Featured Auction, which can help them save money.
