When and How Buying Online Benefits Your Business
When contemplating the purchase of high value commercial or industrial equipment there are many considerations. Once the assets have been identified, and the due diligence is done, the way a business owner buys equipment can make a big difference in the overall cost.
Buying online offers significant advantages over traveling to bid onsite at a physical auction.
Watch the Entire Market During the Auction
Attending an equipment auction in person has costs—travel and time. One also runs the risk of not having much access to information while onsite. It’s likely that the only internet access is via cell phone, and research time and attention is compromised.
Access to online resources is important during an auction. Having that access allows a buyer to be aware of the entire market’s activity—price and availability, rather than the exclusive market conditions where your auction is taking place.
For example, say a construction company is looking for a backhoe, and they’ve located three good machines in three different locations, going to auction on the same day. If a bidder has to be onsite, the buyer must choose which machine they’re going to try to buy. This already takes the buyer out of the market for the other acceptable machines. Therefore, that buyer has to be a more aggressive bidder in person.
Conditions at an auction are very localized—emotional bidding and aggressive enthusiasm are part of the process when on location. Those emotions, and enthusiasm have an effect on how much money gets spent.
A buyer in the same room bidding against someone who wants that exact machine is going to be pulled into that artificial micro-market. He’s motivated to be successful on that day, at that time. In order to win, the buyer will probably pay more than he otherwise should. It’s also possible that one of the other two machines being sold elsewhere that day could go for a lot less.
However, if a buyer’s able to watch all three auctions online, at the same time, on the same day, he isn’t locked into an onsite environment and won’t be drawn into paying more than he should. If conditions at one of the auctions become unfavorable, he can easily turn his attention to one of the other potential targets.
Manage all the Costs
When a buyer makes the decision to bid online rather than in person, he can manage the other costs associated with buying large equipment. Transportation, shipping, timing, and logistics—these all contribute to the entire cost of acquisition. Knowing the total cost will help estimate the real value of the equipment, and how much to bid. A computer, tablet, or smartphone are the best tools to help do that.
Bidding online gives immediate access to all the resources needed to bid and buy successfully, right at your fingertips. Buyers can do deeper due diligence and research, ensuring that they’re making the most educated decision possible. Attending the auction in person for one specific item negates all of those benefits.
Buying online also mitigates the costs associated with travel—dollars and time away from your business. These savings multiply if you need to acquire more than one piece of equipment. The cost of opportunity—the loss of ability to do other things needed by the business while off-site—is a critical factor in deciding to buy online as well.
An Online Marketplace that Works for Any Business
Proxibid is the most trusted online Marketplace for connecting buyers to sellers of highly valued items like heavy equipment and industrial machinery. The Proxibid platform puts buyers in the driver’s seat. With multiple ways to purchase – at live and timed auction or fixed price format – buyers can buy how they want, when they want. Additional services from Proxibid partners include financing and shipping.
Whether looking to buy one piece of equipment or an entire fleet, buyers can put the Proxibid Marketplace to work for them. Search thousands of sellers for inventory that changes daily.