Going once… going twice… and I …. Sold it! The Ritchie Bros. crew in Donington Park is gearing up for its next auction sale, which will be held on July 11th. UK based businesses in construction, mining, rental and other industries have already added a few hundred items to the unreserved sale and more is expected in the coming weeks. Thinking of joining the auction? Here’s a three tips.
Auction tip #1: Prepare
There’s a few ways to prepare for an upcoming auction. First, go through the inventory online and perform a virtual inspection. On the Ritchie Bros. website, each lot has descriptions and many photos. Attend the auction viewing day prior to the auction and get up, close and personal with your items of interest. Bring a mechanic, colleague or friend with you to run the inspection if needed. For each of the items you’re interested in write down the maximum price you’re willing to bid. Stick to your maximum (unless you really want the item of course!)
Auction tip #2: Past selling prices
You found what you’re looking for and you’re trying to determine how much you should spend. A powerful tool to help you with this is the Auction Results section on the Ritchie Bros. website. With a free webaccount anyone can look up past auction results at www.rbauction.co.uk. Example: At Ritchie Bros. auction in Donington Park on May 9th over a thousand lots were sold, including a 2014 Volvo EC220DL that sold for GBP 64,000, a 2014 JCB JS130LC-T4 that sold for GBP 34,000 and a Caterpillar D6R LGP that sold for GBP 56,000. You can view auction results up to 24 months.
Auction tip #3: Get cash for your current machinery
Every year tens of thousands of businesses turn to heavy equipment auctions to sell items they no longer need. Ritchie Bros. is a leading asset disposition services provider and, with 4+ billion in auction sales, the largest industrial auctioneer in the world. Equipment auctions are exciting events with lots of people, machinery and the chance to get a bargain. But it’s a misconception to think auctions are exclusively for the bigger companies in the industry. Everyone can sell and buy at a Ritchie Bros. auction, from the owner/operator that wants to sell his mini excavator, to contractors and rental companies that sell entire fleets at once.
For up-to-date equipment listings, auction details and more information, visit the Ritchie Bros. website at www.rbauction.co.uk or contact the Donington Park office at +44 01332 819700.