The onset of Covid 19 changed the way we do things a lot. Let’s take auctions for example; before 2020, most auctions were held at physical locations, which was kind of restricting, and although online auctions were still there, they weren’t that popular.
But now, most people have realized the benefit of online auctions, especially when it comes to farm equipment. Whether you’re buying farm equipment or selling it, you can be sure to get the best deals and tons of prospective customers and sellers.
Read on as we tell you everything about online farm equipment auctions, from what they are to where you can find them.
What Are Online Farm Equipment Auctions?
Online farm equipment auctions work like your regular auction, the only difference being the fact that you participate remotely and place bids at the comfort of your home or office.
In online farm equipment auctions, bidding starts on a specific day and runs for a week or so. During this time, you can review numerous farm equipment through photos and videos and bid on your favorite. And just like in live auctions, the highest bidder at the time it closes wins the equipment
Why Turn to Online Auctions?
Unlike your typical local farm equipment dealer or auctioneer, online auctioneers have extensive collections that are not limited to one brand or manufacturer. They’re also not biased towards a particular brand or piece of equipment.
The availability of such a wide section of equipment enables you to evaluate the pros and cons of each item, thus increasing your chances of getting the best equipment and landing the best deal.
One of the major perks of online farm equipment auctions is that you can bid or sell from anywhere. This completely eradicates the inconvenience and restrictions posed by traditional auctions where you had to attend the auction physically.
As a seller, placing your farm equipment on an online auction platform enables you to get instant feedback from a multitude of interested buyers. Online auctions also put you at a significant advantage of getting a better deal for your equipment due to varying competitive bid prices from different buyers.
Types of Online Auctions
There are two types of online auctions: person-to-person and business-to-person. In person-to-person online auctions, the individual sellers offer their equipment directly to buyers. Generally, the seller retains physical possession of the equipment until the auction closes. The seller then gets in touch with the buyer to arrange the payment and delivery of the equipment.
On the other hand, in business-to-person online auctions, the business retains physical control of the equipment and accepts payment from the buyer. In both cases, the mode of delivery is agreed upon by the buyer and seller after the bid closes.
How to Get Into an Online Farm Equipment Auction
To get into an online auction, you first have to register with an online auctioneering company before you are allowed to buy or sell anything. The primary purpose of the registration is to keep track of the equipment you bid on or sell. It also helps the auctioneer keep up with the bids as well as build a database on the buyers and sellers.
Ready to Get Started?
Online farm equipment auctions offer the most convenient way to sell and bid on farm equipment. At Tractor Zoom, we partner with over 500 auctioneers and 400 dealer locations across the country to provide you with a wide selection of farm equipment at the best deals.