Understand the History Behind Industrial Equipment Auctions
Auctions have been a method of trade for centuries, tracing their beginnings to ancient Greece; regardless of the item being sold, it is still an important way to conduct business today. With the advent of the internet, this type of sales venue has gained even more popularity because it allows people from all around the globe to bid on various items simply by logging onto any computer with a wifi connection. This is one of the biggest reasons they have become one of the favorite ways to buy and sell heavy-duty commercial equipment.
Early Sales Events
The first auctions started around 500 BC and were quite a bit different from what the typical modern event of today. They were held infrequently and used primarily to get the best price for women, slaves and other spoils of war that would otherwise be difficult to sell in any other fashion. It was the Romans who originally used a bidding format to liquidate property belonging to debtors who were behind on payments.
They were originally run the opposite of how they are today, with the bidding starting out high and gradually lowering until someone finally placed a bid to purchase the item. As time progressed, this was reversed to the method used today, with bids that start low and gradually increase until someone with the highest bid wins the right to purchase the item. Auctions have been a huge part of commerce and trade in every culture and society.
Heavy Equipment Events
In the 1900’s, equipment auctioning began with the Great Depression, with the liquidation of many farms and all of its machinery. The 1950’s brought the first automobile auctions and in the 1960’s, after the advent of the digger derrick and other industrial machinery, these units global industrial gloves began to be seen at such bidding events. Technology was steadily increasing and something new was always becoming available. These events gained in popularity in the 1970’s, with buyers and sellers meeting at central locations to dins and liquidate all kinds of machinery.
Today, industrial and heavy equipment auctions are still conducted at physical sites, although there are many companies that host online auctions as well. In light of the property being offered and how difficult it is to get this kind of machinery to and from onsite sales, the internet has become an invaluable tool in the heavy equipment auction world. With some accommodations to help the process go very smoothly, buyers and sellers of just about any kind of industrial vehicles and machinery can find what is needed and bid on it, no matter where it is located.
Through the use of reputable appraisers and a central, independent sales company which takes the position as a go-between, it is possible for buyers to purchase equipment without fear of fraud in almost every case. The dependable auction houses go through a great deal of effort to properly represent what is being offered for sale and will stand behind their appraisers, …