Bargain-hunting businesses have turned to auctions for plant equipment, demountable site offices, and cars, while bargain-hunting individuals have flocked to auctions for boats, vehicles, pavers, and more. What many first-time bidders are slowly learning is that auctions can be brutal. From strict payment windows and complicated transport rules, your dream bargain could quickly become a logistical nightmare.

Do Your Homework 

If you know what you’re looking for and precisely what it’s worth, all you need are some tips before you head to an auction house. For new bidders, there might be a sharp learning curve, but as long as you know the critical stuff you’ll be in a much better position to bid with confidence. Here’s what you need to know to navigate auction houses successfully.

Familiarise yourself with the auctioneer’s process, whether you’re bidding online or in person. You can save a lot of time by understanding the system. Additionally, you’ll want to confirm where the asset is physically located. Not all items are stored at the auction house. 

Don’t Blind Purchase 

There’s no need to purchase an item without inspecting it. Request an in-person inspection before the auction so you can confirm that the asset is in the condition you expect. For example, many auction vehicles are not registered, which means you will need an NHVR-compliant vehicle transport company to transport them from the original location to your address. That’s valuable information for the total cost calculation.

Additionally, there are buyer’s premiums and brokerage fees to consider. Brokerage fees can be substantial. 

Payment & Collection Rules 

Winning the bid is just the first step. You also need to know the rules around payment and collection. Many auction houses have strict security rules and have liability policies around item removal. 

In addition to the NHVR guidelines for collecting vehicles, there are also rules around collection timeframes. Most auction houses have strict collection windows, and while these vary, you commonly have three days to collect your vehicle. This means arranging a transport partner ahead of time. Keep your transport partner on standby to handle the vehicle collection and avoid heavy auction house storage penalties if your new asset is held beyond the time limit.

As is the key to success in any arena, familiarising yourself with brokerage fees, compliant transport options, and auction house rules to ensure you secure a genuine deal and your first auction runs as smoothly as the next dozen undoubtedly will. You might think organising an auction pickup service before you win the bid is overkill, but it’s crucial to a seamless experience and managing costs.