Archive for May 2018

Important Rules of Etiquette at Heavy Equipment Auctions

Heavy equipment auctions provide an ideal opportunity to acquire used equipment, but along with this great opportunity for a bargain come some rules of engagement. Proper etiquette is important for keeping you out of financial and social trouble, and potentially even legal trouble in some cases.

 

Also, knowing the rules and procedures will help you go into any heavy equipment or mining auction with a clear head and calmer nerves.

Be serious about buying

 

This is rule number one for any heavy equipment auction. Even if you’re getting a good deal, you are still dealing with valuable equipment. That is why the auctioneers will likely ask you to pay a deposit before participating, which will be refunded if you do not purchase anything.

 

However, if you do not adhere to the terms and conditions of the auction company, you will likely lose your deposit. So you need to be serious and make the commitment to take part, and with that to also study the terms and conditions of the auctioneers in question.

Have your finances in place

 

Many auctioneers require a deposit of about 10% on all items bought, which must be paid on-site and on that same day. That means you need to have your finances prepared and ready for transfer. It will also help if you are aware of what you will try to buy ahead of time, so that you can work out how much money you will need ready for the auction.

Remain calm and patient

 

Mining auctions in South Africa are often quite competitive, because there are many mining companies looking to capitalise on the bargains on offer. This does mean that you are likely up against some tough bidding competition, so you need to be ready to lose bids to ensure you don’t go over budget.

 

If you don’t get the goods you want, remain calm and accept it. There is nothing quite as embarrassing or undignified as getting into a shouting match at an auction, and you will likely lose your registration deposit on top of being escorted off of the premises.

Have your documentation in order

 

Finally, make sure you have your Identity Document and proof of residence with you. The auctioneers need to see this and perform all the necessary confirmations and legalities before they can let you take possession of your purchase. This is for both your safety and that of the auctioneers, so remember to be patient.

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