The principle behind auction is that buyers prefer purchasing used equipments, particularly when it comes to equipments, machines or instruments that are a long term assets. Auctions of used equipments such as cars, machinery maintained consistently in good condition, farm equipments again maintained in good conditions are always in demand throughout the world.
Particularly, the demand is so great in the current global market environment that there seems to be a dearth of such items in some country. In these markets the demand for used items is more than the supply. Buyers of used equipments look primarily at the way they have been maintained in good condition, their tangibility / intangibility as well as the economy factor. Used equipments that have a good amount of these three factors sell excellently in the second-hand market.
This is ditto the case with Excavators. Auctions for Excavators are popular globally, particularly in the Japanese, Australian, Canadian and the U.S markets.
Frequent auctions are conducted for heavy machinery and farm equipments across states and districts of these countries that attract a huge amount of bidders. Excavators are one such item that is a popular buy in auctions. An auction for excavators conducted in one country attracts buyers even globally. The buyer population for excavators is generally sourced from dealers, contractors, farmers and other rental companies.
The current trend in auctioning for heavy equipments like the excavators is the Internet. There are very many auction sites available on the Internet where online auction takes place.
To quote an example, Iron Planet (www.ironplanet.com) is one such website where online auctions for excavators are quite popular. These auction websites for heavy equipments are definitively quality conscious to the extent that they extend the maximum amount of transparency to the potential bidders. Their user-interface screens are quite easy to use, that give maximum possible detail about the equipment available for bid. These websites also guarantee inspection reports extended to potential bidders, and ensure absolute confidentiality of the bidders002E.
The number of bids that can be globally received for an excavator auction can be anything between 40 to 80 bids, depending on the demand. Moreover, in a recent bid through Iron Planet, a Caterpillar 385BL Track Excavator was sold for US $ 3, 00,000.
This shows the popularity of such auctions for excavator in the global market. The top buyers of such equipments were from Australia and New Zealand. The trend has encouraged the conductors of the auction that they have decided to organize such auction events for heavy equipments very frequently. Most of these online sites announce a list of the full inventory that will be available for bidding, well ahead of the scheduled date of the auction.