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What Are the Best Tips for Bidding in a Machine Tool Auction?

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  • Written By: Lori Kilchermann
  • Edited By: Lauren Fritsky
  • Last Modified Date: 22 September 2016
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When bidding in a machine tool auction, there are several steps to ensure that only the best tools are bid on. A careful inspection of the tools prior to the start of the auction will allow a bidder to determine which tools are worthy of a winning bid. When attending a large machine tool auction, it can be beneficial to make a list of the tools of interest along with a fair price that the bidder is willing to pay. This can often bring a bidder back to his senses once the fever of the auction has taken a hold. It is also very wise to gather all tools won and keep them close, as many times, a tool may be taken by accident — or intentionally — by another bidder, leaving the winning bidder nothing but the bill to pay.

There are often many bargains to be found at a machine tool auction. Typically, tools that are auctioned off at a machine shop are very high-quality tools that are rarely found in a home shop. The quality and quantity of the machine tool auction will draw many buyers who are all hoping to find the deal of the day. Being prepared to wait all day through the rain or heat of the summer sun will occasionally bring big benefits. Many bidders will not withstand the cold of winter or a hot and humid day and will abandon the auction, leaving only the most dedicated buyers in attendance.

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When bidding on an item that appears to have interest by many other buyers, it is often beneficial to substantially jump the bid and scare other potential bidders away. This means that when an item at the machine tool auction is being offered for a price, a person can raise the bid by a greater increase than the auctioneer has been asking. Many times, this will drive the other bidders away and allow the item to be purchased. This also works when placing an opening bid at a higher price than the amount the crowd has been typically opening the bidding at.

The machine tool auction will occasionally draw owners of machine shops wishing to purchase tools for their shop at a discounted price. A smart bidder will identify these bidders and avoid getting caught up in a bidding war. One of the best tips when attending a machine tool auction is to research the cost of the tools wanted to have a better understanding of the new list price. Deciding the amount of wear on the items at the machine tool auction will give the bidder an idea of what the top selling price should be.

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