Farm Equipment Auctions Basics

Know farm equipment auctions basics to make knowledgeable bids

Farm equipment auctions are one option for farmers who cannot afford new farm equipment. Knowing your farm equipment auctions basics contributes to finding a really good deal through the opportunity to purchase used farm equipment. Auctions are a great way to find the equipment that you need to make your farm successful.

There are different types of farm equipment auctions. When deciding which type of auction is best for you consider the following:

1. Are you comfortable purchasing from online farm equipment auctions?
2. How much knowledge do you have regarding farm equipment auctions basics?
3. Have you ever attended a used farm equipment auction?

 

Attend a consignment farm machinery auction

One type of farm equipment auction is a dealer consignment auction. These auctions typically take place on a regular basis two to four times a year all across the country. Multiple dealers or a large group of farmers sells their equipment at these auctions. They choose a central location and split the cost. Some prefer this type of auction because of the variety of equipment. There are usually multiple pieces of the same functioning equipment. However, some dealers use consignment auctions to get rid of equipment that they feel they cannot sell at their dealership.
Try: Check Auction Guide or Midwest Auction for consignment auction information.

Look for personal farm equipment auctions

In some cases, farm equipment auctions consist of the farm equipment from one farm. The auction is at the farm location. Personal farm equipment auctions take place when farmers retire, farms close out, or farmers pass away. Some may prefer these auctions because one can see all equipment from a single farm. Many feel that viewing all the various equipment used on a farm gives them a better idea of the equipments' use. For example, if a farmer only has one tractor, you can be certain that it received much use. Tractors on a farm with multiple tractors likely receive less individual use. These auctions are usually on farms that you know personally, which gives you even more knowledge. However, the variety at personal auctions is limited compared to consignment auctions.
Try: Check online auction company sites for upcoming personal auctions. Carwile Auctions and Stanley King Land Auctions both offer updates on future auctions.

Explore an online farm equipment auction

The world of technology has changed the way that we auction items. Many of the most popular auctions take place online with bidders in distant cities, states, and even countries. Search for auctions pertaining to your particular needs. For example, look for tractor auctions, livestock equipment auctions, and more. Some prefer these agricultural equipment auctions because they typically last for several days. One can examine the item for auction and then do research and see the bidding price. Farm equipment online auctions are bad in that you can only view auction farm equipment through pictures.
Try: Grain Farmer offers online auctions for farm equipment. WW Auctions is also a source for online auctions.

 

• Keep in mind that some auctions are absolute and others are reserve. At an absolute auction, the item goes to the bidder with the highest offer regardless of the price. Reserve auctions have a predetermined lowest selling price for the items before the auction ever begins. Being the highest bidder does not mean that you get the item. The auctioneer does not reveal the pricing low to the bidder until after the bidding takes place.

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