Farm equipment auctions can be a great way to get farm equipment at a fraction of the cost. However, there are a few things to keep in mind before bidding on farm equipment at auction. Do your research, set a budget, and stick to it. In this article, I will cover where to find one, how they work, and tips for winning agricultural machinery. I will also share my experience with the farm equipment auctions near me.
Map of Farm Equipment Auctions Near Me
For “Farm Equipment Auctions Near Me”, see the map below…
What is a Farm Equipment Auction?
A farm equipment auction is a type of auction that specializes in the sale of agricultural machinery and equipment. These auctions are typically held by companies that specialize in the sale of farm equipment, or by farmers who are looking to sell their surplus machinery. They are ideal events for start-ups to get expensive agricultural machinery below market value.
Farm equipment auctions usually feature a wide variety of machinery, including tractors, combine harvesters, plows, hay balers, lawnmowers, and other farm equipment. The auctions are often open to the public, and anyone can participate.
Where Does the Machinery Come From?
Most of the farm machinery and equipment sold at auction comes from farmers who are looking to upgrade their equipment, or from farms that have gone out of business.
The machinery is typically well-maintained and in good working condition, if it’s not it likely won’t be accepted by the auction house. However, it is important to inspect the machinery before bidding, as there may be hidden damage.
Is all The Equipment Used?
No, not all of the equipment sold at farm auctions is used. In fact, a significant portion of the machinery sold is new or lightly used. This is because many farmers upgrade their equipment regularly, and as such, there is a constant stream of slightly used farm equipment hitting the market.
Where to Find Farm Equipment Auctions Near Me
There are farm equipment auctions held all across the United States. To find one near you, simply search “farm equipment auctions” followed by your zip code. This should bring up a list of auction companies that hold farm equipment auctions in your area.
Pro Tip: To find local agriculture equipment auctions in your area, try Google Events. I like to use Google Events to find smaller local auctions. Smaller events are less marketed, which means smaller crowds and less bidding competition. Check out: Google Events Farm Equipment Auctions Near You This Month.
How to Prepare for a Farm Equipment Auction
If you’re new to farm equipment auctions, it’s important to do your research and know what you’re getting into. Here are a few tips to help you prepare for your first farm equipment auction:
1. Know what type of auction you’re attending. There are two main types of farm equipment auctions: absolute auctions and reserve auctions. Absolute auctions require all items to be sold to the highest bidder, regardless of the price. Reserve auctions set a minimum bid price for each item, and if that minimum bid is not met, the item will not be sold.
2. Familiarize yourself with the auction process. The auction process can vary depending on the type of auction and the auction company. It’s important to familiarize yourself with the process so you know what to expect on auction day. Read all the rules upfront and ask as many questions as you need before the event starts.
3. Research the farm equipment you’re interested in. If you’re planning on bidding on any farm equipment, it’s important to do your research ahead of time. Know what the equipment is worth and what you’re willing to pay for it.
4. Have your financing in order. If you’re planning on bidding on any expensive farm equipment, it’s important to have your financing in order ahead of time. There are a few different options for financing farm equipment, including farm equipment loans and farm equipment leases.
5. Find a reputable auction company. Not all auction companies are created equal. Some have a better reputation than others. Do your research and find a reputable auction company to do business with.
6. Attend a few auctions before you bid. If you’re new to farm equipment auctions, it’s a good idea to attend a few auctions before you start bidding. This will give you a chance to get a feel for the auction process and how things work. Pay attention to what other people bid on and also what they don’t bid on.
7. Set a budget and stick to it. It’s easy to get caught up in the excitement of an auction and spend more money than you intended to. Set a budget for yourself and stick to it.
8. Know the risks. There are always risks involved in any type of auction. Be aware of the risks and be prepared to accept them before you start bidding.
9. Have a transport plan in case you win. If you win machinery how will you get it back to your location? Have transportation available or a plan in place to ship the equipment. If you don’t you may end up paying storage fees by the day until your equipment is picked up.
Tips for Bidding on Farm Equipment at Auction
You should register early and pick up a catalog to see what equipment will be auctioned. The catalog will list the name of the manufacturer, a brief description of the equipment, and an estimated value. It is important to remember that the auctioneer’s estimate is just that – an estimate. The final selling price could be higher or lower than the estimated value.
Before bidding on any machinery, it is important to do your research and know what you are bidding on. This includes knowing the value of the machinery you are interested in, as well as the condition of the machinery. You can look online for comp prices and determine beforehand what your high and low bids will be.
If it is a live public auction, inspect the machinery before bidding so that you know what you are getting yourself into. Do a thorough inspection and including listening to the machinery run, looking for smoke, leaks, strange noises, etc.
Bid on only equipment that is usable and functional now. Don’t bid on equipment that needs repair work. Between the cost of the final bid, taxes, and fees, you may find that your final cost after repairs is well beyond the actual value of the equipment.
Finally, be sure to set a budget for yourself and stick to it. By following these tips, you will be able to get the best value for your money when bidding on farm equipment at auction.
Farm Equipment Auctions Near Me – Conclusion
Auctions can be a great way to get farm equipment at a fraction of the cost. However, there are a few things to keep in mind before bidding on farm equipment at auction. Do your research, set a budget, and stick to it. Also, be aware of the risks involved in any type of auction. By following these tips, you will be able to get the best value for your money. That’s what I have learned from the farm equipment auctions near me.