How to use auctions to Power Your Specialty Profits - video 3 of 5
Welcome to the third installment of our series on how best to utilize Specialty auctions profitably. We've created this series to help dealers who are new to auctions grow their comfort level and to offer some tips and tricks to those who have visited auctions.
The auction process is easier that some might expect. If you are new to auctions or simply new to a particular auction location, go ahead and plan a visit. Auction location personnel will gladly show you around, explain the details of the operation, let you meet the people, and get you comfortable with the process. Here are some tips on what you can do to get the most from your auction experience.
- Choose an auction that matches your needs. Manheim, for example, offers eighteen auction locations nationwide that specialize in monthly (or
more frequent) Specialty sales.
- After deciding on an auction to attend, you will need to register in order to buy and sell.
- Preparation before attending an auction greatly affects a dealer's experience. Preview units for sale and set realistic buying expectations to increase your chances of successfully purchasing the unit you want at a fair price. It's fairly easy to gauge pricing expectations when you plan your visit. The best gauge are the Market Reports from previous sales. These lists are available on-line in real time, as well as in print. They describe the unit and what it sold for most recently.
- Consult with the auction staff about your specific needs. Employees are there to help dealers enjoy a positive customer experience.
We look forward to helping you use auctions to Power Your Profits. Please contact us at specialtyauctions@manheim.com or 1-877-704-INFO (4636) with additional questions.
Karen Braddy is the General Manager of Manheim's Specialty and Heavy Truck & Equipment business. She has been with Manheim since 1990, and launched the Specialty initiative for Manheim in 2005.