An auction is a great place to buy industrial Equipment, as there is always a good chance of landing great deals on a wide selection of equipment. But before you can start bidding, it is important to know how to identify the best deals. Look for signs of welding, rusting parts, stains at the bottom, and shoddy paint work. These signs mean that the equipment has been touched up to look new. You also need to know the equipment’s maintenance history, and the seller’s credentials before deciding to buy. So, to help you land the best deals in your hunt, here are 5 tips for smarter bidding.

Buy From a Reputable Seller
Invest some time to know about the equipment’s seller reputation in the market. Go through online reviews and testimonials to know the experiences of other buyers with the seller. Social media platforms are also a good place to find genuine unbiased customer reviews. You can also visit the Better Business Bureau (bbb.org) in your area for information on the equipment seller.

Examine the Equipment’s History
A credible way to check ownership of used heavy industrial equipment is to ask or look for its serial number or PIN (Product Identification Number). Using this number, you can ask a local police station or a service run the number to check if the item has been reported stolen. You also need to know it is impossible to transfer ownership from the seller to the buyer if the machine has not been paid for in full. Any equipment with a lien bears the name of a bank or lender on its title. So, choose the equipment with a clean title, without any lien or levy from creditors and poses no difficulty to its legal ownership. A reputable seller must be able to provide the relevant documentation to prove there are no liens.

Look at the Maintenance Log
If during an inspection, something comes up which belies the appearance of the equipment, you should take a look at its maintenance log. A maintenance logs keeps track of the equipment’s maintenance work and a well-maintained equipment is safe to use and lasts longer. So, check if regular maintenance routine was followed by the owners. Documentation of equipment’s maintenance history lets you know that the equipment you are planning to buy have been taken care of.

Timing is Important
Timing is important when it comes to buying the industrial machinery at auctions. Industrial Equipment is sold at higher prices in the first and fourth quarters, but the prices come down a bit in the second quarter. Section 179 of the IRS Tax Code allows businesses to deduct the full price of used equipment up to $500,000 during the tax year, giving you access to even more savings. To take advantage the deduction for the tax year 2017 requires the equipment to be financed or purchased and put into service between January 1 and December 31, 2017. It is, however, important to ensure that you don’t lose rare equipment and deals while trying to wait for the ‘right season’. Consider the urgency of the requirement and availability of the equipment.

Check Independent Equipment Dealers Association (IEDA) Membership
The Independent Equipment Dealers Association (IEDA) is a body of independent dealers who offer quality industrial and heavy equipment. Every member is thoroughly vetted by a group of its peers before being granted the membership so you can be sure about buying the best-used equipment. If any buyer has an issue with a purchase, there is a swift arbitration process which ensures a quick resolution.

Conclusion
So, when you go to the next auction to buy that important equipment don’t forget these 5 tips. Investing a considerable amount of money must be backed by proper evaluation and knowledge of the equipment. GreenSalvage offers robust and sturdy industrial equipment on live auctions. You can browse through available options here or register to enjoy full membership benefits. If you are interested in bidding on available pieces of industrial equipment, fill out our contact form or call us at +15034461741.