How to Be a Successful Bidder at Farm Auctions

tractor

Farm auctions can be fun and lucrative. Wilson Auction & Realty Company handles several farm auctions each year in Ohio, Indiana, and Michigan.

Notably, farm auctions are beneficial to both sellers and buyers. Put simply, the auction system means you are either obtaining or selling equipment at fair market prices. And if you’re buying at a farm auction, you’re especially benefiting because you save on costs since the auction company is taking care of logistics, marketing and other costs that lead to an increased “sale sticker price”.

In addition to being cost effective, farm auctions also simplify the buying and selling process. Regardless of whether you’re shopping at an auction in person or online, auctions are not time consuming and the rewards of getting the equipment you want at economical price points makes them a worthwhile endeavor. And when you search for farm equipment via online auctions, you gain the convenient opportunity to purchase the things you need right on your phone, laptop, tablet device or desktop computer, as you can bid and purchase right from the comfort of your home, at your office or while waiting around at some other place.  

With all of that being said, how can you be a successful bidder at farm auctions?

Focus on the Right Things

Sometimes people can worry about certain things on an auction day. Does the weather really matter? No, because it might be sparsely attended on a rainy day or it could be packed. The same is true on a warm, sunny day. And then there’s the crowd. What if it’s huge? Does that automatically mean too much competition? Well, some people might be there just to attend with friends or family members. Some people might only be interested in finding one certain thing. You never really know what others will focus on and what they’ll bid on, so don’t worry too much about the others around you! Focus on the things

4th Quarter Players Get Good Deals

It’s a great idea to stay ‘til the very end of an auction. Why? Well, the crowd typically thins out as the auction goes on… and after many people have left, you have much less competition and you might end up winning a bid more easily than at the start of the auction. Patience is a virtue, and at farm auctions, patience can lead to you scoring tremendous deals.

Implement a Prudent Bidding Strategy

Auction Bids

If you can avoid it, don’t be the first bidder. Also, beware of high starting bids. Patience is key with auctions. Also, “knowing when to bid” helps, too. It’s kind of like chess or sports– there are certain times when it’s the right time to act, and other times when holding back is the right thing to do. Some people seem to be born with the skill to win auctions easily, while others learn how to do it, usually with help and advice from someone more experienced.

Bring Experience With You

If you know someone who is really good at “winning auctions,” bring them with you and have them help you win yours!  After all, experience is a coveted trait in nearly

Keep in mind that there are definitely good deals to be had at an auction, but not everything will be “a steal,” and that’s okay. After all, people have got to make some money for auctions to be viable. That said, if you can bid at the right time for the right price, expect to go home a winner.

If you would like to learn more about farm auctions and how you can score the best deals, or if you would like to discuss putting your equipment up auction, contact us today.