Why Farm Equipment Auctions Are Mutually Beneficial to Buyers and Sellers

Tractor that will be sold at a farm equipment auction

If you own a farm, you know farm equipment is expensive if you buy it brand new. Certain machines can cost tens of thousands of dollars. And farming isn’t always that profitable. Some years are leaner than others, depending on how crops do and/or how much money certain animals can fetch in the market. With that in mind, most farmers are frugal people. They know the value of a dollar and they don’t tend to be extravagant or wasteful. They tend to be practical and smart with their time and money.

Farm Equipment Auctions Are Convenient

So, farm equipment auctions can be a very good idea for a farmer to attend, in order to buy equipment at a reasonable price. Furthermore, farm equipment auctions can be beneficial to sellers, because they want to get rid of certain pieces of equipment they do not need or use, and they want to make some money rather than just “junk it,” leaving it in the yard or barn to rot over time.

Farm equipment auctions are convenient because they offer a way to quickly and efficiently sell off excess equipment to interested, pre-qualified bidders. Auctions take place at a certain time, so it’s not like you have to put a sign on equipment and leave it in the yard hoping someone stops and asks about it… and eventually buys it days or weeks or months down the road. No, an auction is quite immediate. And people come to auctions ready and eager to buy– they come knowing full well that they might have to shell out quite a few bucks to get what they want, and if there’s a particularly “hot” item in demand, bids can go high, which is good for the seller, for sure.

And Efficient

Auction gravel and sold sign

The nice thing about auctions is that they’re simple and efficient. The auctioneers/auction company does a lot of the work for both the buyers and sellers, including things like paperwork and the exchange of money. Farmers don’t want to spend time talking to buyers outside their front door when they could be farming instead– so leave the selling of equipment to professionals.

Auctions often combine equipment to increase sales. This helps expose items to more interested buyers, and get people excited about what they can get in a “lot.” More equipment for sale results in more interest in a typical farm equipment auction. Just like you’d want to go to a garage sale that had lots of tables filled with stuff and you’d pass by one with just one table out, the bigger the auction (with more stuff), the better.

A “Win-Win’’ for Buyers and Sellers

Sellers appreciate farm equipment auctions because they know they’ll get paid properly. Buyers have to make a prompt payment. That’s how the system works. Sellers don’t have to wonder whether or not they’ll get paid quickly and in full.

Finally, it’s all about competition, isn’t it? When you’ve got multiple people bidding on one item or lot, that means higher prices– sellers love this aspect of auctions. Competition also creates excitement and thrills for winners who enjoy “winning” what they want to own.

Interested in farm equipment auctions? Call Wilson Auction & Realty Co. of Bryan, Ohio, at 866-870-5500 to find out when the next one is!