Succeeding at a live Truck Auction – The Five Tips That You Need to Know

Truck auctions can be tricky. Use these tips to make sure you get the best price possible.

One of the best ways to get a great price on a truck is through a truck auction.

However, if you’re not careful about how you bid, you could end up losing big. All the opportunities that you see and the added time pressure of the auction environment might tempt you to commit to something less than ideal.

Everyone bids at a truck or equipment auction with the intention of getting it under market value. To come out on top, you’ll have to gauge your competition and pay attention to some important details.

The tips below will make sure you don’t jack-knife your chances at a great deal on your next truck.

Tip #1 – Set a Realistic Budget and Stick to It

When the bidding starts, emotions run high. Avoid falling prey to overbidding by setting a strict budget beforehand.

When setting your budget, don’t forget the auctioneer’s cost and licensing and insurance. Those should be part of your maximum budget.

For the sale itself, you should also have a maximum bid that you’re willing to pay.

The time to set your bidding limit is not when you arrive at the auction. Make this decision well before you find out what’s on offer. It’s crucial to remove emotion from the bidding process.

Also, don’t make the mistake of setting a price that’s too arbitrary. Arm yourself with information and set a bidding limit that can realistically buy you the truck you want.

If you’ve done your research and are confident about your limit, stick to it. It may be better to buy another day than to pay too much.

Tip #2 – Learn About the Auction Process

You don’t want to learn as you go at your first auction. Attend a few auctions before you decide it’s time to buy.

There is a lot that you can’t learn about auctions unless you experience it. It will help you understand the process itself for one. Also, you’ll get a feel for the value of trucks and what you should expect to pay.

A lot more goes on at an auction than simply placing the winning bid. Attending auctions can teach you about what’s needed to bid successfully.

The auctions held in a general area sometimes have regular bidders that are always on the hunt for deals. Knowing these key players and their bidding habits is a valuable asset.

You’ll also learn about what can go wrong when buying heavy equipment, which segues into the next tip.

Tip #3 – Buyer Beware

The key thing to remember at auctions is that the equipment sells as-is. A visual inspection is the only tool you’ll have most of the time, so make sure you know what to look for.

Any signs of disrepair or damage can impact your bid. Also, consider that most blemishes get touched up in advance and you can’t always trust what you see.

It’s best to view an auction item before making a purchase. Eric P. of Laverton had a negative auction experience because he chose not to inspect before making a purchase.

At a truck auction, he spotted an outwardly perfect Kenworth without a mark on it. 

He knew that he’d be up against stiff competition for such a great find. As competitors bid higher, so did he. What could go wrong if everyone was bidding so eagerly?

After winning the auction, he had the truck towed home and received a shock. There was nothing under the hood! No engine, no radiator, and no chance of getting his money back.

The above may be an extreme scenario, but you get the idea. If possible, inspect all the vehicles at a pre-auction inspection.

Tip #4 – Know What the Truck is Worth

You can’t know if you’re getting a good deal unless you know what the market price is.

Generally, you’ll have access to the list of vehicles slated for auction. First, you’ll want to look for something that suits your needs.

But, learning the value of the trucks you’re considering is just as important. That will give you an idea of what your bidding limit should be at the truck auction.

To get a reasonable estimate of the value, it’s best to use several sources. There are many classifieds and valuation services that specialize in truck sales.

Remember that emotions are always present at an auction. Knowing the value of what you’re buying will help you bid confidently.

Tip #5 – Avoid Bidding Wars

The surest way to let emotions cloud your judgment is to get lured into a bidding war.

If you’ve done your homework and you’re confident in your bidding limit, this won’t be a problem. However, it’s very easy to get pulled into bidding just one more time out of a desire to win.

Always keep in mind that your goal is to get a fair price, not to win an auction.

Some people find that it helps to visualize the auction before it happens. Think about how you’d feel if someone bid a thousand dollars more than you. How about fifty more? These exercises can be useful in reigning in your competitive nature.

Get the Best Truck You Can Afford

Now you’re ready to tackle truck auctions like a pro.

A truck auction is no place to lose your head, so prepare by attending a few with no intention of buy. Know the value of the truck you’re looking for and set a reasonable bidding limit.

There will always be a few problems you can’t spot, but do your best with a visual inspection. And, under no circumstances should you engage in a bidding war.

Plan your next auction by checking out our auctions page for more details. Or, get in touch with our team if you have any questions.