Restaurant equipment auctions can be exciting—and a bit scary—for the experienced and inexperienced bidder alike. Before heading to an auction, there are several things to consider, such as your budget, available space and the restaurant’s most needed equipment. The following tips will help prepare both veteran restaurant owners and those just starting in the business for a used restaurant equipment auction.
Before the Auction
1. Create a budget before the auction. Check your accounts to see how much money you can spend, and then decide how much money you want to spend. Frivolous or impulsive spending can turn your attempt at saving money into a disaster.
2. Assess your needs and space. Buying an oven that is too big or a piece of equipment that exceeds your voltage capacity is a waste of money, as there is no way to you’ll be able to utilize it in your restaurant.
3. Understand how auctions work. Do some research before you start actively bidding; that way you will acquire knowledge of how they work and how others bid before you begin bidding for yourself.
4. Find out the purpose of the auction. Did a restaurant go out of business and they need to liquidate? Did the restaurant upgrade to newer equipment? Knowing the answers to these kind of questions can help you prepare for the auction.
5. Find out if the auction house holds a positive reputation. How long have they been in business? If it’s an auction house like Kohn-Megibow Company, then there’s a good chance that it is reputable and worth your time.
During the Auction
6. Be picky about your purchases—and stay that way. Talk with the auction staff about the products that interest you, and find out as much as possible about the history of those products. If you’re looking at an oven that is dirty or has a funky smell, chances are it has a larger problem such as insufficient cooling or consistent power failures.
7. Know your competition. If an auction is not crowded or if bidding is slow, your chances of obtaining equipment for a lower price are better. If the auction is crowded and the bidding moves quickly, you might consider stepping aside to avoid overpaying or going over your budget.
Kohn-Megibow Company (KMC) has been in business since 1916 and we have liquidation auctions every two weeks. We specialize in restaurant and food service related equipment, such as refrigerators, walk-ins, ranges, mixers, tables, chairs, booths and more. For more information on our auctions, contact us today!