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6 Tips for Bidding at an Auction

11 May 2017 - 18:01, by , in Blog, No comments

Kohn-Megibow Company’s auctions are exciting, fun and fast-paced. On any given auction day, we’re selling off hundreds of pieces of used restaurant equipment. If you are thinking about bidding on an item, there are some strategies to keep in mind. You want to get the best pieces for the best prices, and KMC is here to help.

Here are some useful tips to help you be a better bidder at a KMC used restaurant equipment auction:

1. Know What You Want to Bid On
Take advantage of preview days prior to any auction, so you can see what’s up for sale, jot down lot numbers and inspect the equipment personally. This kind of preparation will definitely make a difference come auction day.

2. Be Patient

When you see an item you want, you don’t always want to bid right away. Read the room and see if anyone else is bidding. If not, then that’s a great time to put in your bid. If other people are bidding, sit back and wait for the right time to make your move.

3. Timing is Key
When there is a bidding war on an item, relax and let the other bidders dictate the pace. Eventually, the pace will slow down and you can then get in on the action. It’s a good strategy to keep the price from being driven up too quickly. Be careful not to wait too long or the auction could end. KMC auctioneers are very clear about when it’s your “last chance” to bid, so pay attention and time your bids accordingly.

4. Set Your Limits
Before bidding on any item set a limit in your mind of the maximum amount you are willing to pay for that item. Even if you do end up spending more to get an item you really want or need, this approach helps keep your spending in check.

5. Mind Your Body Language
Some people make the mistake of keeping their arm raised in the air throughout the auction. This shows how eager you are to buy and often leads to overpaying for items. Act aloof and never look too desperate, no matter how much you want an item.

6. Understand the Difference Between a Lot and a Quantity
Anything that KMC sells at auction will be set as either a lot or a quantity. A lot is the price of the entire item or set of items (in a case where multiple pieces of equipment are grouped together). Quantity refers to the price per each item. For example, if 100 chairs are being sold at once with a quantity price, the bidding price is for each chair. If you bid $20, that means you are buying 100 chairs for $20 each, not all 100 chairs for $20 total!

These are just some of the basic strategies to keep in mind when bidding at a Kohn-Megibow Company auction. Contact KMC today for more auction information and strategies.

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