Are you getting ready to attend one of KMC’s bi-weekly auctions? Great! We’re excited to see you! Before you come, it’s always a good idea to do your homework on the items you’re looking for, so you can be sure to get a great deal on all of our available used equipment. The more prepared you are, the better deals you’ll find, and the more you will get out of the experience.
To make sure you get the items you want at a great price, here are a few things to research before attending a KMC auction.
1. Look Up New Equipment Prices
Prior to buying anything at auction, understand how much the item costs new. This will help you gauge what is a fair price for a used piece of restaurant equipment.
2. Look Up Used Prices
Whether it’s on Craigslist, eBay, online auction sites or other consumer selling sites, be sure to do some online research and see what the equipment is going for used. This will help you from overspending at auction. Sometimes you see the piece right in front of you that you want and it’s easy to get caught up in a bidding war. Understanding comparable used prices will help you stay within budget.
3. Set Your Bidding Limits
When you know the proper values, you can set your own bidding limits. Prioritize what you need over what you want, and try to avoid going over your limits unless it’s critical for you to win a certain item. KMC auctioneers will actually step in if they see an item going for more than it should because we don’t want to see anyone get cheated.
4. Take Advantage of Preview Days
The Kohn-Megibow warehouse is open all week and most items up for auction are on display so you to inspect and research it before you bid on auction day. If it is something you really need and don’t want to risk auction, ask about purchasing it directly from KMC that same day. We will offer fair pricing based on what we think the item will sell for.
5. Check the Requirements of the Equipment
Whenever you inspect the equipment, make sure it fits your restaurant’s requirements. We’re talking about electrical connections (voltages, single phase vs. three phase), cooling requirements, health codes, gas vs. electric, etc. If purchasing ice machines or soft-serve machines, check if it is air-cooled or water-cooled, depending on your needs. Be sure to measure the equipment as well – there’s nothing worse than purchasing equipment that doesn’t fit in its designated space.
6. Take Inventory
Before the auction, do a thorough inventory of your restaurant. Prioritize what you need immediately and know what you may need to replace in the near future. Also make a list of equipment and small items (silverware, flatware, pots, pans, etc.) that you would like to keep in stock for future use. If you get a good enough deal, it’s a great idea to buy what you need before you actually need it.
We hope you find these auction preparation tips helpful. Do your homework and you will be ready to make the most of your auction experience at Kohn-Megibow Company. Check out our auction calendar to see when our next auction is or call us with any questions!