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What to Know Before Attending a Used Restaurant Equipment Auction

16 September 2019 - 19:32, by , in Blog, No comments

Every two weeks, Kohn-Megibow Company hosts a large used restaurant equipment auction. Restaurant and food service business owners from all over Southern California and beyond come to these events to purchase quality used restaurant equipment at incredible prices. If you’ve never been to a KMC auction before, you are in for plenty of excitement. However, there are a number of things you should know before you attend a used restaurant equipment auction.

Auction Day, Time & Used Restaurant Equipment for Sale

First, you can check KMCSales.com/this-weeks-auctions for information about the next upcoming used restaurant equipment auction. You will get the date and time of the auction, as well as a listing of what’s up for sale. We liquidate used restaurant equipment and are getting new stock in every single day, so you will be amazed at the selection to be found on any given auction day. All equipment is inspected and cleaned prior to sale, so you always know the condition it is in.

Inspection Days

Usually a day or two before the auction, we provide buyers the opportunity to come into the warehouse and look at all the used restaurant equipment. You can use this auction preview time to inspect the items personally, see if there are any existing warranties and get a list together of what you want to bid on during the auction. It’s a good idea to take advantage of these preview days to know exactly what you are getting, set your bidding budgets and prioritize which items are most important to you.

Registration

Prior to the auction starting, you will need to register (it can be done the day of the auction) and pay a $200 cash registration fee that is fully refundable.

Bidding

During the auction, you can expect the action to be fast and furious as so many pieces of used restaurant equipment are sold off in quick succession. You definitely want to be ready to bid when the time comes, so pay attention and understand the flow of the auctioneer’s tone. Many buyers will opt to attend their first auction without actually buying anything, just to get a feel for how everything works. 

Winning an Auction

If you bid on and win an auction item, you will be required to pay at least a 25% deposit (cash, cashier’s check, Visa or Mastercard) upon award of the bid. A 13% buyer’s premium will also be added to all sales. The entire balance will be due before you can remove any of the items. The KMC Sales team can help you with loading the items up and we have a forklift and other equipment available to help you when you come to pick up what you have purchased.

These are some of the key details you will need to know before attending a KMC used restaurant equipment auction. Otherwise, expect to have some fun and get some great restaurant equipment at excellent prices. Visit Kohn-Megibow online for upcoming auction information or call us at (800) 540-5646 to ask any questions you have or to pre-register for the next auction.

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