Common Mistakes to Avoid When Bidding on Online Restaurant Equipment Auctions

1 September 2020 - 17:38, by , in Blog, No comments

So far, Proxibid has been a great service we’ve been using at Kohn-Megibow company to continue our used restaurant equipment auctions in a safe, legal and effective manner. We cannot safely conduct live auctions at our warehouse for the time being. Online virtual auctions are the next-best thing, and we’re amazed at how well they’ve been going. KMC customers love the convenience of bidding online from wherever they happen to be located, and things have gone very smoothly with the entire process.

That said, it is a different method than we’re used to and our customers are still learning some tricks and tips as they master the virtual online auction services. With this in mind, we wanted to share some of the common mistakes that you will want to avoid when using Proxibid to bid on KMC used restaurant equipment.

Not Doing Your Research

Bidding online is fun and easy! You have the luxury of being able to inspect the equipment in person before you bid. The KMC staff is extremely thorough in providing details and pictures for each item we are listing. If there is any damage, we will note it. If there are known active warranties, they will be included in the listing description. The good thing about the online auction format is that the auctions last 7 days, so you have plenty of time to do your research, shop around and set your budget for any given item. Just be sure and look at all the information we provide so there are no surprises.

Exceeding Your Maximum Bid

Just like in a live auction, it’s easy to get swept up in the excitement of a bidding war. In any auction format—including online—you want to set your budget and determine the maximum amount you are willing to spend on an item. Try to stick to that to avoid overpaying for something. 

Not Using the “Maximum Bid” Feature

Speaking of setting a maximum amount you want to bid, Proxibid makes this very easy with their “Maximum Bid” feature. This literally lets you put in the highest amount you are willing to pay at any point during an active auction. Then, the system bids on your behalf (at the required bidding increments) on the item. If someone else places a bid that’s lower than your max, the bid will go up automatically and you will still be in the driver’s seat. If another bid exceeds your maximum bid, then you will be off the hook. You will be notified in case you want to increase your maximum bid, which can be done at any point until the auction closes.

Waiting Until the Last Second

In the online auction world, it’s known as “sniping.” Sneaky buyers will wait until the very last minute (sometimes the final few seconds) before placing their bids. Someone who thought they were going to win gets sniped out of an item before they can do anything about it. This method is generally frowned upon, but it does happen. The truth is that the auction item is ultimately going to sell for the highest price someone is willing to pay, whether that amount goes up early on or at the last possible second. When you get your bids in doesn’t matter if you are the highest bidder. This is why the “Maximum Bid” feature is so great because it effectively discourages sniping because the highest bidder will win in the end. If you are a sniper yourself, then you run the risk of being outbid by someone else’s max. You probably won’t win and you are only driving up the final price for them, which is just plain rude.

Not Paying Attention to the Closing Dates

Most KMC used restaurant equipment auction items are listed for 7 days on Proxibid, but the bidding periods may vary. Definitely pay attention to the auction closing date and times so you can keep close tabs on the items you want to win. Whether you bid live or use the automated bidding features, you can make sure you don’t miss out on anything important.

Getting Too Caught Up in the Excitement

Remember that you are legally obligated to pay for any items that you win. This is not fun and games. It can be exciting to bid on a bunch of stuff, but be prepared to complete the purchase if you are the high bidder. 

These are just a few of the common mistakes and concerns that used restaurant equipment buyers should avoid when bidding on Kohn-Megibow’s Proxibid virtual online auctions. If you have questions about the process or about any specific item you see listed online, just give us a call at (714) 666-8166. 

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