What to Know Before Your First Used Restaurant Equipment Auction

Used restaurant equipment auctions can present an excellent opportunity for restaurant owners. You can often find the exact restaurant equipment you need. In many cases, you can purchase it at a much lower price. Used restaurant equipment will almost always be less expensive than new equipment, and auctions tend to present lower price points because so many items are being sold at once. You may be able to find an excellent deal on the restaurant equipment you need!

If you are attending your first live used restaurant equipment auction or thinking about bidding on an online auction, there are some important things you will want to know. It helps to be as prepared as possible. Here are a few helpful tips from Kohn-Megibow Company (KMC) for first-time auction participants:

Research in Advance

Auctions move quickly as each item hits the block and bids are moving fast. It helps to do as much research as you can in advance. At KMC, we post all items up for sale online. You can learn more about each piece of equipment before placing a bid. If you have questions, you can contact us and ask. We also offer previews and inspections at our Orange County facility if you want to see something in person. This will help you know exactly which items you want to bid on, as well as condition and other factors that may affect your bidding price.

Set a Budget

Speaking of bidding price, this is something else you should think about ahead of time. Knowing what you can about a piece of used restaurant equipment should allow you to set your price range in advance. Put a ceiling on what you are willing to bid and try not to exceed that. If you are really desperate to get a certain item and you find yourself in a bidding war, you will want to exercise caution and stay within a certain preset range to avoid overbidding. If you are interested in multiple items in a single auction, set an overall budget and do what you can to stay within that in terms of your overall spending. It can be very easy to get caught up in the excitement—especially when you get into a bidding war and it gets harder to think practically. That’s a good way to end up spending more than you want.

Prioritize

Another good tip when looking at multiple items is to make a priority list. There may be some restaurant equipment you need more urgently than others. Put your focus and dedicate the necessary budget on acquiring that item. This will help ensure you get the equipment you need most. You can prioritize everything else after that based on your overall budget.

Start Slow

You may even want to attend an auction or two before buying anything. It can be beneficial to see how the process works and how the bids are flowing. Familiarize yourself with the process and get comfortable in the environment. Then, you can be better prepared when you come back and are ready to bid the next time. 

These are just a few preparation tips for first-time used restaurant equipment auction buyers. If you have any questions or want to know more about our upcoming auctions, please contact KMC today.