Mastering the Art of Bidding: 5 Tips for Success at Restaurant Auctions in Orange County

17 September 2023 - 22:01, by , in Used Restaurant Equipment, No comments

Auction days at Kohn-Megibow Company are nothing short of thrilling. With hundreds of used restaurant equipment pieces up for grabs, it’s an exciting and fast-paced affair. If you’re thinking about bidding at one of our Orange County restaurant auctions, we’ve got some valuable strategies to help you snag the best deals.

Here are five practical tips to elevate your bidding game at KMC’s used restaurant equipment auctions:

  1. Do Your Homework:

Before the auction day, make use of preview days to scope out the items for sale. Take note of lot numbers and personally inspect the equipment. This preparation will give you a significant advantage on auction day.

  1. Patience Pays Off:

When you spot an item you desire, resist the urge to bid immediately. Take a moment to gauge the room and see if others are bidding. If not, it’s an ideal time to enter your bid. If there’s competition, bide your time and wait for the right opportunity to strike.

  1. Timing is Everything:

In a bidding war, don’t rush. Let other bidders set the pace initially. Eventually, the fervor will wane, and that’s when you make your move. This strategy prevents prices from skyrocketing too swiftly. However, be cautious not to wait too long, as the auction may conclude. Pay attention to the auctioneer’s cues about your “last chance” to bid.

  1. Set Your Budget:

Decide the maximum amount you’re willing to pay for an item before bidding. Even if you decide to stretch a bit for something you truly want, having a predefined limit ensures you stay in control of your spending.

  1. Differentiate Lot and Quantity:

Understand the distinction between a lot and a quantity. A lot represents the price for the entire item or a set of items (e.g., when multiple pieces of equipment are bundled). Quantity refers to the price per each item. For instance, if 100 chairs are sold as a quantity, your bid of $20 means you’re buying each chair for $20, not all 100 chairs for $20 total.

These fundamental strategies will serve you well when bidding at Kohn-Megibow Company’s restaurant auctions in Orange County. To access more auction information and further bidding insights, reach out to us today. Your journey to auction success starts here!

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