It is still a new method, and customers are still learning as they use the virtual auction services. We wanted to highlight some common mistakes when you bid on restaurant equipment.
Don’t Do Your Research
It’s easy and fun to bid online! Before you place your bid, you have the option to personally inspect the equipment. Our staff is meticulous in providing information and photos for every item we list. We will notify you if there is damage. We will include any active warranties that are known in the listing description. This gives you plenty of time for research, shopping around, and setting your budget. Make sure you read all the information so that there are no surprises.
Exceeding Your Maximum Bid
It’s easy to get caught up in the excitement of bidding wars, just like at a live auction. You should set your budget and decide how much you will spend on each item in any auction format, online or otherwise. To avoid paying too much for an item, you should stick to this budget.
No use of the “Maximum bid” feature
The “Maximum Bid” feature makes it easy to set a maximum bid amount. This allows you to bid the maximum amount you’re willing to pay at any time during an active auction. The system then bids for you (at the required increments) on the item. If you place a lower bid than your maximum, the system will automatically raise the bid and you will remain in control. You will not be held responsible if another bid exceeds the maximum bid. If you wish to raise your maximum bid, you will be notified. This can be done anytime until the auction closes.
Waiting until the Last Second
It’s called “sniping” in the world of online auctions. Sneaky buyers wait until the last minute, sometimes even the last few seconds, before placing bids. Anyone who thinks they are going to win has sniped from an item before they can make any changes. Although this is frowned upon, it happens. The truth is that auction item will sell at the highest possible price, regardless of whether the amount is increased early or late. It doesn’t matter who wins the auction, it doesn’t matter who gets your bids in. The “Maximum Bid” feature is so effective because it discourages sniping. In the end, the highest bidder will win. If you’re a sniper, you risk being outbid by another max. It’s unlikely that you will win, and it is rude to drive up the final price.
Not paying attention to the closing dates
The majority of used restaurant equipment for sale are listed, though the bidding periods can vary. Be sure to pay close attention to the auction closing dates and times to ensure you keep track of the items you are interested in winning. You can be sure that you don’t miss any important information, regardless of whether you use the automated bidding options or live.
Too Excited by the Excitement
You are legally required to pay for any winnings. This is not fun or games. Although it can be fun to bid on lots of things, be ready to purchase if your bid is the highest.
These are just some of the most common concerns used restaurant equipment buyers need to avoid when bidding in online auctions. You can reach us by calling if you have any questions regarding the process or about specific items you see online.