How Industrial Equipment Auctions Work
Everything you need to know about buying and selling at industrial machinery auctions. From registration to winning bid—demystified by auction experts.
The Industrial Auction Process Explained
Industrial equipment auctions are timed online sales where manufacturers, dealers, and machine shops bid on used machinery. Most auctions run 1-2 weeks, with all bidding happening online. The highest bidder wins, pays the hammer price plus buyer's premium, and arranges equipment pickup.
Meadoworks conducts regular auctions featuring CNC machines, injection molding equipment, and complete manufacturing facilities. Whether you're buying or selling, understanding the process helps you get the best results.
The Auction Process: Step by Step
Registration
Create an account on BidSpotter or Meadoworks, provide your information, and agree to terms. Registration is free.
Preview & Inspect
Auctions are posted ~1 month ahead. Review the catalog, examine photos/specs, and schedule in-person inspection.
Bidding Day
Place bids during the auction (typically runs 1 day). Watch for bid extensions. Highest bid wins. 20% buyer's premium applies.
Payment & Removal
Pay within 2 business days and arrange pickup within the removal period. You handle rigging and transportation.
Tips for Buyers
- 1.Inspect before bidding. Equipment is sold as-is. Visit in person or request detailed photos/videos.
- 2.Know your max price. Set a budget including buyer's premium, taxes, rigging, and shipping.
- 3.Arrange rigging in advance. Have a rigger lined up before you win to meet removal deadlines.
- 4.Watch for bid extensions. Many auctions extend time if there's last-minute bidding.
- 5.Check the terms. Understand payment deadlines, buyer's premium, and removal requirements.
Tips for Sellers
- 1.Work with equipment specialists. Meadoworks brings 50+ years of plastics and metalworking expertise plus a qualified global buyer network.
- 2.Provide complete information. Detailed specs, photos, and documentation increase buyer confidence and bids.
- 3.Clean and organize equipment. Well-presented machines photograph better and attract more interest.
- 4.Set realistic reserves. Unrealistic minimums can deter bidders. Trust the auction process.
- 5.Allow inspection access. Buyers who can inspect in person bid with more confidence.
Frequently Asked Questions
How do Meadoworks equipment auctions work?
Meadoworks auctions are timed online events where registered bidders compete to purchase machinery. Auctions are posted approximately one month in advance, giving buyers time to review equipment and arrange inspections. The actual bidding typically runs for one day. The highest bidder when time expires wins the lot. A 20% buyer's premium is added to the hammer price. After winning, buyers must complete payment within 2 business days.
How do I register to bid at a Meadoworks auction?
Visit the auction platform (BidSpotter or Meadoworks direct), create an account, and complete the registration process. You'll need to provide contact information, agree to terms and conditions, and may need to provide a credit card for deposit. Registration is free and must be completed before the auction starts.
What is the buyer's premium at Meadoworks auctions?
Meadoworks charges a 20% buyer's premium on all auction sales. This is added to your winning bid (hammer price). For example, if you win a machine with a $10,000 hammer price, your total cost is $12,000 plus applicable taxes. This fee covers auction administration, marketing, and platform costs.
Can I inspect equipment before bidding?
Yes, Meadoworks offers inspection periods before bidding closes. Since auctions are posted about a month in advance, you have ample time to visit the location, inspect equipment in person, request additional photos or videos, or ask for specific measurements and tests. All items are sold 'as-is, where-is' so inspection is highly recommended.
What happens after I win a Meadoworks auction?
After winning, you'll receive an invoice with payment instructions. Payment is due within 2 business days, typically by wire transfer. After payment clears, you coordinate removal of equipment within the specified period (check auction terms for specific removal dates). You're responsible for rigging, loading, and transportation costs.
Ready to Buy or Sell at Auction?
Browse our upcoming auctions or contact us about selling your equipment through our auction platform.
