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Frequent Contributor

Internet dealer reduction auctions

Has anyone ever bought equipment on these.A local Deere dealer has 20 pieces of equipment on an internet only auction.This dealer has about 10 stores in Iowa,wondering if they are just trying to see who bids on these so they can stop in later or if they are an absolute sale.

The auction ends Tuesday,some of the tractors have had 20-30 bids already,but planters and sprayers look pretty cheap yet.On the tractors the bid history shows a whole bunch of bids just seconds apart then a several hour lull,with automated bidding is there any way to know if the dealer is just running you up?

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Senior Advisor

Re: Internet dealer reduction auctions

I bought my planter from an internet auction several years ago.  It was pretty straight forward but you need to check what the auction company charges for their buyer premium.  I knew what I wanted to spend on the planter including shipping so I added all the fees to the price I was willing to pay and deducted all of those from the maximum bid I placed.  It pays to do your homework on these auctions, but they are becoming increasingly popular.  Wait until a couple hours before the posted ending time of any individual item listed on the auction and generally the most bids are placed just before the closing time.  If there are several people still actively bidding at the time of closure, usually the end time will continue to be extended in 5 minute increments.

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