The average fleet buyer will have a number of sources for their trucks and commercial fleet. These might include used fleet sales, auctions, new vehicles and many more. Unknown to many, there are some great online auctions being held and that means that they are missing out.
In case you want to improve your buying power at online auctions, or if you are new to the concept, I have published these seven tips to aid you.
1. Consider the future growth of your business
If you need to move heavy loads as part of your business now, you may be forgiven for thinking that you should go out and buy a fleet that does just this. Now, what if suddenly you need to transport refrigerated goods? Your hypothetical fleet is now useless. You need to consider your future growth so that your truck and fleet purchases can be adapted to future change. In this instance, don’t get flatbad trucks, get tractor units with interchangeable trailers.
2. Know your needs.
So you have a fair idea of what the future may bring, but what do you know about driving a truck? Not all fleet buyers and fleet managers ever actually need to use the vehicles that they procure. Just because the truck looks like the vehicle for the job, it does not mean to say that it is. Therefore it is always worth getting a second opinion from one of your drivers. You may just save yourself some embarrassment and a tidy sum of money
3. Do your research.
I cannot stress the importance of this enough. Researching the market in line with your needs can highlight the bargain vehicles that you should be searching for. There were a record number of 2004 LCV registrations, which means there are plenty more of these to go round than there are of those from 2008. The information is free on the Internet, you just need to look.
4. Monitor trends
You could argue that this is also a form of research but it is worth mentioning separately. Once you know what you need and have identified the models that best suit your requirements, monitor their prices for a couple of months if you have the time. This should reveal to you the pricing trends that affect each and if you monitor auctions both on and offline, you can see which of these works out to be cheaper for you. This way you can buy when the price is at its lowest to avoid overspending.
5. Handling risk.
Not all online auction places are the same. Some simply state that you buy the vehicle as it appears in the lot listing, others carry out an inspection free of charge on your behalf to ensure that you get a vehicle that you will be happy with. If you can find them, go for the latter as you can then dispute any issues should they arrive after purchase. It can also highlight issues with any vehicles you like the look of so you know how much money you will need to spend repairing the vehicle.
6. Logistics of purchase.
Online truck auctions are not as well localised as their in-person counterparts so be sure you know where the vehicle is based before you place a bid. Some online auction houses require that you pick up the vehicle, although there are some that are willing to drop your lots off for you for a price. If you happen to win a bid on a truck based in Ireland, make sure you have a cost effective means of getting it home.
7.Keep calm.
When at auction it can be all to easy to get embroiled in a bidding war where before you know it, you have bid several hundred more than you originally intended just because someone else was trying to win your preferred lot. You need to be careful here, there will always be more suitable vehicles out there so if you lose a bid, it is not the end of the world. With this in mind, you should set yourself a limit and refrain from exceeding it. Remember, you still need to take the vehicle home and the associated costs all add up. There are plenty of bargains to be had, you just have to be careful not to overspend.
These are basic tips and are there to help the online auction novice. For more information and more advanced advice, visit us at http://www.truckauctionworld.com
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