For a first-time buyer, the auction process can seem fast-paced. In reality, it's a straightforward and transparent way to purchase equipment.

This guide breaks down the entire process from a buyer's perspective, from finding your item to taking it home, so you can bid with total confidence.

Key Takeaways

•       Inspect First: This is the most critical step. Before you register or bid, inspect the equipment in person. Steffes Auctioneers holds "Open House" or "Inspection Day" events for this purpose.
•       Read the Terms: Every auction has specific terms. Pay close attention to the payment deadlines, loadout (removal) schedule, and the "Buyer's Premium."
•       Get Approved Early: Register for a Steffes account at least 24 hours in advance. This ensures your account is approved and you're ready to bid.
•       Plan Your Payment & Pickup: Before you bid, know how you will pay and how you will transport the equipment. Once you win, the process moves quickly.

Step 1: Find and Inspect the Equipment

You can't buy it if you can't find it. The first step is to browse upcoming auctions at SteffesGroup.com.

Once you find an item you're interested in, your top priority is inspection.

• In-Person Inspection: At Steffes, we call this 'Inspection Day.' This is your opportunity to see the item, start it (if applicable), and assess its condition.
• Online Inspection: If you can't be there in person, look for detailed photo galleries, videos, and any available maintenance reports.
• Ask Questions: Call the Steffes office listed on the auction if you have specific questions about an item.

All auction items are sold "as-is, where-is," which means the buyer is responsible for verifying the condition before bidding.

Step 2: Register for the Auction

Before you can place a bid, you must register.

•      Online Registration: You will create a Steffes account on our auction platform. You'll need to provide your name and address.

         Do this early. Don't wait until the last minute, as you may not be approved in time.

Step 3: Understand Bidding and Key Terms

Bidding is the most exciting part of the auction. Here's how it works and what you need to know.

Bidding Formats

•      Timed Online Auction: This is the most common format used by Steffes Auctioneers. Bidding is open for a set period, like several days. It's similar to eBay, with a "soft close" that extends the time if  someone bids at the last second.
•      Live On-Site with Online Bidding: This is a traditional live, in-person auction that also accepts bids from online participants in real-time.
•      Absentee Bidding: If you can't watch or attend the live auction, you can place a "max bid." The system will automatically bid for you up to your maximum amount.

Key Auction Terms

•      Buyer's Premium: This is a percentage added to your winning bid. At Steffes, the Buyer's Premium is always clearly stated in the auction terms and helps cover the cost of running the auction.
•     "As-Is, Where-Is": This is the most important term. It means you are buying the item in its current condition, and you are responsible for removing it from the auction site.
•      Reserve: A confidential minimum price set by the seller.

Step 4: Handle Payment and Loadout

Congratulations, you won! Here's what happens next.

1. Invoice: You will receive an invoice via email shortly after the auction closes. It will show your winning bids, the buyer's premium, and your total amount due.

2. Payment: Payment is usually required quickly, often within 24-48 hours. Your Steffes invoice will outline all accepted payment methods.

3. Loadout (Pickup): Your invoice will include the "loadout" schedule. This is the specific timeframe you have to remove your items. Steffes loadout schedule is always listed in the auction terms.

Ready to Start Bidding?

Now that you understand the process, you're ready to find your next piece of equipment. Our process is designed to be transparent and easy for first-time buyers.

The best way to start is by creating your account or browsing our upcoming auctions. If you have any questions, our team is always here to help.

Frequently Asked Questions (FAQ)

Q: What is a buyer's premium?

A buyer's premium is a standard fee in the auction industry. It is a percentage added to the high bid, which becomes part of the total purchase price. This fee helps auction companies cover the significant costs of marketing, setup, and technology.

Q: What does "as-is, where-is" mean?

"As-is" means you are buying the item in its current condition, including any and all faults, whether they are known or unknown. "Where-is" means the item is sold at its current location, and the buyer is 100% responsible for all costs and labor associated with removing it.

Q: Can I get financing for auction equipment?

Yes, financing is a common option, but you must have it arranged before you bid. We partner with several lenders who understand auction timelines. You can find more information on our financing page.

Q: What happens if I bid by mistake?

All bids are a legal and binding contract. You cannot retract a bid once it is placed. This is why it is so important to double-check your bid amount and the item you are bidding on before you click "confirm." If this should happen, call our support line immediately. US: (701) 365-0443 Canada: (306) 700-4970.