What is the value of something? We are so accustomed to everyday products with clearly defined price ranges that we only consider this question when purchasing or selling items outside of this daily value frame. In our case, you may have been wondering about the worth of a particular machine that you want to sell or buy. As a seller, you may have thought about the machine’s make, condition, production date, features, and other factors. The simple fact is that it is only worth what someone else is willing to pay for it. And what buyers are willing to pay may be influenced by factors you are unaware of. Such factors could include their urgent need for this machine due to the job at hand, the knowledge and training their staff has, or simply their ability to pay for it.
This is why we believe that an auction-style listing is the best way to sell used machine tools at MACHINIST EXCHANGE. An auction-style listing allows buyers to compete for your machine in order to achieve the fairest and best market price for everyone’s benefit..
Our exclusive auction-style listings are an essential component of MACHINIST EXCHANGE. We conduct these auctions entirely on your behalf through our online marketplace. An auction-style listing is simple to create. When listing your machine, simply select “auction” and then customize it to your specifications.
Start date and duration: You must decide when your auction will begin. This is entirely up to you, as auctions on MACHINIST EXCHANGE can begin at any time. The average auction lasts two weeks. Sellers may adjust this by one week up or down as they see fit. When determining the duration, keep in mind that buyers will need enough time to view your auction and that the majority of activity is expected near the end of auctions.
Starting price/ Reserve Price: You have the option of setting a starting price for your auction. This usually indicates the bare minimum at which you are willing to sell your machine or something close to it. Another option is to set a Reserve Price. The auction would start at USD0.00, and buyers would be informed of your reserve price, which remains confidential. Lastly you may want to combine both options for your auction. In either case, you retain control over the minimum price at which you are unwilling to sell and there are ample options available to set up your auction for success.
Please keep in mind that such an auction creates a legally binding contract between the buyer and seller. Your machine must be sold to the highest bidder if the bids exceed your minimum price. Finally, you may want to book a marketing package to ensure that your auction is visible to a large number of potential buyers. The more buyers there are, the more bids there are, and the higher the price you can achieve.
That’s all it takes to start your own auctions, and MACHINIST EXCHANGE will do everything it can to make them a success.