Whether you’re ready to sell some used farm equipment for positive or negative reasons, there are several things to be aware of before diving into the auction market at its absolute peak, which is normally from November to March.
Big Iron Auctions/Sullivan Auctioneers co-founder Mark Stock, who has been in the business for 41 years, says the first thing sellers need to do is to get in touch with your preferred auction platform. Giving advance notice is one of the many keys to a good experience selling at auction.
“If the seller can contact us by the middle of September, that’s great,” Stock says. “My advice for buyers is make sure you look at all the photos [in the auction listing], and then call the owner [before you bid]. We always publish the owner’s name and phone number, which is something most auction sites don’t do. So, call those sellers and ask questions.”
The latest auction update from Machinery Pete Facebook:
Stock also emphasizes going through those images with a fine-tooth comb. He wants new-to-the-market buyers to understand transparency is not some pie-in-the-sky, unrealistic expectation to have. There are plenty of auction companies that prioritize a truly open-ended process.
“We do a good job of showing everything that’s good and also everything that’s bad about that piece of machinery. That’s how we try to earn the buyer’s respect,” he says. “And the sellers, they don’t want to have someone mad after the end of the sale because they didn’t let the buyer know about something.”
The explosion of online equipment auctions, a space where Big Iron is currently one of the biggest players, has proven to be a bit of a double-edged sword in more ways than one. While it’s true today a farmer in Arkansas can jump on their phone and buy a used, $300,000 combine from the seat of the dentist’s chair, some bad actors have tried to weasel into the fray. Selecting a reputable auction company you’ve researched and feel good about working with can help ease any anxiety about getting wrapped up in something nefarious.
“It’s just one example, but we UCC (Uniform Commercial Code) search everything because we want the transaction to be seamless,” Stock says. “And then if there is a loan [attached to] payoff, we work with that creditor to make sure that loan gets paid off before the buyer takes possession. We handle all that stuff so there’s no surprises.”
When asked what’s coming up from Big Iron, Stock says the digital auction platform has a “really big fall catalog” coming out soon and to check out BigIron.com for more info. On November 4, there is a notable sale for precision ag and farm machinery history buffs. Bidding for that sale opens October 19.
“John Kinzenbaw, the founder of Kinze Manufacturing, has a huge tractor collection, and he’s going to sell off over 100 of those tractors to the highest bidder here in November,” Stock says.
Greg “Machinery Pete” Peterson will be in attendance, too.
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