<img height="1" width="1" style="display:none;" alt="" src="https://px.ads.linkedin.com/collect/?pid=1023561&amp;fmt=gif"> Introducing Tenders – The Latest Way to Buy on Aucto.com

Introducing Tenders – The Latest Way to Buy Industrial Equipment on Aucto.com

Introducing-Tenders-Buyers

On January 31st, Aucto is proud to announce the launch of our newest feature on Aucto.com for our buyers. This newest buying method is known as Tenders and will replace the previous Fixed Priced Listings on the website. As part of this update, Aucto.com will be phasing out all Fixed Priced Listings on the website. Our development team has worked extremely hard to make these new changes possible on the website.

We believe this new sale type will provide our buyers with a chance to purchase industrial equipment from sellers all over the world. This new access to equipment will allow buyers to purchase the equipment at a great value point.

Table of Contents

What is a Tender?

According to Investopedia.com, “to tender is to invite bids for a project or accept a formal offer.”  This concept was the founding idea of the latest sale type on Aucto.com. A Tender on Aucto.com is a sale type were sellers can list industrial equipment & spare parts for buyers to place/submit offers on. A tender can consist of as little as one lot and can feature as many lots as the seller has available to sell.

buying-in-a-tender

In a Tender, a buyer can place an offer or a bid on the lots which they wish to acquire. The biggest difference, when compared to a traditional auction, is that the buyer sets the value of their bid and does not need to publicly disclose the value of the bid they have placed. Only the buyer who placed their bid and the seller who receives the bid know the value of the offer.  Additionally, a buyer can only submit one offer for each lot, and this means the buyer is encouraged to submit their best value offer if they are interested in winning the designated lot.

After a Tender ends, the seller now has up to seven days to award a winner, and this means the seller can review all submitted offers and determine a winner. After the seller selects a winner, the winner of the lot will be notified via email and provided an invoice for the lot. If the bids do not reach a value that the seller deems acceptable, then the seller does not need to accept any of the submitted offers.

How Can I Register for a Tender?

For buyers who are interested in participating in a Tender, we have created a step-by-step guide highlighting all the steps required in registering for a tender. If you have any issues with registering for a tender after following this step-by-step guide, please contact Aucto support by emailing support@aucto.com to calling +1 (844) 326-7305.

  • Step #1 – Navigate to the Tender were you wish to participate. Once you have found the Tender with a lot you wish to submit your bid on. Once on the Tender, you will see a blue “Register to Bid” button click this button.

Register for Tender

  • Step #2 – After clicking the “Register to Bid” button, you will be directed to the registration form. Please ensure all applicable fields in the form are filled, including “Credit Card Number” and “Expiry Date.” Once all fields are completed, click the blue “Register for Tender” button.

Register for Auction

  • Step #3 – After completing the registration form, you must agree to the seller’s terms and conditions. Make sure you review each term closely. If you agree to the terms and conditions, simply click the “I Agree” button.


Tenders Terms & Conditions

  • Step #4 – After agreeing to the seller’s terms and conditions, you must review and agree to the Aucto terms and conditions. After reviewing these terms if you agree click the “I Agree” button

Aucto Tender Terms & Conditions

  • Step #5 – After agreeing to the terms, your registration will be submitted to the seller. The seller can choose who can bid in their Tender. Most buyers get approved to participate within 24 hours.

Tender Tips for Buyers

Our new Tenders selling method provides our buyers a chance to purchase sought after industrial equipment in a competitive format without the need to hire a 3rd party broker while also providing our sellers a chance to receive value for industrial equipment they no longer need. However, just like an auction, there are a few tips to implement when looking to buy in a tender.

  1. Do Your Research – Make sure you research the equipment you are purchasing to properly understand the value of this equipment. Also, research what will be needed to pick-up this lot if won. The last thing you want is to purchase equipment only to find you are unable to pick-up the lot due to shipping or removal costs.

  2. Ask Questions – Make sure you reach out to the seller if you have any questions about the lot before placing a bid. Sellers want to sell their lots and are willing to answer buyers’ questions if it means they will receive more bids on their equipment.

  3. Submit Realistic Offers – Be respectful to the sellers. If you see a piece of equipment you want to buy, submit a realistic offer. Don’t purposely low-ball a seller trying to steal a lot. Know what the equipment you are purchasing is worth and try to place a competitive offer. Low-ball offers & bids do not benefit anyone. If you place, too many a seller may choose to reject you from future sales.

  4. Read the lot description – Always read the lot description. There may be key information included there, including schematics or even a list of equipment included in a lot. Make sure you look for information that can be helpful to your bidding, such as hours in operation and condition.

  5. If possible, schedule an inspection – While a picture is worth a thousand words, nothing can beat seeing the equipment up close. Try to schedule an inspection with the seller so you can ensure the condition of the equipment before you submit an offer.

Future Updates

If you are interested in receiving future updates on any new features or updates made to Aucto.com, please fill in the form below and subscribe to our Aucto email updates mailing list. Once subscribed any time we launch a major feature on the site, you will be the first to know. Fill out the form below.

 

Additional Resources

If you have additional questions you would like answered regarding Tenders or this latest update on Aucto.com, we have prepared the following material to answer all your questions and guide you through the next steps of Tenders. If you still have additional questions, we encourage you to contact Aucto by sending an email to support@aucto.com, calling +1 (844) 326-7305.

Additional Resources

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