Success at onsite truck auctions, as in any competitive business deal, is largely dependent on being well prepared. A Forbes article listing Sun Tzu’s best leadership advice included many points relating to this, but point 14 was especially true in the case of auctions: “If you know the enemy and know yourself, you need not fear the result of a hundred battles.”
Centuries later, this advice is still applicable and spot-on. So, let’s have a look at who you could likely be competing against in your upcoming truck auctions.
1. Construction/mining companies
Most buyers at onsite truck auctions will fall into this category. Mining and construction companies make the most use of trucks and have among the largest budgets available, so they will be your major competition. One of your best tactics against these companies is to arrive at the auction knowing exactly what’s on offer and separatingwhat you need to buy from what you want, and to focus you bidding on the priority items. Never risk spreading your wallet too thinly and stick as close to your original budget as possible.
2. Second-hand dealers
While not frequent or very high-bidding buyers at onsite truck auctions, second-hand dealers are your main competition for vehicles that need some patching up. Many of them come to auctions where they know they can pick up a well-priced truck to fix up and sell at a much higher price again. Given their focus on turning a profit in sales, they areunlikely to actively compete with you. But, they could make a good sounding board for spotting vehicles that can be improved relatively affordably.
3. Logistics companies
Potentially an even bigger competitor than mining and construction companies, logistics companies are also frequent buyers at onsite truck auctions. These companies have massive fleets of trucks and smaller vehicles delivering goods all over the country (and even across the borders in some cases). While their choice of trucks is slightly different to the others, their buying is far more targeted. So, if you know the next upcoming truck auction has stock they would be interested in, put your focus on other trucks that will serve your needs, or come prepared with the necessary (and responsible) budget to bid competitively.
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