Motorcycle auctions involve those people who are motorbike enthusiasts and want to buy rare motorbikes or uniquely designed motorbikes. The auctions bring buyers willing to buy motorbikes to the sellers who want to sell motorbikes, hence mutually rewarding the participants with effective bargains.
Apart from that, participants get to see some of the best motorbikes in the market. Apart from the fact that auctions minimize operating costs, such as those of physical stores and sales agents, customers can buy bicycles at a much lower cost than buying the same product from a traditional retail store. Therefore, what are the methods that can be used to successfully navigate the auction process in an attempt to acquire a good bargain? The secret is understanding the working dynamics of the process so that proper preparation can be made. The methodology for doing so is described below.
The Key Stages of Motorcycle Auctions
Auctions are not a one-off event. While the actual bidding typically takes place on one day, the actual preparation starts weeks or months before the event. Thus, it is important to hit the road running by following the auction roadmap as follows:
Stage 1: Preparation
Failing to plan is planning to fail, and this cannot be truer than in the case of motorbike auctions. One of the easiest ways to ensure you get a good deal that matches your needs and budget is to do your homework. How?
- Choose convenient locations. Auctions will differ in terms of their location. Some will be physical, others will be online, and others will use a mix of the two. Base your decision on what works for you. For example, if you are comfortable traveling across state lines for an auction, that’s okay. But if accessibility is important to you, stick to the options closer to you.
- Filter auctions based on listings. What bikes are available? You want to pay attention to factors such as the year of manufacture, the model, the condition of the bike, and the history reports. Then, use these factors to determine the auctions that are worth your time and money.
- Review the rules. Auctions are different in how you can place a bid. All these variations have a bearing on the kinds of strategies you can use to ensure you get the bike you want.
At the end of the preparation, you want to know where the auction is, what is on offer, and whether your budget and strategy will work for the rules.
Stage 2: Registration
When you are sure about the events you want to attend, the next step is to register your interest. Auctions often require this step as it enables them to limit the number of participants and also plan the event to fit the needs of all the attendees. So, what do you need to register?
- Identification. In most cases, you will fill out a form that includes your name, contact details, and identification document. The latter can be a driver’s license or any other valid ID.
- Payment. As a way of ensuring that participants are interested in buying the items on sale, auctions often charge a registration fee. In some cases, it is a non-refundable entry fee that helps the auctioneers offset the operational costs; in others, it is a refundable deposit. In case of a deposit, your payment can partially settle the cost of the bike you buy at the event.
Stage 3: Inspection
Most auctions allow participants to view the bikes before the bidding starts. If this is the case, take advantage of this opportunity to get a good look at the bikes that have caught your eye. Inspect their exteriors while looking out for signs of damage or wear that may not be in the listing. The goal at this point is to verify that the bike matches what is on the listing. You can also take this time to ask questions about any changes that the owner has made to the bike.
Stage 4: Bidding
There are physical, online, and hybrid auctions where online and physical bids are acceptable. In either case, you will want to make sure that you are on time and conversant with the rules. Otherwise, you can let key opportunities pass as they present themselves. For instance, you might be late in a way that you arrive once your bike of choice has already been sold. Here is how the typical bidding process works:
- The auctioneer showcases the bike. They will describe it per the listing and then state the starting bid, prompting people to start placing their bids by raising their paddles. For example, a bike may start at $5,000.
- Bidders respond to the increments. Each time several people place a bid on an amount, the auctioneer will raise the figure, e.g., $5,000 can move up to $5,500.
- The highest bid wins. The increments will continue until the auctioneer mentions a price and only one person places a bid. And that bid will win.
Note: There are variations in auction rules; some auctions have reserve prices, others use a sealed-bid system, and others start the bidding from the highest amount going down. However, in a typical motorbike auction, auctioneers use the English auction approach, which starts from the base price and opens up the bidding so that the highest bid wins.
Stage 5: Ownership Transfer
If your bid wins, you must follow through by paying for the bike. Usually, you can do this by cash, credit card, or any other option that the auctioneer accepts. Once the payment goes through, you will then complete the paperwork to transfer the bike title to you, which will allow you to finalize the transaction. Most auctioneers arrange transport to allow you to take your bike home. Before leaving the lot, take time to inspect the bike to ensure it matches the listing. You can then arrange to register the bike in your name before getting insurance for it.
In just five stages, you can be the proud owner of a motorbike!
