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Key Takeaways
- Always get finance pre-approved before bidding at machinery or equipment auction — settlements are required within 48-72 hours.
- Run a PPSR check on every machine you plan to bid on — confirm no finance encumbrances exist.
- Inspect machines in person during the yard inspection period — or hire a professional inspection service.
- Set a firm maximum bid before the auction and stick to it regardless of competition.
- Equipment finance deals: We guarantee the best deal available in the market and our services are free — we're paid a "referral fee" by the lender after settlement, no cost to you.
Australia's major machinery and equipment auctions include Ritchie Bros (the world's largest industrial auctioneer), Lloyds Auctions, Grays Online and Pickles. These auctions sell excavators, bulldozers, graders, forklifts, agricultural equipment and a wide range of commercial machinery — often at prices significantly below dealer retail.
Finance pre-approval is the most critical step before any machinery auction. Settlement at most auctions is required within 48 to 72 hours of winning a bid. Without pre-approved finance, you risk losing your deposit if you cannot settle on time. Overdrive Funding provides machinery auction finance pre-approval — contact us before the auction and we will compare 80+ lenders to establish your approved amount.
Inspect every machine you plan to bid on — in person at the yard inspection period, or through a professional inspection service for online auctions. For earthmoving equipment, check hours, undercarriage condition, hydraulics and engine condition. For forklifts, check the mast, tyres and fuel system. Set your maximum bid based on the machine's condition and estimated repair costs.
At Ritchie Bros auctions, all machines are sold without reserve — prices are purely determined by bidding competition. Grays and Lloyds may have reserves on some lots. Know the difference before you bid, and always set a firm walk-away price before entering the auction.
After winning a machinery or equipment auction bid, your broker activates your pre-approved finance immediately. You will need to provide the auction invoice and the machine's serial number and details. Settlement is typically completed by electronic funds transfer directly to the auction house.
Get Auction Finance Pre-Approval Today
Overdrive Funding provides fast auction finance pre-approval for trucks, machinery and equipment. We compare 80+ lenders to find the most competitive rate for your auction purchase — and with pre-approval in hand, you can bid with total confidence. Call Simon or fill in the form above to get started.