How the rise of online auctions is changing used farm equipment sales

May 13, 2022

The popularity of online equipment auctions has taken off in the last few years but, there’s one item for sale buyers would like to see more of – used equipment.

Sales of used equipment are usually robust when new equipment manufacturers face challenges, such as those with the supply chain.

One way buyers can purchase used equipment is through auctions. While there has been less in-person auctions, online auction numbers have surged, especially timed auctions.

Ritchie Bros. Auctioneers started hosting online auctions in 2002, but most of its business remained in conjunction with live auctions. The popularity of timed auctions took off at the onset of the COVID-19 pandemic in early 2020, says Luke Fritshaw, Ritchie Bros. Auctioneers regional sales manager in Saskatoon.

Timed auctions ins and outs

Bidding no longer opens when an auctioneer gets to a lot, but three to five days before auction. This allows customers to put in their maximum bids early and avoid sitting to watch the auction and wait for their item.
Since timed auctions are held online, bidders can take more time to place their bid from the comfort of their homes. Though that may mean higher prices, since bidders have longer to consider the purchase.
At some auction houses, the time left on the bid is reset if a bid is placed in the last two minutes of the sale. That provides customers with additional time to decide how high they’re willing to go with their bidding.

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Video: Learning to Wrench From Dad the Hard Way

Harvest is a week out and the farm picked this week to fall apart. The truck needs a battery, the barn curtain's got a problem, and the corn and beans are telling us we're out of time to get it all fixed.

So it's a full day of wrenching. Tork supervises while I get the truck back running, then we're out at the hog barn where one rusted up part has the whole curtain system hung up. Ladder work, cable work, and a little dad-and-son disagreement about the right way to do it. We close it out walking the fields, shelling beans and checking corn, because whether everything's fixed or not, harvest starts when harvest starts.

Chapters: 00:00 Everything breaks the week before harvest 01:00 Tork supervises while I fix the truck 12:30 Out to the barn to find the curtain problem 14:30 One rusty part hung up the whole curtain 20:00 Running the curtain cable from the ladder 24:00 Walking the beans and corn before harvest 26:30 Wrapping up

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