E&C’s interview with Yoder & Frey, who has been conducting auctions of industrial plant, construction equipment, and agricultural machinery since 1964.
E&C: Tell us about Yoder & Frey.
YFA: Since 1964, Yoder & Frey Auctioneers, Inc. has been serving the needs of heavy construction equipment buyers and sellers. Our mission is to efficiently liquidate equipment through auctions by providing the best value for buyer and seller while providing outstanding customer service.
E&C: You went global in 2017.
YFA: In January 2017 Yoder & Frey became part of Euro Auctions – a leading international auctioneer of industrial plant, construction equipment, and agricultural machinery since 1998. Euro Auctions conducts around 60 major auctions every year around the globe, in seven countries over four continents.
E&C: How do you become a buyer at an auction?
YFA: First you need to register for the auction. To bid on-site or online at any of our auctions you must register for that particular auction to obtain a bidding number. Winning bids are assigned to the relevant bidder number. Registration opens online when an auction is advertised, on-site registration normally opens 2 days prior to the auction.
E&C: What’s required for registration?
YFA: Registration requires the bidder to agree to Yoder & Frey Buyer Terms and Conditions. You should carefully read these conditions prior to registration. By registering online or completing the registration form on-site you automatically agree to be bound by these Buyer Terms and Conditions. So, you really should know what they are.
E&C: What else is needed to register as a buyer?
YFA: Generally speaking, you’ll need identification, like a driver’s license or passport. Depending on how much you intend to spend you will need to either verify your card details or pay a deposit . You may need a tax exemption certificate or motor vehicle dealer license. Carefully read all registration requirements here.
E&C: Some folks might be intimidated by the registration process.
YFA: Buying from Yoder & Frey is a straightforward, easy process. We operate absolute (unreserved) public auctions, meaning all lots are sold on the day to the highest bidder. There are no minimum bids, no reserve prices, and no buy backs.
E&C: What’s the easiest way to get started buying at auctions?
YFA: Start searching for equipment on our website. Make life easier by signing up for a free account and so you can save your searches, add items to a watchlist, and leave pre-bids.
E&C: What are the different ways to bid?
YFA: You can bid on-site, bid online, or pre-bid. We offer other non-auction options, such as “buy now” or “make an offer.”
E&C: Let’s talk first about bidding on-site.
YFA: Auctions are open to everyone and provide the opportunity to have a look around the machinery. Registration opens a few days before the auction. You can learn more about bidding on-site here.
E&C: How do you bid online?
YFA: To bid online you must create an online account and register for the auctions you are interested in. You must register to obtain a bidding number. Watch and bid live from the comfort of your own desk.
E&C: What’s the value of pre-bidding?
YFA: Perhaps you are busy on the day of the auction, want to bid on multiple items in different Rings at the same time, or you’re unsure of your internet connection. Some people just don’t feel confident yet to bid online live. Pre-bidding is a great alternative and allows you to secure your bid on an item.
E&C: What is the Daily Marketplace?
YFA: This is a new way to buy at Yoder & Frey. The marketplace allows buyers to make an offer or buy it now on a range of items.
E&C: What else should buyers know?
YFA: There is a buyer’s commission of 10% on the first $2,500 or lower and 3.9% on the balance, where applicable, is added to all Hammer Prices per lot. Sales tax will be added to the purchase price of all purchases deemed taxable in accordance with Federal, State and/or Local Laws. Also, you may be required to pay a deposit. Finally, Yoder & Frey Auctioneers does not arrange for or pay for the transportation of purchased items.
E&C: How can Yoder & Frey help sell plant and machinery equipment?
YFA: We sell machinery and equipment for every industry from agricultural to mining to transport and so on – we’ve sold it all. Last year alone we sold over 500 million dollars’ worth of equipment for our customers.
E&C: Describe the auction format.
YFA: Yoder & Frey specialize in unreserved public auctions with both on-site and online bidding. All lots are sold to the highest bidder on the day. There are no minimum bids or reserve prices. This allows for better results, as it attracts more bidders, creates more competition, and guarantees a sale.
E&C: How do on-site auctions work?
YFA: Yoder & Frey regular site auctions provide sellers access to the right buyers. Buyers watch and bid on machinery either on-site in the auction theatre or on Yoder & Frey’s online bidding platform. Online bidders bid in real time, competing against those on-site. All stock is sold on the day and competition is high.
E&C: Please provide an overview of the selling process.
YFA: A Yoder & Frey Account Manager will conduct an inspection and appraisal of your equipment. Rates will be negotiated based on the type and volume of equipment you will be selling, and a contract signed. The seller arranges and pays for delivery to our sales site. We collect auction proceeds and pay you within 21 days.
E&C: Do you assist with the delivery?
YFA: Yoder & Frey Auctioneers will have field personnel and equipment on site to assist you in unloading.
E&C: What’s next?
YFA: We then target an extensive database of buyers. We target new clients through advertising including email and direct mail, online advertising, specialized trade publications, and much more.
E&C: How can a seller get advice on selling their equipment?
YFA: Yoder & Frey experienced Account Managers are available to offer advice on selling as they know first-hand the demand for equipment and can easily anticipate current market trends.
E&C: What else should our readers know about Yoder & Frey?
YFA: Yoder & Frey can take care of the whole process from transportation through to refurbishment. With a truly global audience we get the return you need.