Every business needs equipment to operate. From espresso machines and ovens for restaurants to trucks and heavy machinery for factories, tangible assets play a crucial part in productivity, efficiency and, eventually, success. Since these assets are investments, your choices must be well made.
But should you buy new equipment to ensure their quality?
Not necessarily because you have options, one of which is GovDeals.
Is GovDeals a Legitimate Site?
GovDeals is a liquidity services company that offers government surplus goods. The online marketplace is where you’ll be able to bid on government surplus, including automobiles, boats and marine vessels, tanks, heavy equipment and other similar machineries. These surplus goods come from various government entities, such as educational agencies and other similar entities.
Surplus goods are merchandise no longer in use, necessary or in excess of what a town, district or government agency needs. These goods then become candidates for disposal, loan or transfer. Although surplus goods may not be needed or have reached their useful lifecycle, they may still be of use to commercial organizations because the assets will still be in working condition.
Most items will be old and not as efficient, like the Cessna Grand Caravan West Virginia placed in a GovDeals auction. Other items are specified with “needs repairs,” like the generators Algonquin Village in Illinois put for auction, or old vehicles that were involved in a collision.
GovDeals serves different agencies, states and locations, including Canada. So it is a trusted liquid bidding service, from the sellers’ and buyers’ sides.
But can anyone else bid on Gov Deals?
Who Can Buy from a GovDeals Auction?
The liquidity services site sells a wide range of surplus goods. Aside from vehicles, heavy equipment from agriculture and construction, marine equipment and boats, other excess government assets that may be put up for bidding are:
- Real Estate, Buildings, and Structures
- Medical, Dental and Laboratory Equipment
- Power Generation and Electrical Equipment
- Confiscated and Property Room Items
- Scrap Metals and Recyclable Materials
- Industrial and Manufacturing Equipment
- Food Service Equipment and Machinery
- Fire and Police Equipment
- Aircraft and Aviation Equipment
These assets are open for bidding to the public; many of the bidders are entrepreneurs looking to manage operational costs. For example, a startup dental practice could bid on equipment from Gov Deals to save on expenses.
Instead of renting machines, vehicles and other equipment, businesses can own their assets to grow their operations. Entrepreneurs may even be able to bid on helicopters from the police department, historic riverboat and an equestrian farm, among a long list of other potentially good investments.
But businesses aren’t the only bidders allowed on a GovDeals auction; even retail customers may bid on an item. Some of the goods for sale may work as decorations, like life-sized figures from a state park, Christmas décor, grand piano and historic signs.
So if you’re a collector of anything historical, into quirky home and office design or you just have to have a piece of a city bridge, GovDeals is a good place to start.
How Do I Buy from Gov Deals?
Bidding on GovDeals auctions is done online — all of them. But first, you must have an account with the liquidity services platform.
When bidding, manage your expectations because although items are open to the public, some auctions may be restricted. You’ll know this when a red banner appears on the page, classifying the bid as “restricted.”
Auctions on Gov Deals will generally be announced on newspapers, so you’ll want to scour those pages for any scoop on surplus goods.
As always, inspect the item on auction. Ask what every bidder will likely ask about what’s on sale. Be aware of the payment and removal method, which will be on the asset page. You’ll also want to read the seller’s terms and conditions to see if you’d be OK with whatever limitations are prescribed, from payment methods to shipping issues.
What happens when you don’t pay on GovDeals?
All goods on auction come with a strict payment due date. If you miss it for whatever reason, the seller may lock your account for default and you’ll have to pay a fee worth 40 percent of your winning bid.
Transactions on GovDeals is fairly easy, so long as you read everything necessary. The site also recommends you get in touch with the seller to inquire about shipping; not every seller palletizes and packs and some will have an “as-is where-is” removal policy.
What are the Best Government Auction Sites?
GovDeals isn’t the only source for surplus goods. Some of the liquidity services specialize in certain goods.
For example, Purple Wave focuses on used agriculture, construction and fleet equipment. So farmers and contractors can set up an account with this liquid bidding site for tractors, seeders, harvesters, loaders, skid steers and other such equipment. Passenger vehicles are also up for auction.
Another government auction site to look into is GSA Auctions. The General Services Administration (which functions as the business arm of the government) sells Federal Government assets it no longer uses or needs. These include aircraft, real estate, computer, furniture, jewelry and boats, among others.
Bidding on GovDeals or Elsewhere
No matter which auction site you choose, it’s clear you’ll have options to purchasing assets for your business. Although these used goods come from the government or have been confiscated by the government, it’s not a guarantee you’ll end up with a pristine equipment.
Inspect the items you’re bidding on and read the fine print on the terms and conditions. Be well-informed about the surplus goods that are up for liquid bidding, and you may just make a fine investment.